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This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a "China shock" in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) "home bias" in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. [ABSTRACT FROM AUTHOR]

The article reveals the scientific and practical category of protection of the rights of landowners and land users through the prism of the system of land and legal science and methods of their protection. It also reveals the content of the ownership right to a land plot, which in modern conditions has a fundamental nature and for these reasons needs to be provided by the state with effective mechanisms for its protection and protection. The article examined the scope of the law regarding the ownership and use of land plots, taking into account the legal nature of the land plot as real property. The types of ways of protecting land rights in accordance with the current legislation are defined. The definition of an effective way of protecting land rights is analyzed, taking into account the legal model and material and legal actions necessary to achieve specific tasks facing the protection of the rights of landowners and land users. The article carries out a scientific and practical analysis of the practice of the Supreme Court of Ukraine in the field of methods of protecting the rights of landowners and land users in the essence of a land dispute. The author investigated the direct influence of the chosen method of protection on the form of court proceedings and the results of the court case. The scientific study emphasizes the importance of the correct terminological interpretation when resolving land disputes, referring to the judicial practice of the court of cassation. The emergence of certain land disputes is currently a fairly constant process, which cannot be said about the judicial practice of resolving disputes of this category. Therefore, this article proposes to consider the most relevant conclusions of the Supreme Court regarding the resolution of land disputes. The decisions of the Grand Chamber of the Supreme Court, which resolve procedural issues of civil proceedings regarding evidence and proof and determining the jurisdiction of disputes regarding the protection of the rights and legitimate interests of participants in land relations in the civil proceedings of Ukraine, are analyzed. The conclusion was drawn that, by its legal nature, judicial protection of the rights of landowners and land users is a complex interdisciplinary category, and its implementation in civil proceedings requires the court to take into account the norms of civil, land legislation, etc. [ABSTRACT FROM AUTHOR]

The article deals with the subjective side of the criminal offense under Article 190 of the Criminal Code of Ukraine, in particular, real estate fraud. The author establishes that the subjective side of a criminal offense is of great importance for characterizing fraud. As is known, the subjective side of a criminal offense is its internal side, namely, the mental activity of a person which reflects his/her attitude to the socially dangerous act which he/she commits and its cons equences. It is noted that the content of the subjective side of the criminal offense of real estate fraud includes such features as guilt, motive and mercenary purpose. The author concludes that when committing real estate fraud, a person realizes the socially dangerous nature of the offense which he/she commits. Guilt in committing real estate fraud is characterized by direct intent, the content of which is formed by two aspects -- intellectual and volitional. The mercenary purpose in committing real estate fraud is expressed in obtaining personal property benefits and is a necessary subjective feature of this type of fraud; it arises in the mind of the guilty person in the form of the final result of the criminal offense -- the achievement of material benefit. The motives for committing real estate fraud are of a mercenary nature. They are manifested as internal motivations that guide the perpetrator in committing real estate fraud and form the structure of criminal mercenary motivation. Real estate fraud is committed by persons who are psychologically prepared to commit a criminal offense, clearly realize the illegal actions aimed at seizing ownership of residential property, clearly realize the illegal actions aimed at seizing ownership of someone else's real estate (to obtain money in a particularly large amount), and the consequences in the form of harm to the victim. Persons who develop such fraudulent schemes mislead victims about their true criminal intentions or abuse the victim's trust for material gain. The criminals are certainly guided by a selfish purpose and mercenary motives that are fundamental to their behavior. [ABSTRACT FROM AUTHOR]

The scientific article is dedicated to highlighting the foreign experience of providing public services by notaries in the field of state registration of real property rights in the following countries: Bulgaria, Belarus, Russia, Poland, Czech Republic, Switzerland, Italy, Spain, Germany, France, USA, Australia, etc. As a result of the study of world experience, it was concluded that in order to effectively protect the rights to real estate of both private owners and the state, it is necessary to create a single registration system that will guarantee the reliability and transparency of the civil turnover of real estate. Ways of implementing foreign experience have been determined in order to improve the activities of the subjects of the public administration of Ukraine regarding the provision of public services by notaries in the field of state registration of property rights to immovable property. Attention is drawn to the fact that the Anglo-American system of registration of deeds regarding real estate objects consists in making an entry in the register at the free choice of the participants of the deed. It would be more appropriate to call this system a document accounting system, since registration is a technical operation. According to Anglo-American rules, the owner is the last bona fide purchaser of real estate. The transfer of ownership occurs as a result of the conclusion of the deed and possession of the object by the transferee. In the USA, the buyer must restore the entire chain of previous documents for the purchase of real estate. The deed can be declared invalid if the persons included or not included in the chain of transactions can assert rights to the real estate object. The lack of legal means is compensated by lawyers and insurance companies that specialize in checking the seller’s rights. Currently, the property loss insurance system is actively developing in the United States of America. [ABSTRACT FROM AUTHOR]

