The housing price affects the allocation of family budget on consumption. We use regression analysis to confirm whether Taiwan’s housing prices have a significant influence on household consumption based on the questionnaire survey on household income and expenditure in 2018. We find that housing prices have the greatest impact on household consumption, possibly because housing accounts for the largest proportion of household assets, implying a significant wealth effect. In addition, the impact of interest of deposit on consumption is also found to be greater than that of household income as it is related to the level of total assets. The housing prices for single-person household with female gender have a negative and significant impact on household consumption. Finally, housing prices are found to have a significantly negative effect on non-consumption and current transfer expenditure. The possible reason is that the households who hold the house believe that the appreciation of housing price can provide more protection for the family from suffering from possible economic risks in the future and thus crowd out non-consumption expenditures.
{"title":"HOUSING PRICE, FAMILY STRUCTURES AND HOUSEHOLD CONSUMPTION: EMPIRICAL EVIDENCE OF TAIWAN","authors":"Chih-Hsing Hung, Yen-Hung Chen, Chung-Chieh Cheng, Shyh-Weir Tzang","doi":"10.3846/ijspm.2024.21675","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21675","url":null,"abstract":"The housing price affects the allocation of family budget on consumption. We use regression analysis to confirm whether Taiwan’s housing prices have a significant influence on household consumption based on the questionnaire survey on household income and expenditure in 2018. We find that housing prices have the greatest impact on household consumption, possibly because housing accounts for the largest proportion of household assets, implying a significant wealth effect. In addition, the impact of interest of deposit on consumption is also found to be greater than that of household income as it is related to the level of total assets. The housing prices for single-person household with female gender have a negative and significant impact on household consumption. Finally, housing prices are found to have a significantly negative effect on non-consumption and current transfer expenditure. The possible reason is that the households who hold the house believe that the appreciation of housing price can provide more protection for the family from suffering from possible economic risks in the future and thus crowd out non-consumption expenditures.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"9 13","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141804369","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 : 2024-06-12DOI: 10.3846/ijspm.2024.21557
Yuying Wang, Guohua Zhou
Participating in megaproject experimental tasks would significantly improve the laboratories’ industry influence and future competitiveness. Thus, this paper introduces the long-term reputation effects of the incentive model of an experimental resource-sharing platform for megaprojects, which could motivate them to consider future benefits and improve their current efforts. The aim is to incentivize laboratories’ resource-sharing behavior more effectively and to increase the amount of resources shared by these laboratories on the platform, thus guaranteeing the long-term sustainability of the platform. It constructs the incentive model by combining dual implicit and explicit incentive mechanisms. It analyses the incentive mechanism of a reputation effect on laboratories compared with the pure explicit mechanism so that the primary conditions for reputation incentives can be obtained to achieve Pareto improvement. Finally, the proposed method is validated in combination with data simulation. The results show that although dual implicit and explicit incentive mechanisms could reduce the information asymmetry between the two sides and increase the efforts of laboratories and the benefits of the platform, the platform should not blindly increase the intensity of these incentives and need to consider the influence of the subsidies of these laboratories’ upfront inputs, the degree of sharing and their informatization capabilities.
