Pub Date : 2019-09-02DOI: 10.1080/14445921.2019.1703700
A. Ibiyemi, Yasmin Mohd. Adnan, M. Daud, Segun Olanrele, Abiodun Jogunola
ABSTRACT Property valuers’ support for sustainability has a significant impact on the resolution to reflect its dimensions in the valuation process. The study presents the content domain of the valuers’ perception of sustainability reporting in Nigeria for the purpose of identification and eliciting the character. Based on informed judgment, it engages a panel of 5 experts who possess expertise in real estate valuation, environmental management and academics/consultancy to rate 26 items with a 4-point Likert scale for the content validity index (i-CVI), the scale content validity index (s-CVI) and the content validity ratio (CVR) grounded on relevance to the property valuers’ willingness to capture sustainability in the valuation process.The results show that (i-CVI > 0.75 and; s-CVI>0.80. Lawshe’s content validity ratio is at +0.692. The measuring scale is content-valid and the panel size is adequate at a Mean Proportion Agreeing of 0.876. Only 21 items should be adopted for a further Cronbach alpha test of reliability.The paper argued for consistent and explicit content validation in sustainability research to avoid probable chance effects. Content validation helps to provide reliable data for causal model development of the knowledge management (KM) requirements for the integration of sustainability into real estate valuation.
{"title":"A content validity study of the test of valuers’ support for capturing sustainability in the valuation process in Nigeria","authors":"A. Ibiyemi, Yasmin Mohd. Adnan, M. Daud, Segun Olanrele, Abiodun Jogunola","doi":"10.1080/14445921.2019.1703700","DOIUrl":"https://doi.org/10.1080/14445921.2019.1703700","url":null,"abstract":"ABSTRACT Property valuers’ support for sustainability has a significant impact on the resolution to reflect its dimensions in the valuation process. The study presents the content domain of the valuers’ perception of sustainability reporting in Nigeria for the purpose of identification and eliciting the character. Based on informed judgment, it engages a panel of 5 experts who possess expertise in real estate valuation, environmental management and academics/consultancy to rate 26 items with a 4-point Likert scale for the content validity index (i-CVI), the scale content validity index (s-CVI) and the content validity ratio (CVR) grounded on relevance to the property valuers’ willingness to capture sustainability in the valuation process.The results show that (i-CVI > 0.75 and; s-CVI>0.80. Lawshe’s content validity ratio is at +0.692. The measuring scale is content-valid and the panel size is adequate at a Mean Proportion Agreeing of 0.876. Only 21 items should be adopted for a further Cronbach alpha test of reliability.The paper argued for consistent and explicit content validation in sustainability research to avoid probable chance effects. Content validation helps to provide reliable data for causal model development of the knowledge management (KM) requirements for the integration of sustainability into real estate valuation.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1703700","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48090463","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 : 2019-09-02DOI: 10.1080/14445921.2019.1693324
J. Amar, L. Armitage
ABSTRACT Despite increasing efforts to protect cultural built heritage, destruction continues and impediments to effective heritage management remain. One solution calls for drawing on a broader stakeholder base to minimise barriers to better built heritage conservation. Whilst much remains to be done, there is evidence of enhanced stakeholder co-operation for reforms that could bring broader insights to this discourse. The objective of this paper is to qualify a new analytical concept entitled community heritage discourse (CHD). Reflecting on the structures, meanings and processes for consensus, expectations andcollective action, the paper addresses theoretical and empirical questions of what is built heritage, which values are significant, who is a stakeholder and their interrelationship with the conservation process. Employing an empirical approach including a literature review, focus groups and interviews from Australia and Tanzania, this study reveals that built heritage conservation exhibits a complementary dependence on changing landscape and collective memory plus individual attitudes and value systems. This understanding offers a more inclusive framework for the strategic development of heritage conservation plans across various jurisdictions thus generating a new approach to understanding the complex relationship between built heritage and stakeholder perceptions in heritage conservation.