The article is devoted to the study of issues of legal regulation of relations related to the transfer of ownership of a plot of land in the event of acquisition of ownership of a real estate object located on it. It was established that the implementation of the principle of a single legal share of the land plot and the real estate object on it is carried out in accordance with the requirements of land and civil legislation. The need to determine the quality of priority land legal norms was noted. It was found that the legislative innovations contributed to the unification of the regulatory and legal regulation of the implementation and practical implementation of the automatic transfer of the right to a land plot when the right to a residential building, other building or structure on it is transferred. The mechanism of simultaneous transfer from the expropriator (previous owner) to the acquirer of the real estate object of ownership of the land plot on which such an object is located is analyzed. The grounds and conditions under which such a transition is possible have been clarified. In addition, the issue of legislative regulation of real estate objects, with the acquisition of ownership of which provides for the automatic transfer of ownership to the land plot on which they are located, is also disclosed. Approaches regarding the need to improve norms due to their uncertainty (contradiction) were supported. The special requirements for the contract providing for the transfer of ownership of the real estate object located on the land owned by the alienator were analyzed, the subject and essential terms of the contract were clarified, and the feasibility of improving the legal requirements on the specified issues was noted. Taking into account the analysis of the formed judicial practice, the relevant issues of the consideration of disputes related to the provision of the principle of a single legal destiny of the real estate object and the land plot on it were analyzed, the problems of independent construction, acquisition of ownership rights to it were considered. Attention is focused on the issues of further improvement of land legal norms in order to ensure the effective functioning of the procedure for transferring the right to a land plot in the event of acquiring the right to a real estate object located on it. [ABSTRACT FROM AUTHOR]

Private renting increasingly comprises a complex ecosystem of actors who assemble housing within the market, and collect rental income and data from tenants, and data on the material assets themselves. Our analysis – at the intersection of rentier and platform capitalism – focuses on landed (material real estate) and technological (digital infrastructure and data) property in Australia's private rental system. Drawing out relationships between the various actors – landlords, rental property managers and real estate agencies, software developers and providers, property developers and investors – and both their properties and their uses of Proptech (property technology), we show how housing and technology are being leveraged for profit in new ways. In Australia, landed property retains its precedence for established (individual and institutional) landlords, whose interest in Proptech relates to enhancing or value-adding to rental housing assets. For Proptech and institutional real estate players seeking to consolidate both landed and technology property, capturing the tech landscape is increasingly important; indeed, securing control and/or consolidation of technology property is a key motivation for building and/or using Proptech among the largest property developers. Our findings show how rent extraction operates across and between different types and scales of property and market actors, and in new ways that differentiate the figure of the rentier while upholding the dynamics of the rentier model. [ABSTRACT FROM AUTHOR]

Impoverished and working-class migrant women have been the hardest hit and most exploited people during both the real estate-financial accumulation cycle and the aftermath of the 2008 crisis in Spain. Since 2009, these women have also been the key actors in outstanding civil disobedience to the neoliberal financial rule through their engagement in housing activism. How has this happened, and with what effects? Our research responds to these questions by focusing on the collective and contextualized strategies of extended struggles for social reproduction. This analytical framework integrates intersectional social structures, spatio-temporal dimensions of social reproduction, and the historical context of real-estate financialisation. Additionally, we argue that the notion of a "double horizon of political temporality" helps explain how the housing struggle evolved and identifies which social and political outcomes were produced. We suggest that this case reveals the mechanisms and impacts of similar grassroots movements challenging the current financialised dynamics of capitalism. [ABSTRACT FROM AUTHOR]

Shared housing in the private rental sector (PRS) is becoming a globally significant household arrangement. However, research indicates that shared housing is associated with problems including financial and housing insecurity. Given the growth of shared housing in the PRS, it is necessary for policy solutions to appropriately address the needs of shared housing renters. This paper aims to investigate the relationship between housing policy and non-commercial shared housing in the PRS – that is, autonomous households in self-contained dwellings – and how this has been conceptualised and examined in academic scholarship thus far. To achieve these aims, we conduct a scoping review on non-commercial shared housing in the PRS. Research illustrates that the reality of shared housing is not accommodated well in existing housing policy systems. We analyse reasons that housing policy may not adapt easily to non-commercial shared housing, and outline the need for further research on policy implications and recommendations about shared housing in the PRS. [ABSTRACT FROM AUTHOR]

Housing abandonment is one of the most distinct characteristics of urban shrinkage. Previous research has investigated the extent and process of abandonment in the United States and Europe's former industrialized centers. However, little is known about its features in places that have recently seen rapid urbanization. The study examines the relationship between vacant houses and a variety of urban factors, further expanding it to the perspective of spatial inequality. The multilevel logistic regression model was applied after constructing a new parcel-level dataset of vacant houses in Incheon, South Korea. The findings showed that spatially selective patterns of housing abandonment occurred at the intra-downtown level. Older, smaller, and less-accessible residential buildings were more vulnerable to abandonment. Failed large-scale redevelopment attempts fueled the emergence of vacant housing clusters. Vacant houses were associated not only with the collapse of industrial and commercial activities, but also with an unsustainable population structure. The results suggest the necessity for vacant house management plans tailored to neighborhood characteristics, especially for vacant house clusters, and a greater emphasis on socio-demographic dynamics such as age and generation in relation to urban shrinkage. [ABSTRACT FROM AUTHOR]

Financial literacy is becoming an increasingly important policy consideration, yet its determinants are still underexplored. From the theoretical perspective of 'learning by doing', the effect of homeownership on financial literacy in urban China is identified by the instrumental variable strategy. First, the borrowing experience to purchase a home can awaken homeowners to develop basic financial knowledge, but the resulting debt burden constrains homeowners from participating in the financial market, crowding out their access to advanced financial skills. Second, the growth in home equity wealth induces homeowners pledge high-value properties as collateral and invest in more homes, in which case the collateralizing experience facilities the advancement of basic finance literacy, while locking the asset portfolio in the housing sector hinders homeowners from learning advanced financial skills. Moreover, the specific kind of financial literacy that homeowners show an advantage in differs depending on their income. These findings cast a new light on understanding the return of housing property to family financial affairs. [ABSTRACT FROM AUTHOR]