{"title":"INCENTIVE MECHANISMS OF AN EXPERIMENTAL RESOURCE-SHARING PLATFORM CONSIDERING REPUTATION EFFECTS FOR MEGAPROJECTS","authors":"Yuying Wang, Guohua Zhou","doi":"10.3846/ijspm.2024.21557","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21557","url":null,"abstract":"Participating in megaproject experimental tasks would significantly improve the laboratories’ industry influence and future competitiveness. Thus, this paper introduces the long-term reputation effects of the incentive model of an experimental resource-sharing platform for megaprojects, which could motivate them to consider future benefits and improve their current efforts. The aim is to incentivize laboratories’ resource-sharing behavior more effectively and to increase the amount of resources shared by these laboratories on the platform, thus guaranteeing the long-term sustainability of the platform. It constructs the incentive model by combining dual implicit and explicit incentive mechanisms. It analyses the incentive mechanism of a reputation effect on laboratories compared with the pure explicit mechanism so that the primary conditions for reputation incentives can be obtained to achieve Pareto improvement. Finally, the proposed method is validated in combination with data simulation. The results show that although dual implicit and explicit incentive mechanisms could reduce the information asymmetry between the two sides and increase the efforts of laboratories and the benefits of the platform, the platform should not blindly increase the intensity of these incentives and need to consider the influence of the subsidies of these laboratories’ upfront inputs, the degree of sharing and their informatization capabilities.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"33 41","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141354237","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 : 2024-05-17DOI: 10.3846/ijspm.2024.21456
M. Tomal
In the housing market, the prices sellers would be willing to accept to sell their properties exceed the prices buyers would be willing to pay for them. Behavioural economics postulates that this discrepancy is due to the endowment effect, which is a cognitive bias that causes the overvaluation of the goods we own. However, the existing literature lacks theoretical considerations and empirical evidence on the impact of the use of real estate agents by parties to transactions on the endowment effect in the housing market. Therefore, this study aims to assess the influence of real estate brokerage on the endowment effect using the example of the Polish residential market. To achieve the purpose of this study, a lab-in-the-field experiment was conducted with 248 respondents divided into sellers and buyers. The results indicate that the participation of real estate agents during transactions does not lead to the weakening or elimination of the endowment effect but, in some cases, to its intensification, which is due to the framing by buyers and sellers of the commission charged by agents as a loss requiring compensation. This research confirms the inefficiency of commission-based real estate brokerage services and points to possible corrective actions for legislators.
{"title":"REAL ESTATE BROKERAGE AND ENDOWMENT EFFECTS IN THE HOUSING MARKET: EVIDENCE FROM POLAND","authors":"M. Tomal","doi":"10.3846/ijspm.2024.21456","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21456","url":null,"abstract":"In the housing market, the prices sellers would be willing to accept to sell their properties exceed the prices buyers would be willing to pay for them. Behavioural economics postulates that this discrepancy is due to the endowment effect, which is a cognitive bias that causes the overvaluation of the goods we own. However, the existing literature lacks theoretical considerations and empirical evidence on the impact of the use of real estate agents by parties to transactions on the endowment effect in the housing market. Therefore, this study aims to assess the influence of real estate brokerage on the endowment effect using the example of the Polish residential market. To achieve the purpose of this study, a lab-in-the-field experiment was conducted with 248 respondents divided into sellers and buyers. The results indicate that the participation of real estate agents during transactions does not lead to the weakening or elimination of the endowment effect but, in some cases, to its intensification, which is due to the framing by buyers and sellers of the commission charged by agents as a loss requiring compensation. This research confirms the inefficiency of commission-based real estate brokerage services and points to possible corrective actions for legislators.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"53 42","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140965657","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 : 2024-05-17DOI: 10.3846/ijspm.2024.21457
Yiyao He, Mengyuan Wu, Haiwei Jiang
Land supply in China is planned by governments, and the supply ratios of various types of land are in relatively rigid administrative control. This paper constructs a DSGE model to study the relationship between land supply marketization in China and economic fluctuations. Moreover, this paper evaluates the social welfare gains from land marketization. We document that the government’s land planning constraint impacts consumption and social welfare through the land price and final output, causing resource misallocation losses in aggregate investment and output. Quantitatively, the optimal upper limit of industrial land supply is about 40% to achieve the maximum social welfare. This paper stresses the necessity of revitalizing China’s land market, and simultaneously speeding up the marketization of collectively operated construction land.