{"title":"Community heritage discourse (CHD): a multidisciplinary perspective in understanding built heritage conservation","authors":"J. Amar, L. Armitage","doi":"10.1080/14445921.2019.1693324","DOIUrl":"https://doi.org/10.1080/14445921.2019.1693324","url":null,"abstract":"ABSTRACT Despite increasing efforts to protect cultural built heritage, destruction continues and impediments to effective heritage management remain. One solution calls for drawing on a broader stakeholder base to minimise barriers to better built heritage conservation. Whilst much remains to be done, there is evidence of enhanced stakeholder co-operation for reforms that could bring broader insights to this discourse. The objective of this paper is to qualify a new analytical concept entitled community heritage discourse (CHD). Reflecting on the structures, meanings and processes for consensus, expectations andcollective action, the paper addresses theoretical and empirical questions of what is built heritage, which values are significant, who is a stakeholder and their interrelationship with the conservation process. Employing an empirical approach including a literature review, focus groups and interviews from Australia and Tanzania, this study reveals that built heritage conservation exhibits a complementary dependence on changing landscape and collective memory plus individual attitudes and value systems. This understanding offers a more inclusive framework for the strategic development of heritage conservation plans across various jurisdictions thus generating a new approach to understanding the complex relationship between built heritage and stakeholder perceptions in heritage conservation.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1693324","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42024147","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 : 2019-09-02DOI: 10.1080/14445921.2019.1693323
D. Higgins, A. Rezaei, P. Wood
ABSTRACT There are many drivers of house prices. In urban locations, public infrastructure is considered one of the leading determinants. To explore this relationship, an Hedonic house pricing model was applied to an established Birmingham, the UK working class residential area which is serviced by the Metro Midland tram line. The selected Wednesbury Great Western Street station provides ease of access for the local residents to Birmingham and Wolverhampton City Centres plus there has been recent sale evidence of 100 properties within close proximity to the station. Independent variables consisted of a range of typical physical, locational and neighbourhood attributes for the Hedonic house pricing model input data. Based on the preferred linear Hedonic model, the findings from the recent 100 Wednesbury house sales showed property type, bedrooms, floor area, ambience and distance to the tram station were key explanatory factors in relation to pricing levels. On the evidence provided, property price increased by £16,878 for every km closer to the tram stop. However, when examining properties within defined distance bands with smaller datasets, the location to the tram station was not a significant statistical driver. This suggests that proximity to a public transport access point alongside key housing characteristics should form part of the housing decision making process as they are significant predictors of local house prices.
{"title":"The value of a tram station on local house prices: an hedonic modelling approach","authors":"D. Higgins, A. Rezaei, P. Wood","doi":"10.1080/14445921.2019.1693323","DOIUrl":"https://doi.org/10.1080/14445921.2019.1693323","url":null,"abstract":"ABSTRACT There are many drivers of house prices. In urban locations, public infrastructure is considered one of the leading determinants. To explore this relationship, an Hedonic house pricing model was applied to an established Birmingham, the UK working class residential area which is serviced by the Metro Midland tram line. The selected Wednesbury Great Western Street station provides ease of access for the local residents to Birmingham and Wolverhampton City Centres plus there has been recent sale evidence of 100 properties within close proximity to the station. Independent variables consisted of a range of typical physical, locational and neighbourhood attributes for the Hedonic house pricing model input data. Based on the preferred linear Hedonic model, the findings from the recent 100 Wednesbury house sales showed property type, bedrooms, floor area, ambience and distance to the tram station were key explanatory factors in relation to pricing levels. On the evidence provided, property price increased by £16,878 for every km closer to the tram stop. However, when examining properties within defined distance bands with smaller datasets, the location to the tram station was not a significant statistical driver. This suggests that proximity to a public transport access point alongside key housing characteristics should form part of the housing decision making process as they are significant predictors of local house prices.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1693323","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41907508","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 : 2019-09-02DOI: 10.1080/14445921.2019.1693322