As Generation Z young adults are entering post-secondary education, little is known about the role of affordability in understanding these students' housing preferences. For this purpose, we introduce a methodology, the Housing Preferences Choice Board (HPCB), mimicing conditions of expensive rental markets. This paper seeks to elucidate students' decision-making concerning housing (including location, commuting to campus, amenities, etc.) under economically low versus high constrained scenarios. Findings indicate that, when lowly restrained by costs, students would generally prefer to live close to the university, retail and entertainment areas, with a private room (and private facilities). Additionally, students would choose to be in contact with the student community with good relationships with roommates. However, when highly financially constrained, they prioritize adequate housing characteristics, a private room (within a shared dwelling), and a transport-accessible location (even far from campus). Choices are made at the expense of connection to community, peers, and their university campus, historically associated with student success and well-being. [ABSTRACT FROM AUTHOR]

Like many countries in the OECD, Aotearoa NZ does not comprehensively regulate or enforce the safety of rental housing, despite evidence that the significant scale of home injury can be reduced through cost-effective home modifications. We examine the framing of home injury in media, political, and organisational discourse to identify barriers to creating and enforcing laws for safer rental homes. We find progress in addressing safety via rental housing regulations is stymied, in part, by institutional arrangements that favour the framing of home injury as a product of individual behaviour and culpability rather than environmental risk, and the prioritisation of education and awareness-raising over regulatory and systemic interventions framed politically, as overreaching 'nanny state' policies. We propose opportunities to address the incidence of injury and inequities in outcomes and argue that effective regulation and enforcement will address the inherent power inequities in the rental sector between owner and occupier, which can influence the presence of injury hazards. [ABSTRACT FROM AUTHOR]

Amid the ongoing transformation of agrarian territories in peripheral geographies across the world through extended urbanisation, this paper delves into the persistence of peasant and pastoral strategies amidst the closing down effects of land enclosure and fragmentation. Based on ethnographic research conducted with transhumant pastoralists in Delhi National Capital Region, this paper finds that instead of diminishing under agrarian‐urban transformation, pastoralists reassign use value to the fallows, wastelands, and surpluses of real estate speculation, thereby crafting a transhumance urbanism beyond the sedentary ontology of land and property. Understood as an urban otherwise, this urbanism remakes the fragments of material incompletion inherent within the agrarian‐urban transformation, offering socio‐ecological alternatives beyond the current impasse. The paper discusses the tentative, unsettled, and transient nature of this urbanism, which is always inter‐mixed with its non‐urban other. Contributing further to the scholarship emerging at the interstices of urban and agrarian studies, this paper calls for further comparative research on the territorial adaptation of peasant and pastoral populations routinely excluded from capitalist urbanisation processes unfolding in peripheral regions where sizeable itinerant populations coexist with extreme pressures of land enclosure. [ABSTRACT FROM AUTHOR]

This paper draws on research on infrastructure‐led development and urbanisation in Nairobi to explore the new urban geographies of rentier capitalism in Africa. Under the banner of Kenya's Vision 2030 national development strategy, Nairobi's agrarian hinterlands have been transformed by major road building projects. These initiatives have catalysed a peri‐urban property boom characterised by the conversion of agricultural and ranching land into urban real estate and the verticalisation of road corridors. The paper identifies four processes of land transformation driving this real estate market expansion: commodification; speculation; autoconstruction; and assetisation. Adopting a multi‐scalar conjunctural approach, it argues that rentier capitalism in this context is spatialised through the dramatic extension of real estate frontiers along the route of peri‐urban road corridors. Development along these corridors assumes a "grey" character that defies conventional formal–informal distinctions, enabling the extraction of large rentier profits and encouraging the further proliferation of frontier spaces. [ABSTRACT FROM AUTHOR]

We study entry restrictions in a private monopoly: the Latin notary system. Under this widespread system, the state grants notaries exclusive rights to certify important economic transactions, including real estate. To uncover the current policy goals behind the geographic entry restrictions, we develop an empirical entry model that incorporates a spatial demand model and a multioutput production model. We find that the entry restrictions serve primarily producer interests and give only a small weight to consumer surplus. We show how reform would generate considerable welfare improvements and imply a substantial redistribution toward consumers without threatening geographic coverage. [ABSTRACT FROM AUTHOR]