{"title":"LAND SUPPLY MARKETIZATION, ECONOMIC FLUCTUATIONS AND WELFARE: A QUANTITATIVE ANALYSIS FOR CHINA","authors":"Yiyao He, Mengyuan Wu, Haiwei Jiang","doi":"10.3846/ijspm.2024.21457","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21457","url":null,"abstract":"Land supply in China is planned by governments, and the supply ratios of various types of land are in relatively rigid administrative control. This paper constructs a DSGE model to study the relationship between land supply marketization in China and economic fluctuations. Moreover, this paper evaluates the social welfare gains from land marketization. We document that the government’s land planning constraint impacts consumption and social welfare through the land price and final output, causing resource misallocation losses in aggregate investment and output. Quantitatively, the optimal upper limit of industrial land supply is about 40% to achieve the maximum social welfare. This paper stresses the necessity of revitalizing China’s land market, and simultaneously speeding up the marketization of collectively operated construction land.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"5 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140962709","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}
Shopping center plays an important role in distribution system and marketing. These canters provide an appropriate atmosphere for customers; so that, the customers achieve the best service within a short time. However, there is an intense competition among shopping centers to attract more customers for increasing the profit. Therefore, a powerful model assists authorities in identifying the critical competitive aspects and directing their efforts toward performance improvement. However, a number of strategies have been developed to identify the most relevant components. The Delphi technique under intuitionistic fuzzy environment, called intuitionistic fuzzy Delphi method (IFDM) study, is a group-based technique that can simply formulate the uncertainty imposed by decision making circle. On the other hand, multi criteria decision making (MCDM) method such as analytical network process (ANP) is a mathematical tool for taking into account mutual relationships in order to rank a number of criteria. Nonetheless, the ANP is unable to account for the uncertainty involved in the decision-making process. Similarly, the intuitionistic fuzzy set (IFS) can express ambiguity and vagueness by utilizing the given scale. Because the IFS is robust in dealing with complexity and ambiguity, the IFS-GANP (an integrated model of the IFS and ANP methods under group decision) can result in a more specific description of the situation. As a result, the IFS-GANP approach outperforms both conventional ANP and fuzzy ANP. To demonstrate the model’s feasibility, a case study rating the essential aspects impacting the attractiveness of retail centers is shown. The result demonstrates factor C31 (Location) with value of 0.202 plays the greatest role in attracting customers.
{"title":"EXTRACTING AND PRIORITIZING THE ATTRACTIVENESS PARAMETERS OF SHOPPING CENTERS UNDER INTUITIONISTIC FUZZY NUMBERS","authors":"Alireza Bakhshizadeh, Abdolreza Yazdani-Chamzini, Masoumeh Latifi Benmaran, Jonas Šaparauskas, Zenonas Turskis","doi":"10.3846/ijspm.2024.21376","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21376","url":null,"abstract":"Shopping center plays an important role in distribution system and marketing. These canters provide an appropriate atmosphere for customers; so that, the customers achieve the best service within a short time. However, there is an intense competition among shopping centers to attract more customers for increasing the profit. Therefore, a powerful model assists authorities in identifying the critical competitive aspects and directing their efforts toward performance improvement. However, a number of strategies have been developed to identify the most relevant components. The Delphi technique under intuitionistic fuzzy environment, called intuitionistic fuzzy Delphi method (IFDM) study, is a group-based technique that can simply formulate the uncertainty imposed by decision making circle. On the other hand, multi criteria decision making (MCDM) method such as analytical network process (ANP) is a mathematical tool for taking into account mutual relationships in order to rank a number of criteria. Nonetheless, the ANP is unable to account for the uncertainty involved in the decision-making process. Similarly, the intuitionistic fuzzy set (IFS) can express ambiguity and vagueness by utilizing the given scale. Because the IFS is robust in dealing with complexity and ambiguity, the IFS-GANP (an integrated model of the IFS and ANP methods under group decision) can result in a more specific description of the situation. As a result, the IFS-GANP approach outperforms both conventional ANP and fuzzy ANP. To demonstrate the model’s feasibility, a case study rating the essential aspects impacting the attractiveness of retail centers is shown. The result demonstrates factor C31 (Location) with value of 0.202 plays the greatest role in attracting customers.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"110 46","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140985822","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 : 2024-05-09DOI: 10.3846/ijspm.2024.21183
Yongchao Cao, Huimin Li, Limin Su
Performance-based payment mechanism is one of the key issues to ensure all stakeholders’ benefits in infrastructure Public-Private Partnership (PPP) projects. However, most existing research on performance-based payment with a fixed incentive coefficient can’t play a good incentive role. This study aims to the intrinsic mechanism between the performance appraisal score and the performance-based payment structure, so as to design the dynamic performance-based payment mechanism for infrastructure PPP projects. Firstly, the multi-objective optimal method is used to calculate the unit-payment. Second, principal-agent theory is used to construct the performance-based payment model with a changeable incentive coefficient. The findings of this study show that, the performance-based payment mechanism can effectively motivate participants to provide high-quality and efficient services, because their remuneration directly depends on their performance. When the outcome does not meet expectations, the amount paid can be adjusted accordingly, thus ensuring the maximum protection of public resources as well as the private sector’s profits. They serve a dual purpose, on one hand, they offer insights to rectify the shortcomings in the current unsatisfactory payment structure. On the other hand, the study provides a theoretical reference for the public sector to effectively incentivize the private sector in enhancing project performance.
