Pub Date : 2017-03-09DOI: 10.1080/14445921.2017.1299453
R. Abidoye, Albert Chan
Abstract Studies have shown that the level of valuation inaccuracy in Nigeria is higher than the acceptable international standard. This may be linked to the preference for traditional valuation approaches. This study investigates the readiness of Nigerian valuers to adopt the artificial intelligence (AI) property valuation techniques that have proven to be reliable and accurate in property valuation. A cross-sectional study was conducted via a web-based questionnaire survey to registered estate surveyors and valuers practicing in Nigeria. The collected data were analyzed and presented with descriptive statistics in percentiles and mean score, in addition to the chi-square analysis. The results show that more than half of the respondents are aware of the AI valuation techniques. However, the techniques are not used in practice. The low adoption of the AI techniques is attributed to professional bodies responsible for regulation of real estate practice and tertiary educational institutions in Nigeria, who were not proactive enough to promote their know-how and application. It was found that active collaboration between local professional bodies and similar international organizations on member training and development may improve the usage of the AI techniques. The study highlights the need for a paradigm shift in the Nigerian property valuation practice.
{"title":"Valuers’ receptiveness to the application of artificial intelligence in property valuation","authors":"R. Abidoye, Albert Chan","doi":"10.1080/14445921.2017.1299453","DOIUrl":"https://doi.org/10.1080/14445921.2017.1299453","url":null,"abstract":"Abstract Studies have shown that the level of valuation inaccuracy in Nigeria is higher than the acceptable international standard. This may be linked to the preference for traditional valuation approaches. This study investigates the readiness of Nigerian valuers to adopt the artificial intelligence (AI) property valuation techniques that have proven to be reliable and accurate in property valuation. A cross-sectional study was conducted via a web-based questionnaire survey to registered estate surveyors and valuers practicing in Nigeria. The collected data were analyzed and presented with descriptive statistics in percentiles and mean score, in addition to the chi-square analysis. The results show that more than half of the respondents are aware of the AI valuation techniques. However, the techniques are not used in practice. The low adoption of the AI techniques is attributed to professional bodies responsible for regulation of real estate practice and tertiary educational institutions in Nigeria, who were not proactive enough to promote their know-how and application. It was found that active collaboration between local professional bodies and similar international organizations on member training and development may improve the usage of the AI techniques. The study highlights the need for a paradigm shift in the Nigerian property valuation practice.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1299453","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44112602","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 : 2017-03-09DOI: 10.1080/14445921.2017.1299495
Soonyoun Park, Sae-Won Park, Heeho Kim, Sunhae Lee
Abstract This study empirically analyses how population ageing affects house price using sample data of six metropolitan cities and seven provinces of Korea over the time period from 1990 to 2014. Panel regression results show that economic and demographic factors such as real GRDP per capita and the dependency ratio affect real house prices significantly. However, total population is not statistically significant. House price in regional market is inversely correlated with the dependency ratio, but positively correlated with GRDP per capita in each region. From these results, it can be estimated that the house price will decline by 3–12% in 2020, and more than 20% in 2030. The headwinds are the largest for provinces where ageing is very fast such as Jeonnam and Gyeongbuk – less urbanized and industrialized regions compared to other regions in Korea.