Purpose: This real estate insight provides a comprehensive analysis of the current state and future potential of tokenization in the real estate industry mentioning several challenges to overcome to take advantage of this technology. We highlight potential benefits, including enhanced liquidity, increased security and improved accessibility. Additionally, the real estate insight critically discusses potential drawbacks, such as regulatory challenges and technological risks, and explores the impact of tokenization on real estate prices. Design/methodology/approach: This real estate insight employs a comprehensive literature review alongside a qualitative analysis of various case studies to explore current implementations of tokenization within the real estate industry. Multiple applications of tokenization in the real estate industry are examined, including fractional ownership, property management and transaction processes. The study investigates the optimization potential of tokenization for asset liquidity in the real estate area, transaction transparency and security. It also critically discusses potential challenges, such as regulatory compliance, security vulnerabilities and market adoption. Findings: The future of real estate tokenization, driven by blockchain technology and smart contracts, offers significant potential for growth, enhancing liquidity and accessibility through fractional ownership. Smart contracts automate and secure transactions, while evolving standards and regulatory frameworks in regions like North America, Europe and Asia support market expansion. Since its initial implementation with the St. Regis Aspen Resort STO, a stream of successful projects has highlighted the viability of tokenization. However, challenges remain, including the need for regulatory clarity, industry and customer education, displacements of market participants and jobs and environmental impacts. Integrating advanced technologies like AI and IoT can further streamline property management and investment decisions. Practical implications: The real estate insight's practical implications extend to industry professionals, policymakers and technology developers. Professionals gain insights into how tokenization can enhance liquidity and security in the real estate sector, guiding strategic decision-making. For policymakers, understanding potential challenges like regulatory compliance and technological risks informs the development of supportive regulations. Technology developers can also benefit from understanding the sector-specific applications and concerns raised. Highlighting the need for robust security measures and regulatory compliance in tokenization systems may foster better design practices. Therefore, the real estate insight's findings could significantly shape the future development of tokenization integration in the real estate industry. Originality/value: This real estate insight offers original value through a comprehensive analysis of the current and future impacts of tokenization in the real estate industry. It examines various applications of tokenization and critically discusses the potential challenges. The focus on informing strategic decisions for professionals and policymakers enhances its utility as a resource. Additionally, by addressing both the benefits and drawbacks, this study contributes to the broader discourse on the societal implications of tokenization. In the context of rapid technological advancement, such thorough studies are rare, further underscoring the real estate insight's originality. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this briefing is to highlight the critical importance of negotiation skills in the everyday lives of real estate professionals. It delves into how negotiators must improve their negotiations skills given the negotiation-intensive nature of real estate. It also helps to handle common pitfalls and challenges in negotiations, particularly in the increasingly volatile, uncertain, complex and ambiguous (VUCA) reality of the real estate industry. The briefing offers strategic insights for preparation and negotiation aimed at improving any real estate negotiator's average performance. Design/methodology/approach: The expert opinion piece combines a literature review on negotiation strategies with practical insights. It addresses the observed under appreciation of negotiation theory and skill, reflecting on real-world real estate negotiations. The goal is to enhance the use and recognition of negotiation theory in the real estate industry. The approach merges theoretical analysis with practical application, offering actionable recommendations to improve negotiation outcomes. Findings: The negotiation-intensive real estate industry and the transformative impact of VUCA challenges on real estate professionals' ability to adapt and continuously negotiate successful deals clashes with many real estate's professional or fixed mind-set over negotiation historically being an art or a talent and mostly being stuck with win-lose strategies. Instead, negotiation is a science that can be learned and deliberately improved to counter stress-induced or fear-based responses that lead negotiators toward suboptimal negotiation strategies, such as win-lose or naive win-win. However, these dynamics are preventable. Well-equipped and well-prepared value win-win negotiators can adopt a growth mind-set, study modern negotiation advice and frameworks to thrive in the negotiation-rich real estate industry and convert even VUCA challenges into an amazing source of value. Practical implications: Real estate professionals can become more aware of which and how current obstacles and poor choices negatively contribute to their negotiation performance. It contrasts win-lose and win-win strategic frameworks to enable real estate professionals to become more sophisticated when choosing their negotiation strategies. The briefing also helps real estate professionals expand their negotiation repertoire towards improved strategic flexibility when managing the evolving real estate profession reality and challenges. Originality/value: The originality and value of the briefing lie in its comprehensive approach to addressing the negotiation challenges faced by real estate professionals. It offers a holistic view of real estate negotiation, advocating for a paradigm shift from traditional win-lose tactics to a collaborative, value win-win approach. The briefing integrates modern negotiation theory and emphasises ethical practices, providing practical strategies and best practices for professionals to improve their skills and adapt to industry changes. By empowering real estate professionals with knowledge and tools to navigate negotiations effectively, the briefing contributes to the overall success and professionalism of the industry. [ABSTRACT FROM AUTHOR]

The article examines whether expert knowledge improves the estimation results of real estate mass appraisal models. Six econometric models were compared: OLS, mixed, the Bayesian model, the Inequality Restricted Least Squares (IRLS) model, ridge and LASSO regression (with regularization). In three of the models (mixed, Bayesian, and IRLS) prior knowledge was applied. In mixed and Bayesian models priors took the form of intervals for model parameters. In IRLS, restrictions in the form of inequalities were applied. In the empirical example mass appraisal models were applied in the valuation of undeveloped land for residential purposes. Models with prior knowledge turned out to be the best with regard to the consistency of estimates with theory. Also, prediction accuracy was better for models with prior knowledge. In the case of low quality data expert knowledge might significantly improve estimation results of real estate mass appraisal econometric models. [ABSTRACT FROM AUTHOR]

This paper studies the pricing of the risk associated with the location of the assets. The local real estate market risk is measured by 'local beta', which combines the systematic risk of local property markets and the property allocation strategy of real estate firms. The empirical results confirm a higher equity return for a firm with higher exposure to the most volatile property markets, particularly for REITs which are more geographically concentrated. For REITs with highly diversified assets, local real estate risks are not reflected in REIT returns. For those REITs with most concentrated assets, a one standard deviation increase in the local beta will lead to a 4.7% increase in the annual return. Investors can use REITs' local real estate risk as an information tool to construct a long-short investment portfolio of real estate firms and can achieve a significant non-market performance of 4.9% per annum. [ABSTRACT FROM AUTHOR]