G. Warren-Myers, Erryn McRae, Katrina Raynor, Matthew Palm
ABSTRACT The literature suggests both “Stick” and “Carrot” initiatives can encourage property developers to include Affordable Housing in their developments. Such initiatives include affordable housing contributions or requirements (the stick) and land cost subsidies, density bonuses, access to low-interest finance, reduced planning timeframes and reduced car parking requirements (the carrots). Despite their widespread application internationally, Australian developers and policymakers have resisted affordable housing incentive structures. Recent legislation in Victoria empowers local planners to approve affordable housing contributions and incentives on acase-by-case basis. This paper provides aquantitative study investigating the feasibility of introducing housing affordability contributions and incentives when developers enter the planning process. This paper demonstrates aone-size fits all approach to affordable housing contributions and incentives may not be appropriate, modelled through scenario analysis of three different sized case studies. Optimum scenarios identified a balance of carrots and sticks. However, project characteristics determined the applicability and effectiveness of an incentive for aproject. Therefore, asingular approach may not be appropriate for all projects in amunicipality or state; and alayered and flexible approach for “Sticks” and “Carrots” should be considered to maximise the social benefit of these incentives and ensure developers financial viability.
{"title":"Modelling the effects of affordable housing ‘sticks’ and ‘carrots’ for developer-delivered projects","authors":"G. Warren-Myers, Erryn McRae, Katrina Raynor, Matthew Palm","doi":"10.1080/14445921.2019.1693322","DOIUrl":"https://doi.org/10.1080/14445921.2019.1693322","url":null,"abstract":"ABSTRACT The literature suggests both “Stick” and “Carrot” initiatives can encourage property developers to include Affordable Housing in their developments. Such initiatives include affordable housing contributions or requirements (the stick) and land cost subsidies, density bonuses, access to low-interest finance, reduced planning timeframes and reduced car parking requirements (the carrots). Despite their widespread application internationally, Australian developers and policymakers have resisted affordable housing incentive structures. Recent legislation in Victoria empowers local planners to approve affordable housing contributions and incentives on acase-by-case basis. This paper provides aquantitative study investigating the feasibility of introducing housing affordability contributions and incentives when developers enter the planning process. This paper demonstrates aone-size fits all approach to affordable housing contributions and incentives may not be appropriate, modelled through scenario analysis of three different sized case studies. Optimum scenarios identified a balance of carrots and sticks. However, project characteristics determined the applicability and effectiveness of an incentive for aproject. Therefore, asingular approach may not be appropriate for all projects in amunicipality or state; and alayered and flexible approach for “Sticks” and “Carrots” should be considered to maximise the social benefit of these incentives and ensure developers financial viability.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1693322","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46922481","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 : 2019-05-04DOI: 10.1080/14445921.2019.1626542
J. B. Yap, Pui Si Yong, M. Skitmore
ABSTRACT Housing is crucial for realising the basic requirements of people; it provides a shelter and people spend most of their daily activities in the locality. This study seeks to examine the quality attributes influencing the value of housing and their effect on housing prices according to generation cohorts and affordable housing prices. Twenty-one housing quality factors are first identified by a literature search, with a questionnaire survey ranking safety considerations, air quality, location choice, house ventilation, and accessibility to transportation services to be the highest influence. A further factor analysis reveals five major underlying dimensions of these attributes vis-à-vis locational qualities, values and lifestyles, the availability of public amenities, surrounding environment and product uniqueness, and accessibility. The study’s contribution lies in its examination of the housing dimensions affecting quality of life along with providing insights and guidelines for emerging property developers in planning housing development projects in Malaysia and beyond.