{"title":"The dynamic effect of population ageing on house prices: evidence from Korea","authors":"Soonyoun Park, Sae-Won Park, Heeho Kim, Sunhae Lee","doi":"10.1080/14445921.2017.1299495","DOIUrl":"https://doi.org/10.1080/14445921.2017.1299495","url":null,"abstract":"Abstract This study empirically analyses how population ageing affects house price using sample data of six metropolitan cities and seven provinces of Korea over the time period from 1990 to 2014. Panel regression results show that economic and demographic factors such as real GRDP per capita and the dependency ratio affect real house prices significantly. However, total population is not statistically significant. House price in regional market is inversely correlated with the dependency ratio, but positively correlated with GRDP per capita in each region. From these results, it can be estimated that the house price will decline by 3–12% in 2020, and more than 20% in 2030. The headwinds are the largest for provinces where ageing is very fast such as Jeonnam and Gyeongbuk – less urbanized and industrialized regions compared to other regions in Korea.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1299495","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42583836","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 : 2017-01-02DOI: 10.1080/14445921.2016.1225152
D. Higgins
Abstract Residential property is a popular investment option and has historically attracted small Australian individual investors with debt financing lowering the initial equity component, favourable tax structure and past evidence of good returns. A major concern with this approach is uncertainty, where stable assumptions cease to hold and there is concentrated negative price movement. This extreme downside volatility may not be fully reflected in traditional risk calculations. This research studies 40 years of quarterly Melbourne established residential property market performance data for normal distribution features and signs of extreme downside risk. The results show that the normal bell curve distribution underestimated actual extreme values both by frequency and extent for ungeared residential property data. This is magnified as the gearing is increased to an extent where the outermost data point on 80% debt leverage shows an unrealistic probability of a 1 in 192 year event. Alternatively adopting the Cubic Power Law of returns, the probabilities of the most extreme event occurring drops to a realistic 1 in 38 year event. In highlighting the challenges to measuring the impact of leverage on residential property market performance, the analysis of extreme downside risk should be separated from traditional standard deviation risk calculations.
{"title":"Residential property market performance and extreme risk measures","authors":"D. Higgins","doi":"10.1080/14445921.2016.1225152","DOIUrl":"https://doi.org/10.1080/14445921.2016.1225152","url":null,"abstract":"Abstract Residential property is a popular investment option and has historically attracted small Australian individual investors with debt financing lowering the initial equity component, favourable tax structure and past evidence of good returns. A major concern with this approach is uncertainty, where stable assumptions cease to hold and there is concentrated negative price movement. This extreme downside volatility may not be fully reflected in traditional risk calculations. This research studies 40 years of quarterly Melbourne established residential property market performance data for normal distribution features and signs of extreme downside risk. The results show that the normal bell curve distribution underestimated actual extreme values both by frequency and extent for ungeared residential property data. This is magnified as the gearing is increased to an extent where the outermost data point on 80% debt leverage shows an unrealistic probability of a 1 in 192 year event. Alternatively adopting the Cubic Power Law of returns, the probabilities of the most extreme event occurring drops to a realistic 1 in 38 year event. In highlighting the challenges to measuring the impact of leverage on residential property market performance, the analysis of extreme downside risk should be separated from traditional standard deviation risk calculations.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1225152","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43558094","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 : 2017-01-02DOI: 10.1080/14445921.2017.1298949
Xin Hu, Bo Xia, M. Skitmore, L. Buys, Jian Zuo
Abstract With the increasing growth in the ageing population of Australia, providing older adults with suitable housing has become a significant focus of policy and practice. Retirement villages are a type of housing that delivers specialized accommodation for older people. Although previous research focused on a variety of topics concerning Australian retirement villages, a systemic overview of the development of the industry is still lacking. Thus, the purpose of this paper is to deliver an overview of its development. Considering the scarcity of data regarding the industry, secondary data collected from various sources are analysed to present the whole picture. It is found that, although the industry has grown gradually in past decades, it is currently still in a formative stage. Its development is confronted with various issues and challenges including affordability, inadequacy of social and physical environment settings, low penetration level and challenges from the unique requirements of ageing baby boomers, technological applications and sustainability, and the lack of policy support. This paper provides a platform for researchers and industry stakeholders to plan for the future development and growth of this sector.