Few studies have examined the psychological factors that shape real estate developers' overbuilding behaviors in China. Through a behavioral lens, this study explores the effect of developers' excessive optimism on the formation of overbuilding in Ordos City, China. It finds that excessive optimism, manifested by the firm yet unjustified belief in a long-lasting real estate boom, was prevalent among developers who built vacant and unfinished new residential projects in the Dongsheng District, Ordos. It also discovers the crucial roles of the pro-growth local governments and the booming real estate market—including the easy availability of credit, especially the pervasive informal finance—in reinforcing developers' excessive optimism in Dongsheng. This study confirms the positive effect of market booms on investors' excessive optimism. Moreover, it sheds light on the role of the state in shaping excessive optimism and reveals that the state's proactive participation and investment in market transactions can reinforce developers' over-optimism. This article suggests that studies on excessive optimism should adequately consider its socioeconomic and politico-institutional settings. This study verifies the validity and necessity of adopting a behavioral perspective to interpret China's overbuilding and calls for further inquiry into the underexplored scholarship at the intersection of behavioral science and real estate development in China. [ABSTRACT FROM AUTHOR]

The article analyzes Edith Wharton's ghost story "All Souls'," focusing on the character of Doctor Selgrove as a harbinger of aging and unwelcome changes. The story follows Sara Clayburn, a wealthy widow who breaks her ankle on Halloween and is left alone in her mansion during a snowstorm. Both Sara and Doctor Selgrove represent relics of the past, struggling to adapt to modern technology and societal changes. As Sara's physical and mental decline accelerates, she ultimately ends up in assisted living, reflecting the inevitability of aging for both her and Doctor Selgrove. [Extracted from the article]

To examine the resource utilization in different phases such as development and sales within China's real estate industry, this paper employs a two-stage Data Envelopment Analysis (DEA) model to measure the production efficiency of the real estate industry across 31 provinces, municipalities, and autonomous regions of China from 2014 to 2022. By examining both overall and phase-specific trends, the study utilizes a panel Tobit model to explore the factors affecting efficiency. Empirical results indicate that the leverage ratio of companies, per capita GDP of regions, and real estate regulatory policies significantly impact production efficiency. Further analysis of regional heterogeneity and its effect on production efficiency revealed that the per capita residential building area, which reflects the housing stock configuration in different regions, exhibits a significant single threshold effect. This not only objectively assesses the utilization of real estate resources in different areas but also delves deeper into the principal factors and their mechanisms affecting the production efficiency of the real estate industry, thus providing theoretical support and policy recommendations for effectively enhancing production efficiency. [ABSTRACT FROM AUTHOR]

AbstractSince 2008, financial actors and practices have become increasingly embedded within US rental housing markets. The growing consolidation of rental real estate into corporate hands has contributed to higher rents, more eviction filings, and more systematic tenant harassment aimed at forcing tenant turnover. Until recently, the influence of ‘corporate landlords’ on local housing markets was largely unregulated and unconstrained. This paper compares novel policy strategies to regulate the tenant-landlord relationship in two California cities, focusing on enforcement mechanisms and the role of the municipal government. Both policies, San Francisco’s ‘Union at Home Ordinance’ and Los Angeles’s ‘Tenant Anti-Harassment Ordinance’, were developed in response to public pressure to regulate corporate landlords and give tenants recourse in the context of unfettered rental housing financialisation. Using policy documents and data collected through the Los Angeles Housing Department and the UC Berkeley Labour Centre, alongside interviews with tenants and organisers who have utilized the ordinances, this paper argues that Union at Home–which is enforced by tenants as opposed to the municipal government, renders organising a ‘housing service’, and imposes an obligation on landlords to negotiate with tenants associations–appears to more effectively redress the power dynamics in the rental housing sector. [ABSTRACT FROM AUTHOR]

AbstractBetween the 1880s and 1950s, national mortgage markets were created in the United States and Canada. The formative role of institutions and federal governments are well understood. Personal (individual or ‘private’) lenders have been omitted from the narrative although, in the late 1940s, they still provided a quarter of residential mortgages in the United States and two fifths in Canada. Rarely targeted, they were collateral damage, especially, of state initiatives. The distinctive nature of mortgages, secured on real estate, made the creation of national markets difficult. The character of personal loans – local, non-standard, non-amortized, and often informal -- made their assimilation into any supra-local market especially challenging. Their significance declined in waves: the 1900s, 1920s, and then, under government influence, after 1945. They persist in the reduced gaps left by institutions. We should pay them more attention. [ABSTRACT FROM AUTHOR]

While existing literature highlights the role of private real estate interests in shaping urban policy agendas, few studies have examined formal changes in planning legislation as a key site of influence. This paper investigates planning legislation reforms in Serbia and Ireland as illustrative cases of a broader trend of reducing investment risks and enhancing the financial viability of real estate development. Employing critical and context-sensitive narrative analysis of policy change, we present three key insights. First, we reveal how planning has been transformed into a tool for creating real estate assets driven primarily by financial considerations. Second, we demonstrate that public interest is often subordinated to private interests under a policy narrative dominated by financial sector logic and document how legislative and policy changes frequently introduce new barriers that restrict democratic engagement in planning policy formation. Third, we identify an increasing centralization in planning administrative structures, which undermines the principle of subsidiarity and provides opportunities for certain lobby groups to exert undue influence over policymakers. As the financial sector's influence on built environments grows globally, this study calls for more research into how real estate finance and planning systems affect each other, and how this plays out in practice. [ABSTRACT FROM AUTHOR]