{"title":"Analysing the desired quality of housing in the Klang Valley region, Malaysia","authors":"J. B. Yap, Pui Si Yong, M. Skitmore","doi":"10.1080/14445921.2019.1626542","DOIUrl":"https://doi.org/10.1080/14445921.2019.1626542","url":null,"abstract":"ABSTRACT Housing is crucial for realising the basic requirements of people; it provides a shelter and people spend most of their daily activities in the locality. This study seeks to examine the quality attributes influencing the value of housing and their effect on housing prices according to generation cohorts and affordable housing prices. Twenty-one housing quality factors are first identified by a literature search, with a questionnaire survey ranking safety considerations, air quality, location choice, house ventilation, and accessibility to transportation services to be the highest influence. A further factor analysis reveals five major underlying dimensions of these attributes vis-à-vis locational qualities, values and lifestyles, the availability of public amenities, surrounding environment and product uniqueness, and accessibility. The study’s contribution lies in its examination of the housing dimensions affecting quality of life along with providing insights and guidelines for emerging property developers in planning housing development projects in Malaysia and beyond.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1626542","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42128526","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 : 2019-05-04DOI: 10.1080/14445921.2019.1643276
D. Parker
This is a welcome addition to the Routledge Complex Real Property Rights Series, edited by the eminent Professor Spike Boydell, comprising eleven chapters focusing on different parts of the world with introductory and concluding chapters by Glen Searle. As urban populations continue to increase and require housing, the need for greater density of existing land and property development rises and the pressure on governments to over-ride individual property rights for the common good becomes greater. It is timely, therefore, that the book addresses the following overarching questions through the lens of countries ranging from the US, through Europe to South East Asia and China with each chapter written by a recognised academic authority:
{"title":"Compulsory property acquisition for urban densification","authors":"D. Parker","doi":"10.1080/14445921.2019.1643276","DOIUrl":"https://doi.org/10.1080/14445921.2019.1643276","url":null,"abstract":"This is a welcome addition to the Routledge Complex Real Property Rights Series, edited by the eminent Professor Spike Boydell, comprising eleven chapters focusing on different parts of the world with introductory and concluding chapters by Glen Searle. As urban populations continue to increase and require housing, the need for greater density of existing land and property development rises and the pressure on governments to over-ride individual property rights for the common good becomes greater. It is timely, therefore, that the book addresses the following overarching questions through the lens of countries ranging from the US, through Europe to South East Asia and China with each chapter written by a recognised academic authority:","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1643276","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48277947","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 : 2019-05-04DOI: 10.1080/14445921.2019.1640024
Andrew Ebekozien, Abdul-Rashid Abdul-Aziz, Mastura Jaafar
ABSTRACT Studies have shown that low-income earners (LIEs) faced encumbrances in gaining access to housing finance. Therefore, this study investigated the root-cause of inaccessibility of housing-loan and proffer pragmatic policy solutions so that Malaysian LIEs can access housing-loan to purchase homes via qualitative insight. To achieve this, 40 face-to-face oral interviews were conducted and validated via secondary sources. Findings show that ineligibility and inability to make down payment are the major reasons banks are reluctant to lend housing loan to LIEs. The root causes of the issues are bad status of Central Credit Reference Information System, lack of evidence of regular income, absence of collateral, inability to make down-payment, fear of inability to recover the loan and operating costs from the auction among others. Also, the rejection rate of LIEs housing loan application is about 70% with supporting evidence. A setting-up of a special housing loan scheme for LIEs across the country; government buy-up low-cost houses in the auction and placed them on rent-to-own scheme via independent agency while existing scheme sustained, intensified and strengthened among others were recommended as part of this paper’s contribution and implication with a view to ensuring LIEs gain access to homeownership via housing finance.