{"title":"Retirement villages in Australia: a literature review","authors":"Xin Hu, Bo Xia, M. Skitmore, L. Buys, Jian Zuo","doi":"10.1080/14445921.2017.1298949","DOIUrl":"https://doi.org/10.1080/14445921.2017.1298949","url":null,"abstract":"Abstract With the increasing growth in the ageing population of Australia, providing older adults with suitable housing has become a significant focus of policy and practice. Retirement villages are a type of housing that delivers specialized accommodation for older people. Although previous research focused on a variety of topics concerning Australian retirement villages, a systemic overview of the development of the industry is still lacking. Thus, the purpose of this paper is to deliver an overview of its development. Considering the scarcity of data regarding the industry, secondary data collected from various sources are analysed to present the whole picture. It is found that, although the industry has grown gradually in past decades, it is currently still in a formative stage. Its development is confronted with various issues and challenges including affordability, inadequacy of social and physical environment settings, low penetration level and challenges from the unique requirements of ageing baby boomers, technological applications and sustainability, and the lack of policy support. This paper provides a platform for researchers and industry stakeholders to plan for the future development and growth of this sector.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1298949","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42492242","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 : 2017-01-02DOI: 10.1080/14445921.2017.1299442
G. Garner
Abstract The economic importance of forestry as a significant industry in Aotearoa is easily established; but to Māori it is demonstrably even more fundamental whereby a broader set of principles other than those based on individual property rights and economic values are solidly embraced. Manifestation of such importance is also revealed in forestry claims made under Treaty of Waitangi and related legislated processes facilitating recompensing actions and omissions by the Crown since 1840. However, the redress amount provided under any Treaty Deed of Settlement tells only part of the story in terms of property settlement and compensation. The more complete picture is that land gifting including sites of cultural and spiritual significance, and recovery of accumulated rentals for Crown Licensed Forests may also included as part of the final redress – distorting the apparent compensation amount paid. Notwithstanding, total compensation packages typically represent only a fraction of the current market value of dispossessed land. This is an observational paper establishing a conceptual framework, examining the proposition that contemporary Māori are likely to balance economic objectives with social, cultural and spiritual values – even though the embedding of these principles (especially those relating to environmental protection) are still held to strongly.
{"title":"Forestry treaty claims in Aotearoa-New Zealand: bicultural significance and socio-economic impact","authors":"G. Garner","doi":"10.1080/14445921.2017.1299442","DOIUrl":"https://doi.org/10.1080/14445921.2017.1299442","url":null,"abstract":"Abstract The economic importance of forestry as a significant industry in Aotearoa is easily established; but to Māori it is demonstrably even more fundamental whereby a broader set of principles other than those based on individual property rights and economic values are solidly embraced. Manifestation of such importance is also revealed in forestry claims made under Treaty of Waitangi and related legislated processes facilitating recompensing actions and omissions by the Crown since 1840. However, the redress amount provided under any Treaty Deed of Settlement tells only part of the story in terms of property settlement and compensation. The more complete picture is that land gifting including sites of cultural and spiritual significance, and recovery of accumulated rentals for Crown Licensed Forests may also included as part of the final redress – distorting the apparent compensation amount paid. Notwithstanding, total compensation packages typically represent only a fraction of the current market value of dispossessed land. This is an observational paper establishing a conceptual framework, examining the proposition that contemporary Māori are likely to balance economic objectives with social, cultural and spiritual values – even though the embedding of these principles (especially those relating to environmental protection) are still held to strongly.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1299442","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41966740","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 : 2017-01-02DOI: 10.1080/14445921.2016.1266986
Wei Lan Chong, K. H. Ting, F. Cheng
Abstract The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin’s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin’s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia.
{"title":"Impacts of corporate governance on Asian REITs performance","authors":"Wei Lan Chong, K. H. Ting, F. Cheng","doi":"10.1080/14445921.2016.1266986","DOIUrl":"https://doi.org/10.1080/14445921.2016.1266986","url":null,"abstract":"Abstract The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin’s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin’s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1266986","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43834581","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 : 2017-01-02DOI: 10.1080/14445921.2016.1266983
B. James, Michael Rehm, K. Saville-Smith
Abstract This paper employs mixed methods combining in-depth, semi-structured interviews with quantitative data of paired house sales, administrative data and institutional analysis to investigate the impacts of leaky building syndrome and its potential stigmatising effects on older homeowners in New Zealand. Older homeowners are particularly vulnerable to the negative effects of a leaky home. Adverse impacts were identified on the use value and financial value of older people’s homes, retirement planning, physical and mental health, relationships and social connections. Some face an uncertain housing future and their ability to downsize is compromised. Complex and confusing information and processes around dispute resolution and remediation do not support a positive outcome. This exploratory study raises issues for further research, both in relation to older homeowners and ongoing challenges in addressing weathertightness problems due to non-remediation and remediation failure. This paper is the first to report research on older leaky homeowners’ experiences, issues and impacts. The focus is unique in that it covers not only the experience of owning a leaky home, but also the implications of leaky home stigma for older people’s ability to optimise their housing choices.