The research subject deal with the restrictions on property ownership in protected areas, national/public parks, archaeological sites, and similar sites in accordance with the Saudi Law and directions. The research aims to clarify the locations of the protected areas, national/public parks, archaeological sites, and the similar locations, which impose restrictions on property ownership within their boundaries. The research used an analytical methodology, exploring the texts relating to the restriction of property ownership in the law and regulations specific to these sites, as well as royal and national protected areas and specific regulations issued in this regard. The topic was addressed in an introduction, a preliminary requirement, and four sections; the first section discusses the restriction of property ownership in royal and national protected areas, while the second section addresses the restriction of property ownership in national/public parks. The third section is dedicated to clarifying the sites that fall under the category of protected areas, such as mountain peaks, valleys, ravines, and floodplains, while the fourth section discusses archaeological sites that are categorized as protected areas where property ownership is restricted within their limits. The research concluded with several key findings, the most important being that the restriction on property ownership in protected areas, wildlife parks, archaeological sites, and similar sites is defined by the instructions and regulations issued in this regard, considering them as sites where private ownership cannot be acquired. The research recommended the importance of having a system that regulates real property ownership in the Kingdom of Saudi Arabia, including the restrictions and their provisions, as well as a clarification of the sites where private ownership cannot be acquired. Additionally, the researcher suggested establishing controls and lists for each type of site that prohibits acquiring private ownership. [ABSTRACT FROM AUTHOR]

This research aims to empirically prove how factors such as audit tenure, audit opinion, solvency, and company size influence audit delay on the Indonesia Stock Exchange in the sector of property and real estate companies for the period 2018 to 2022. The sample size for this quantitative research is 53 companies and the sampling process and criteria use the purposive sampling method. Data analysis used in this research uses panel data regression analysis. E-Views 12 to analyze data. The research results show that company size has a positive influence on audit delay, audit opinion has a negative influence on audit delay, audit tenure has no influence on audit delay and solvency has no influence on audit delay. [ABSTRACT FROM AUTHOR]

Problem, research strategy, and findings: Scholars and practitioners are increasingly interested in understanding who owns real estate in communities and resultant implications for targeted planning approaches. Yet, practitioners lack an efficient and comprehensive methodology to assess landlords' ownership scale, namely, how many properties they own in each geographic area. The existence of variegated ownership, multiple legal entities, siloed databases within government bureaucracies, and inconsistencies in spelling and documentation across data entries make it time-consuming and costly to determine the extent of real estate ownership by the same landlords. To address these challenges, we have created a data-driven natural language processing solution. Using OpenRefine, an open-source software, we present a step-by-step, practice-oriented methodology for amassing data, cleaning textual inconsistencies, and clustering properties to uncover the truer ownership scale in local housing markets. Applied to a large U.S. urban county—Fulton, home to Atlanta (GA)—our proposed methodology demonstrated its superior efficiency, comprehensiveness, and accuracy compared with traditional approaches. Using code enforcement as a study frame, we then empirically examined a linkage between landlords' ownership scale and their code violation patterns. With the proposed methodology in place, the analysis consistently showed that the ownership scale was related to both the likelihood and number of code violations. In contrast, the analysis missed this critical linkage without applying the methodology. Our methodology can yield practical implications regarding targeted code enforcement. Takeaway for practice: Our methodology can serve as a useful toolbox for both practitioners and fellow researchers to unravel real estate ownership and its concentrations in housing markets. Using the methodology presented here, they can uncover all types and scales of landlords and monitor their code violation frequencies for targeted outreach and resource allocation in enforcement [ABSTRACT FROM AUTHOR]

This study investigates the economic characteristics of green and conventional office buildings in selected nodes in Gauteng Province in South Africa. We estimated the gross rent, net rent and operating cost per square meter elasticities using hedonic regression models. Contrary to international research, which points to tenants willing to pay rent premiums and enjoy cost savings for green, compared to conventional buildings, our results show that in some nodes, green and conventional buildings of similar quality were not differentiable based on rents and operating costs. In one node, 3-star rated green buildings rented at a premium and their operating costs were higher, compared to conventional buildings of similar quality. Only in one node were 4-star rated green buildings characterized by rent premium and lower operating cost advantages for tenants. Differences in the attractiveness of nodes imply that tenants may forgo the expected cost savings from renting green offices in addition to paying a rent premium if the location is right. Since the dataset is archival, findings may not reflect market conditions caused by the COVID-19 Pandemic. In addition, the relatively limited size of the dataset may inhibit applicability of the insights across the South African office market. [ABSTRACT FROM AUTHOR]

Auxiliary information is an essential component in the field of survey sampling since it enables precise estimation of population parameters like mean, variance, distribution function, and so on, which in turn guarantees the best possible outcomes. In order to estimate the population mean of a study variable, this study makes use of auxiliary information in a two-fold approach. Through a stratified random sampling scheme, we introduce a novel class of estimators that utilize auxiliary information and their corresponding ranks. By conducting a thorough evaluation based on metrics such as mean square error and percentage relative efficiency, these proposed estimators have been shown to be effective in the estimation process. Empirical validation is conducted using a real dataset sourced from the domain of real estate. Exploring the relationship between Assessed Value (X) and Sale Amount (Y) during a five-year period extending from 2017 to 2021 is the primary emphasis of the empirical validation process, which is carried out with the assistance of a real dataset of real estate data. Furthermore, in order to demonstrate that our suggested estimator is superior to conventional unbiased estimators, as well as traditional regression estimators and other estimators that have been considered in the literature, a full simulation analysis is carried out. Our proposed estimator appears to be the most effective choice after being subjected to a comparison study against a variety of preexisting approaches. The findings of this study not only make a significant contribution to the development of the methodology of survey sampling but also offer vital insights for predictive modeling within the real estate sector. [ABSTRACT FROM AUTHOR]