{"title":"A DYNAMIC PERFORMANCE-BASED PAYMENT MECHANISM FOR PUBLIC-PRIVATE PARTNERSHIP PROJECTS: AN INTEGRATED MODEL FOR PRINCIPAL-AGENT AND MULTI-OBJECTIVE OPTIMIZATION MODELS","authors":"Yongchao Cao, Huimin Li, Limin Su","doi":"10.3846/ijspm.2024.21183","DOIUrl":"https://doi.org/10.3846/ijspm.2024.21183","url":null,"abstract":"Performance-based payment mechanism is one of the key issues to ensure all stakeholders’ benefits in infrastructure Public-Private Partnership (PPP) projects. However, most existing research on performance-based payment with a fixed incentive coefficient can’t play a good incentive role. This study aims to the intrinsic mechanism between the performance appraisal score and the performance-based payment structure, so as to design the dynamic performance-based payment mechanism for infrastructure PPP projects. Firstly, the multi-objective optimal method is used to calculate the unit-payment. Second, principal-agent theory is used to construct the performance-based payment model with a changeable incentive coefficient. The findings of this study show that, the performance-based payment mechanism can effectively motivate participants to provide high-quality and efficient services, because their remuneration directly depends on their performance. When the outcome does not meet expectations, the amount paid can be adjusted accordingly, thus ensuring the maximum protection of public resources as well as the private sector’s profits. They serve a dual purpose, on one hand, they offer insights to rectify the shortcomings in the current unsatisfactory payment structure. On the other hand, the study provides a theoretical reference for the public sector to effectively incentivize the private sector in enhancing project performance.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":" 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140994451","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 : 2023-12-28DOI: 10.3846/ijspm.2023.20662
Qihao Zhou, Muhammad Safdar Sial, Susana Álvarez-Otero, Asma Salman, Wei Liu
Policymakers and the public express concern regarding the volatility of housing prices due to its potential to increase consumer costs and negatively impact housing affordability. Based on empirical study, it has been seen that the expansion of the real estate sector has a significant impact on the investment in fixed assets by firms. This influence is mostly attributed to the alteration of the transmission of monetary policy. Real estate investment is considered a feasible option because of the significant and rapid appreciation in property prices. The primary objective of this study is to examine the influence of monetary policy on the housing market in China. To conduct the current study, macroeconomic data from a total of 44 time periods, ranging from the fourth quarter of 2012 to the fourth quarter of 2022, was collected. The findings of our study indicate that in the context of China, an expansion in the money supply has a greater propensity to positively influence the borrowing activities of real estate suppliers and clients, as opposed to the supply of properties themselves. The housing market can be influenced by governmental actions such as adjustments to the money supply and interest rates. While scholars have extensively examined the subject matter, the housing market in China remains relatively under-researched in terms of its susceptibility to government macroeconomic policies. Moreover, the current study offers a comprehensive overview of the prevailing challenges encountered by the residential property market in China, emphasizing the significance of macroeconomic policies within this particular context.