{"title":"Impacts of leaky homes and leaky building stigma on older homeowners","authors":"B. James, Michael Rehm, K. Saville-Smith","doi":"10.1080/14445921.2016.1266983","DOIUrl":"https://doi.org/10.1080/14445921.2016.1266983","url":null,"abstract":"Abstract This paper employs mixed methods combining in-depth, semi-structured interviews with quantitative data of paired house sales, administrative data and institutional analysis to investigate the impacts of leaky building syndrome and its potential stigmatising effects on older homeowners in New Zealand. Older homeowners are particularly vulnerable to the negative effects of a leaky home. Adverse impacts were identified on the use value and financial value of older people’s homes, retirement planning, physical and mental health, relationships and social connections. Some face an uncertain housing future and their ability to downsize is compromised. Complex and confusing information and processes around dispute resolution and remediation do not support a positive outcome. This exploratory study raises issues for further research, both in relation to older homeowners and ongoing challenges in addressing weathertightness problems due to non-remediation and remediation failure. This paper is the first to report research on older leaky homeowners’ experiences, issues and impacts. The focus is unique in that it covers not only the experience of owning a leaky home, but also the implications of leaky home stigma for older people’s ability to optimise their housing choices.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1266983","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43359516","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 : 2017-01-02DOI: 10.1080/14445921.2017.1303262
Callum Logan
Abstract Studies of risk perception across multiple disciplines conclude similar findings, one of which is that the perceived risk of extreme and rare events, such as earthquakes, is underestimated before the event and overestimated after the event occurs. This paper examines whether this change in risk perception is detected in price differentials for housing. A Difference-in-Difference (DID) model is used to model the events utilizing control and treatment variables to estimate price determinants. The findings indicate that after the 22 February 2011 Canterbury earthquake consumers’ are paying premiums of 15.1, 18.8 and 16.1% to live on no risk, low risk and medium risk land, respectively, compared to high risk zoned land. This supports the hypothesis that consumers’ perception of risk became more acute after experiencing an extreme event. Risk premiums associated with safer land zones are not evident in the coefficients for control variables implying there was no accounting for land risk before the earthquakes.
{"title":"Quantifying changes in risk perception through house price differentials following the catastrophic Canterbury earthquake event","authors":"Callum Logan","doi":"10.1080/14445921.2017.1303262","DOIUrl":"https://doi.org/10.1080/14445921.2017.1303262","url":null,"abstract":"Abstract Studies of risk perception across multiple disciplines conclude similar findings, one of which is that the perceived risk of extreme and rare events, such as earthquakes, is underestimated before the event and overestimated after the event occurs. This paper examines whether this change in risk perception is detected in price differentials for housing. A Difference-in-Difference (DID) model is used to model the events utilizing control and treatment variables to estimate price determinants. The findings indicate that after the 22 February 2011 Canterbury earthquake consumers’ are paying premiums of 15.1, 18.8 and 16.1% to live on no risk, low risk and medium risk land, respectively, compared to high risk zoned land. This supports the hypothesis that consumers’ perception of risk became more acute after experiencing an extreme event. Risk premiums associated with safer land zones are not evident in the coefficients for control variables implying there was no accounting for land risk before the earthquakes.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2017.1303262","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43222653","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 : 2016-09-01DOI: 10.1080/14445921.2016.1235756
M. Abbas, A. M. Nadeem, Bilal Hassan, Muhammad Zahid Rafique, Shaoan Huang
Abstract Landlordism is still considered an expression of power and superiority in Pakistan like many other countries in the world. This paper is aimed at: (1) to explain the very basic concept of land ownership; both in religious and social context, (2) to sketch historical pattern of land acquisition and its exploitation for exerting social control and political pressure and keeping the masses’ economic down to earth. The history of Indo-Pak demonstrates the gap between original Islamic landownership principles and actual historical practice, firstly by the first Muslims of India, then by the British and most recently by contemporary Pakistan. Conversely, post independence of Pakistan, after going through various waves of military–landlords–politico–bureaucratic rule, oligarchy has reached to such a state that even the current political administration draws its chief share from landlords. The study suggests that for economic development and uplift of the pro-poor farming community, overcoming social and political injustice and getting rid of the clutches of landlordism is the dire need of the time and society.