Urban parks, a core component of urban landscapes, play a crucial role in mitigating the negative effects of rapid urbanization and achieving sustainable urban development. In densely populated urban environments, providing urban parks fairly and efficiently, taking social preferences into account, is an important challenge. In this regard, we take Hangzhou, China, as an example and use a hedonic pricing model with a difference-in-differences estimator to test the effect of different types of urban parks on housing prices, quantify their respective economic values, and reflect homebuyers' preferences. The findings indicate that the construction of new urban parks leads to an overall increase in the value of the surrounding real estate to some extent. Specifically, the construction of comprehensive parks and large parks significantly enhances the value of nearby housing, while proximity to new medium-sized parks also results in a housing price premium, albeit to a lesser extent. In contrast, community parks and specialized parks have a less significant impact on housing prices. These findings provide valuable insights for equitable urban development and planning, optimizing the allocation of urban parks and determining investment priorities for different types of parks to enhance the sustainability of the urban environment and human well-being. [ABSTRACT FROM AUTHOR]

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Purpose: Corporate real estate management (CREM) is complex due to an increasing number of real estate (RE) added values and the tensions between them. RE managers are faced with trade-offs: to choose a higher performance for one added value at the cost of another. CREM research mainly deals with trade-offs in a hypothetical sense, without looking at the characteristics of the RE portfolio nor the specific context in which trade-offs are made. The purpose of this paper is to further develop the concept of real estate value (REV) optimisation with regard to tensions between decreasing CO2 emissions and supporting user activities. Design/methodology/approach: Mixed method study. REV optimisation between user activities and energy efficiency for police stations in the Netherlands built between 2000 and 2020 is analysed. This is complemented by interviews with an RE manager and senior user of police stations and analysis of policy documents. Findings: The characteristics of the police station portfolio indicate no correlation between user activities and energy efficiency for the case studied. This is complemented by interviews, from which it becomes clear that there was in fact little tension between supporting user activities and energy efficiency. The performances of these two different added values were optimised separately. Originality/value: This study combines different scales (building and portfolio level) with different types of data: portfolio analysis, document analysis and interviews. This creates a comprehensive image of whether and how the Netherlands police optimised the two RE values. [ABSTRACT FROM AUTHOR]

The authors evaluate listed and unlisted real estate asset classes from the perspective of an investor holding a diversified equity and fixed income portfolio. They analyze the exposures of returns to fundamental drivers of equity and fixed income returns: expected cash flows, inflation, real interest rates, and risk premiums. Listed and unlisted real estate share similar exposures to drivers, which is not picked up by traditional spanning regression approaches. They find that both segments of real estate hedge inflation risk, in contrast to broad equities and nominal bonds. In addition, listed real estate has a higher exposure to transitory risk premium shocks. These findings help explain the higher correlations between listed and unlisted real estate at longer horizons, and lower long-horizon correlations between real estate and the broad equity market. [ABSTRACT FROM AUTHOR]

Over the past four decades, China's real estate industry has experienced rapid growth, accompanied by frequent regulatory interventions. These shifts present an ideal context for examining the characteristics of private equity placements (PEPs) under varying industrial policy environments. This study examines the PEPs of Chinese real estate firms from 2006 to 2023, calculating the cumulative abnormal returns during announcement periods and the transaction discounts across various regulatory phases. The analysis reveals significant positive announcement effects, even in times of policy tightening, with these effects becoming more pronounced during periods of policy relaxation. However, regression analyses suggest that the policy environment does not significantly impact the announcement effects. Contrary to traditional views, PEP discounts tend to be shallower during policy tightening and deeper during policy loosening. Further analysis indicates that investors are willing to accept smaller discounts in exchange for more valuable investment opportunities. [ABSTRACT FROM AUTHOR]

This paper opens the black box of the role of the state when regulating the process of financialization of a national economy. For this purpose, we firstly study two recent Spanish executives' closeness and similarity to financial, insurance and real estate sectors – usually identified as the 'FIRE sector'. We secondly study how the process of specific law production and regulation during two different political terms has significant effects in the finance, insurance, and real estate complex. Our research explains that this specific regulation is related to the evolution of the FIRE sector in Spain, something that reflects the role of state agencies to favour financialization dynamics. [ABSTRACT FROM AUTHOR]

Purpose: Foreign direct investment in the real estate (FDIRE) sector is required to bridge the gap between investment needed and domestic funds. Further, foreign direct investment is gaining importance because other sources of raising finance such as External Commercial Borrowing and foreign currency convertible bonds have been banned in the Indian real estate sector. Therefore, the objective of the study is to explore the determinants attracting foreign direct investment in real estate and to assess the impact of those variables on foreign direct investments in real estate. Design/methodology/approach: Johansen cointegration test, vector error correction model along with variance decomposition and impulse response function are employed to understand the nexus of the relationship between various macroeconomic variables and foreign direct investment in real estate. Findings: The results indicate that infrastructure, GDP and tourism act as drivers of foreign direct investment in real estate. However, interest rates act as a barrier. Originality/value: This article aimed at exploring factors attracting FDIRE along with estimating the impact of identified variables on FDI in real estate. Unlike other studies, this study considers FDI in real estate instead of foreign real estate investments. [ABSTRACT FROM AUTHOR]