{"title":"ANALYZING THE UNDERLYING RELATIONSHIP BETWEEN MONETARY POLICY AND RESIDENTIAL PROPERTY PRICES IN CHINA","authors":"Qihao Zhou, Muhammad Safdar Sial, Susana Álvarez-Otero, Asma Salman, Wei Liu","doi":"10.3846/ijspm.2023.20662","DOIUrl":"https://doi.org/10.3846/ijspm.2023.20662","url":null,"abstract":"Policymakers and the public express concern regarding the volatility of housing prices due to its potential to increase consumer costs and negatively impact housing affordability. Based on empirical study, it has been seen that the expansion of the real estate sector has a significant impact on the investment in fixed assets by firms. This influence is mostly attributed to the alteration of the transmission of monetary policy. Real estate investment is considered a feasible option because of the significant and rapid appreciation in property prices. The primary objective of this study is to examine the influence of monetary policy on the housing market in China. To conduct the current study, macroeconomic data from a total of 44 time periods, ranging from the fourth quarter of 2012 to the fourth quarter of 2022, was collected. The findings of our study indicate that in the context of China, an expansion in the money supply has a greater propensity to positively influence the borrowing activities of real estate suppliers and clients, as opposed to the supply of properties themselves. The housing market can be influenced by governmental actions such as adjustments to the money supply and interest rates. While scholars have extensively examined the subject matter, the housing market in China remains relatively under-researched in terms of its susceptibility to government macroeconomic policies. Moreover, the current study offers a comprehensive overview of the prevailing challenges encountered by the residential property market in China, emphasizing the significance of macroeconomic policies within this particular context.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"319 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152315","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 : 2023-11-27DOI: 10.3846/ijspm.2023.20376
Yu Zhao, Xuejia Shen, Jian Ma, Miao Yu
Urbanization, national economic growth, and China’s changing population structure have elevated the importance of real estate assessment in various contexts, including mortgage financing, secondary housing market transactions, and real estate tax reform. To address this need, this study employs a time-spatial double-fixed spatial cross-section data model as a mass appraisal tool to analyze the transaction price data of 429 ordinary residential houses in Xixia District, Yinchuan, China on April 1, 2022. Specifically, this study analyzes 7 spatial cross-section data models, discerning their interconnections. It devises an assignment technique that merges distance and characteristic variable rank into a unified indicator. The results explore spatial lag effects in real estate transaction price generation and assess the descriptive capabilities of different spatial cross-section data models.
{"title":"PATH SELECTION OF SPATIAL ECONOMETRIC MODEL FOR MASS APPRAISAL OF REAL ESTATE: EVIDENCE FROM YINCHUAN, CHINA","authors":"Yu Zhao, Xuejia Shen, Jian Ma, Miao Yu","doi":"10.3846/ijspm.2023.20376","DOIUrl":"https://doi.org/10.3846/ijspm.2023.20376","url":null,"abstract":"Urbanization, national economic growth, and China’s changing population structure have elevated the importance of real estate assessment in various contexts, including mortgage financing, secondary housing market transactions, and real estate tax reform. To address this need, this study employs a time-spatial double-fixed spatial cross-section data model as a mass appraisal tool to analyze the transaction price data of 429 ordinary residential houses in Xixia District, Yinchuan, China on April 1, 2022. Specifically, this study analyzes 7 spatial cross-section data models, discerning their interconnections. It devises an assignment technique that merges distance and characteristic variable rank into a unified indicator. The results explore spatial lag effects in real estate transaction price generation and assess the descriptive capabilities of different spatial cross-section data models.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139234484","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}
This study adopts the hierarchical linear growth modeling approach to analyze the differences in the changes of repeat-sales house prices in Kaohsiung City from 2012 to 2020. The Level 1 time-varying factors include house age and the time of repeat-sales; the Level 2 factors include house attributes such as house area, house type, and house location. Based on the results of the null model, the estimated variance is 0.42816, with a 1% level of significance. This shows that significant differences exist in the mean repeat-sales prices between houses. The interclass correlation coefficient is 91.65%, showing that the interclass variation and intraclass variation of the mean repeat-sales prices are 91.65% and 8.35%, respectively. The estimation results of the non-randomly varying slope model indicate that the sales time and sales time squared significantly affect repeat-sales prices. The annual growth rate and quadratic growth of sales prices do not differ by house type (luxury condominiums and apartment buildings) but are affected by house area and house location. The effect of house age on repeat-sales prices is moderated by house area, house type, and house location.