{"title":"A study on historical development of landownership and landed aristocracy in Pakistan","authors":"M. Abbas, A. M. Nadeem, Bilal Hassan, Muhammad Zahid Rafique, Shaoan Huang","doi":"10.1080/14445921.2016.1235756","DOIUrl":"https://doi.org/10.1080/14445921.2016.1235756","url":null,"abstract":"Abstract Landlordism is still considered an expression of power and superiority in Pakistan like many other countries in the world. This paper is aimed at: (1) to explain the very basic concept of land ownership; both in religious and social context, (2) to sketch historical pattern of land acquisition and its exploitation for exerting social control and political pressure and keeping the masses’ economic down to earth. The history of Indo-Pak demonstrates the gap between original Islamic landownership principles and actual historical practice, firstly by the first Muslims of India, then by the British and most recently by contemporary Pakistan. Conversely, post independence of Pakistan, after going through various waves of military–landlords–politico–bureaucratic rule, oligarchy has reached to such a state that even the current political administration draws its chief share from landlords. The study suggests that for economic development and uplift of the pro-poor farming community, overcoming social and political injustice and getting rid of the clutches of landlordism is the dire need of the time and society.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1235756","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768570","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 : 2016-09-01DOI: 10.1080/14445921.2016.1234361
K. Kam, Shi Yi Chuah, Tze Shwan Lim, Fuey Lin Ang
Abstract House acts as a basic shelter icon for all mankind. In recent years, property value has never stopped receiving attention in the market and has remained the topic of discussion and research on reputable property platforms and all around the world. Residential properties in Malaysia experienced significant appreciation in recent years and this creates anxiety among people. The real factors behind the tremendous rise of property prices in Malaysia however, are yet to be discovered. Structural and locational attributes are frequently discussed and have received uncountable attentions from the whole nation. This study intends to ascertain the factors affecting the property prices. The area of study comprised double storey terrace houses in Mukim Rawang, Selangor, Malaysia. Documentary analysis is conducted in this research with the real transaction data collected from JPPH. Using the regression analysis, various factors were included in the models to capture the particular effects on property values. In particular, built-up area is the most significant structural attribute; whereas shopping centre is the most significant locational attribute in determining the property prices. This paper serves as a guide for the developers and house buyers in decision-making for development and investments.
{"title":"Modelling of property market: the structural and locational attributes towards Malaysian properties","authors":"K. Kam, Shi Yi Chuah, Tze Shwan Lim, Fuey Lin Ang","doi":"10.1080/14445921.2016.1234361","DOIUrl":"https://doi.org/10.1080/14445921.2016.1234361","url":null,"abstract":"Abstract House acts as a basic shelter icon for all mankind. In recent years, property value has never stopped receiving attention in the market and has remained the topic of discussion and research on reputable property platforms and all around the world. Residential properties in Malaysia experienced significant appreciation in recent years and this creates anxiety among people. The real factors behind the tremendous rise of property prices in Malaysia however, are yet to be discovered. Structural and locational attributes are frequently discussed and have received uncountable attentions from the whole nation. This study intends to ascertain the factors affecting the property prices. The area of study comprised double storey terrace houses in Mukim Rawang, Selangor, Malaysia. Documentary analysis is conducted in this research with the real transaction data collected from JPPH. Using the regression analysis, various factors were included in the models to capture the particular effects on property values. In particular, built-up area is the most significant structural attribute; whereas shopping centre is the most significant locational attribute in determining the property prices. This paper serves as a guide for the developers and house buyers in decision-making for development and investments.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1234361","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768526","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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