{"title":"Remedies to inaccessibility of low-cost housing loan in Malaysia: using the qualitative approach","authors":"Andrew Ebekozien, Abdul-Rashid Abdul-Aziz, Mastura Jaafar","doi":"10.1080/14445921.2019.1640024","DOIUrl":"https://doi.org/10.1080/14445921.2019.1640024","url":null,"abstract":"ABSTRACT Studies have shown that low-income earners (LIEs) faced encumbrances in gaining access to housing finance. Therefore, this study investigated the root-cause of inaccessibility of housing-loan and proffer pragmatic policy solutions so that Malaysian LIEs can access housing-loan to purchase homes via qualitative insight. To achieve this, 40 face-to-face oral interviews were conducted and validated via secondary sources. Findings show that ineligibility and inability to make down payment are the major reasons banks are reluctant to lend housing loan to LIEs. The root causes of the issues are bad status of Central Credit Reference Information System, lack of evidence of regular income, absence of collateral, inability to make down-payment, fear of inability to recover the loan and operating costs from the auction among others. Also, the rejection rate of LIEs housing loan application is about 70% with supporting evidence. A setting-up of a special housing loan scheme for LIEs across the country; government buy-up low-cost houses in the auction and placed them on rent-to-own scheme via independent agency while existing scheme sustained, intensified and strengthened among others were recommended as part of this paper’s contribution and implication with a view to ensuring LIEs gain access to homeownership via housing finance.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1640024","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43774222","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 : 2019-05-04DOI: 10.1080/14445921.2019.1626543
A. S. Jayasekare, S. Herath, R. Wickramasuriya, P. Perez
ABSTRACT Houses with desired aesthetic views have a price premium over similar houses without such views. This article raises the following questions in relation to view as a location-specific amenity: How can we calculate a reliable indicator for view using available information? Are dwellings with a view sold for a premium compared to otherwise similar properties? Using more than 5,000 house transactions in the Illawarra region in Australia, and applying hedonic price method, the study analyses the price effects of key aesthetic views. Due to unavailability of view as a housing characteristic within historical records, spatial analysis tools were used to estimate views for housing locations. The results confirm the significance of aesthetic views in explaining house prices. Beach view is the most important aesthetic view. An increase of 1% of beach view drives house prices up by nearly 2–3%. Significant positive contributions to prices are also evident from sea, conservation area and inland water views. In addition to the views, other location-specific attributes also influence house prices. Methods developed in this study to quantify the value of aesthetic views and location-specific characteristics associated with residential locations form an important contribution to urban planning and policy development.
{"title":"The price of a view: estimating the impact of view on house prices","authors":"A. S. Jayasekare, S. Herath, R. Wickramasuriya, P. Perez","doi":"10.1080/14445921.2019.1626543","DOIUrl":"https://doi.org/10.1080/14445921.2019.1626543","url":null,"abstract":"ABSTRACT Houses with desired aesthetic views have a price premium over similar houses without such views. This article raises the following questions in relation to view as a location-specific amenity: How can we calculate a reliable indicator for view using available information? Are dwellings with a view sold for a premium compared to otherwise similar properties? Using more than 5,000 house transactions in the Illawarra region in Australia, and applying hedonic price method, the study analyses the price effects of key aesthetic views. Due to unavailability of view as a housing characteristic within historical records, spatial analysis tools were used to estimate views for housing locations. The results confirm the significance of aesthetic views in explaining house prices. Beach view is the most important aesthetic view. An increase of 1% of beach view drives house prices up by nearly 2–3%. Significant positive contributions to prices are also evident from sea, conservation area and inland water views. In addition to the views, other location-specific attributes also influence house prices. Methods developed in this study to quantify the value of aesthetic views and location-specific characteristics associated with residential locations form an important contribution to urban planning and policy development.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1626543","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43945251","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 : 2019-04-29DOI: 10.1080/14445921.2019.1610595
Tae-yun Jeong, Sae-Won Park, Sunhae Lee
ABSTRACT This study estimates hedonic house price models for an inland city of Seoul and a coastal city of Pusan using spatial regression with successful bidding price data of court auction during the period from January 2006 to December 2014. Among hedonic attributes such as floor area, building age, total floor level, living floor level, direction of the window of the living room, proximity to natural environment, scenic views and others employed in this study, our main focus is on scenic views. As a result of our empirical analysis, the most preferred view turns out to be a water-related view such as a broad river view in Seoul or an ocean view in Pusan. A mountain view, affecting negatively in a coastal city like Pusan which is adjacent to the beautiful ocean, has positive influence in Seoul, since it is an inland city with no ocean in sight with only a river running across the heart of the city which is surrounded by mountains serving as its boundary. While a building view in Seoul has negative effect on the price, it affects positively in Pusan.