{"title":"PRICE CHANGES OF REPEAT-SALES HOUSES IN KAOHSIUNG CITY: ANALYSES BASED ON HIERARCHICAL LINEAR GROWTH MODELS","authors":"Chun-Chang Lee, Yu-Chen Wang, Chih-Min Liang, Zheng Yu","doi":"10.3846/ijspm.2023.19935","DOIUrl":"https://doi.org/10.3846/ijspm.2023.19935","url":null,"abstract":"This study adopts the hierarchical linear growth modeling approach to analyze the differences in the changes of repeat-sales house prices in Kaohsiung City from 2012 to 2020. The Level 1 time-varying factors include house age and the time of repeat-sales; the Level 2 factors include house attributes such as house area, house type, and house location. Based on the results of the null model, the estimated variance is 0.42816, with a 1% level of significance. This shows that significant differences exist in the mean repeat-sales prices between houses. The interclass correlation coefficient is 91.65%, showing that the interclass variation and intraclass variation of the mean repeat-sales prices are 91.65% and 8.35%, respectively. The estimation results of the non-randomly varying slope model indicate that the sales time and sales time squared significantly affect repeat-sales prices. The annual growth rate and quadratic growth of sales prices do not differ by house type (luxury condominiums and apartment buildings) but are affected by house area and house location. The effect of house age on repeat-sales prices is moderated by house area, house type, and house location.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"73 2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139243571","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 : 2023-11-17DOI: 10.3846/ijspm.2023.20362
Viktorija Cohen, Evelina Bereznauskė, Arūnas Burinskas, Saulius Raslanas
Public real estate is considered an integral part of national wealth. It generates a wide range of economic activities that contribute to creating and providing common public goods. This study examines the efficiency of public real estate management in Lithuania. Our findings show that public property use, disposal, and management strongly depend on the managerial approach. We apply data envelopment analysis (DEA) in addition to the income value, regression, and correlation methods. We find that there are certain biases present due to the exclusion of some state-owned properties from the public register. Furthermore, we identify the need for greater precision in the indicators used for financial reporting of state-owned assets. The excessive number of vacant asset units poses a challenge, as it requires substantial maintenance expenditures. Moreover, the appraisal of alternative use of these assets is lacking, thereby limiting the potential for maximizing public benefits. Our analysis reveals that the rental price per 1 m2 and the residual value of the leased premises are the most critical determinants influencing the management efficiency of publicly owned property. Furthermore, it is evident that the residential property is the only type of state-owned property managed efficiently within the Lithuanian public sector. These findings underscore the importance of formation of robust public real estate policies.
{"title":"EFFICIENCY AND CHALLENGES IN PUBLIC REAL ESTATE MANAGEMENT: INSIGHTS FROM LITHUANIA","authors":"Viktorija Cohen, Evelina Bereznauskė, Arūnas Burinskas, Saulius Raslanas","doi":"10.3846/ijspm.2023.20362","DOIUrl":"https://doi.org/10.3846/ijspm.2023.20362","url":null,"abstract":"Public real estate is considered an integral part of national wealth. It generates a wide range of economic activities that contribute to creating and providing common public goods. This study examines the efficiency of public real estate management in Lithuania. Our findings show that public property use, disposal, and management strongly depend on the managerial approach. We apply data envelopment analysis (DEA) in addition to the income value, regression, and correlation methods. We find that there are certain biases present due to the exclusion of some state-owned properties from the public register. Furthermore, we identify the need for greater precision in the indicators used for financial reporting of state-owned assets. The excessive number of vacant asset units poses a challenge, as it requires substantial maintenance expenditures. Moreover, the appraisal of alternative use of these assets is lacking, thereby limiting the potential for maximizing public benefits. Our analysis reveals that the rental price per 1 m2 and the residual value of the leased premises are the most critical determinants influencing the management efficiency of publicly owned property. Furthermore, it is evident that the residential property is the only type of state-owned property managed efficiently within the Lithuanian public sector. These findings underscore the importance of formation of robust public real estate policies.","PeriodicalId":507870,"journal":{"name":"International Journal of Strategic Property Management","volume":"42 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139264106","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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