Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.
The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.
Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.
For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.
The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.
This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.
This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”
Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”
From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.
This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.
This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.
The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.
This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.
This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.
This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market.
A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings.
The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents.
The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.
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