{"title":"A comparative study on the value of scenic views between an inland and a coastal city in Korea","authors":"Tae-yun Jeong, Sae-Won Park, Sunhae Lee","doi":"10.1080/14445921.2019.1610595","DOIUrl":"https://doi.org/10.1080/14445921.2019.1610595","url":null,"abstract":"ABSTRACT This study estimates hedonic house price models for an inland city of Seoul and a coastal city of Pusan using spatial regression with successful bidding price data of court auction during the period from January 2006 to December 2014. Among hedonic attributes such as floor area, building age, total floor level, living floor level, direction of the window of the living room, proximity to natural environment, scenic views and others employed in this study, our main focus is on scenic views. As a result of our empirical analysis, the most preferred view turns out to be a water-related view such as a broad river view in Seoul or an ocean view in Pusan. A mountain view, affecting negatively in a coastal city like Pusan which is adjacent to the beautiful ocean, has positive influence in Seoul, since it is an inland city with no ocean in sight with only a river running across the heart of the city which is surrounded by mountains serving as its boundary. While a building view in Seoul has negative effect on the price, it affects positively in Pusan.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1610595","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44724994","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 : 2019-01-02DOI: 10.1080/14445921.2019.1598007
H. Hamzah, K. Achu
ABSTRACT In a borderless economy underlined by increased regional labour mobility, enhanced Real Estate professionals would benefit the Malaysian real estate industry. Little is known about how undergraduates undergo professionalisation during their university education. New entrants to a profession acquire the necessary values, attitudes, skills and knowledge through the process of professional socialisation (PS). An effective PS assists in human resource management in terms of high retention rate; conversely, an impaired PS negatively affects human resource management in terms of increased disengagement rate. This paper seeks to examine how Malaysian real estate undergraduates were initiated into their profession during their tertiary education. Using questionnaire survey as the main data collection tool, respondents comprising recent graduates from two public universities indicated the effectiveness of role models, reasoning and attitude in developing role orientation, syllabus comprehension and immersion, and soft skills enhancement. Mentorship was identified as the most important PS factor by the respondents whilst internship timing had no bearing on PS.
{"title":"Professional socialisation (PS) of Malaysian real estate undergraduates","authors":"H. Hamzah, K. Achu","doi":"10.1080/14445921.2019.1598007","DOIUrl":"https://doi.org/10.1080/14445921.2019.1598007","url":null,"abstract":"ABSTRACT In a borderless economy underlined by increased regional labour mobility, enhanced Real Estate professionals would benefit the Malaysian real estate industry. Little is known about how undergraduates undergo professionalisation during their university education. New entrants to a profession acquire the necessary values, attitudes, skills and knowledge through the process of professional socialisation (PS). An effective PS assists in human resource management in terms of high retention rate; conversely, an impaired PS negatively affects human resource management in terms of increased disengagement rate. This paper seeks to examine how Malaysian real estate undergraduates were initiated into their profession during their tertiary education. Using questionnaire survey as the main data collection tool, respondents comprising recent graduates from two public universities indicated the effectiveness of role models, reasoning and attitude in developing role orientation, syllabus comprehension and immersion, and soft skills enhancement. Mentorship was identified as the most important PS factor by the respondents whilst internship timing had no bearing on PS.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2019.1598007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41530364","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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