This report provides an overview of the 17th meeting of the Australasian Urban History/Planning History Group, held on Gadigal Country at the University of Sydney from 11 to 13 July 2024. The 2024 conference welcomed papers on diverse topics, but particularly encouraged contributions relating to possession and dispossession, housing histories and FIRE (Fire, Insurance, Real Estate). Over 60 papers were presented. The use of real estate, and the delineation of property as a tool of dispossession was a theme that ran through many of the papers, as was the unbuilt theme, which serendipitously threaded through presentations focused on many different cities. [ABSTRACT FROM AUTHOR]

In a context of ever-growing demand for tourism property, this paper scrutinizes emerging forms of tourism-led housing commodification in Havana, Cuba. In 2011, the Cuban property market reopened to investment when the socialist government allowed the sale of private property at prices set in a market environment. We pay attention to the critical role of Cuban migrants, remittance investors and lifestyle elites in commodifying Havana’s historic housing stock and transforming residential property into short-term rentals, hotels, private restaurants and tourist boutiques. We demonstrate how the Cuban government has become an active market facilitator, either by restraining private competition or by encapsulating tourism property investment within broader channels of the state. We conclude that the case of Havana is indicative of broader trends in tourism and hospitality, particularly in the Global South and East. We propose tourism-led housing commodification as a conceptual framework for understanding these broader commonalities. [ABSTRACT FROM AUTHOR]

While advocates and urbanites regard the housing crisis as a major challenge, federal and city officials seldom act with the urgency demanded of them by their constituency, of which a growing number is either unhoused or housing insecure. The aim of this paper is to study this crisis from the perspective of those most affected and contribute to a debate mostly dominated by economic and policy-oriented approaches. My use of testimonios collected in Washington, DC, between 2019 and 2022 reworks how knowledge on the housing crisis is constituted and highlights both the relational and collective knowledge production by those most affected by changes in the real estate economy. The goal of this paper is to stress the political potential and agency of people who tell their stories as they fight to (re)claim lost and threatened places and battle to protect their homes and neighbourhoods. On a broader scope, this paper sees value in everyday experiential knowledge and questions whose narratives of place are valued, in an effort to bring forth a new methodology in geographic housing research. [ABSTRACT FROM AUTHOR]

During the 1980s, legislation to deregulate mortgage and real estate markets unleashed new levels of predatory lending and speculation in the low-income Black and Latinx neighborhoods of Los Angeles. By decade's end, deregulation resulted in an avalanche of foreclosed and abandoned homes, which became closely associated with gangs who dealt crack cocaine. In 1989, the city began to target these "crime magnets" for removal under "Operation Knockdown," with considerable community support. But drilling down to the neighborhood level reveals this support was not the expression of middle-class Black conservatives or a "Black silent majority," as historians have elsewhere inferred. For some neighbors, the concentration of "nightmare" properties in racialized communities was symptomatic of those communities' exclusion and disempowerment by finance, real estate, and local government. Such community responses to "drug dens" in Los Angeles suggest the limitations of pursuing inclusion in a political economy increasingly organized around asset price inflation. [ABSTRACT FROM AUTHOR]

Since the capitalist and colonial enclosure of land-qua-property, the property parcel has served as the geographic foundation of land ownership. Bounded, self-contained, and mutually exclusive with all surrounding parcels, this geography is taken for granted in our contemporary understandings of property. As the ownership of land, property, and housing has become increasingly concentrated in fewer and fewer hands in recent years, however, it perhaps makes more sense to think of property not as isolated and individual, but as fundamentally networked and relational. Properties that are quite distant from one another are often connected through tangled webs of corporate property ownership, which are meant to deliberately obscure the true ownership—and concentration—of such property from public view. This article demonstrates the importance of untangling these corporate networks, using a case study of three large corporate landlords operating in metropolitan Atlanta, Georgia: Invitation Homes, Pretium Partners, and Amherst Holdings. The article shows how the true extent of these corporate landlords' holdings is hidden by these networks, and how researchers can untangle that to produce a more complete understanding of concentrated housing ownership. Through this method, we can uncover that these three firms control more than 19,000 single-family homes across the five core counties of Metro Atlanta, using an extensive network of more than 190 corporate aliases—registered to seventy-four different addresses across ten states and one territory—to hide their holdings behind a veil of secrecy and insulate themselves from liability. [ABSTRACT FROM AUTHOR]

The assessment of income-producing properties - considered as the bulk of the existing assets - has rapidly increased. An efficient assessment of the market value of this kind of properties requires an adequate involvement of the main risk factors of the local real estate market for the determination of the capitalization rate for the income approach application. The aim of the work is to identify the most significant local real estate risk factors related to the market, the tenant and the context on the residential capitalization rate. The development of a regressive methodological approach applied to the residential sector of the city of Rome (Italy) is proposed. The obtained results show the susceptibility of the analyzed capitalization rate to the variation of the local real estate risk factors, in particular the per capita income and the variation of the rental values, by also considering the influences of the exogenous shocks and the expectation of the investors. The practical implications of the work consist in the possibility for evaluators to assess the likely changes in the capitalization rate in different residential contexts if variations occur in the most influential local risk factors identified by the proposed model. [ABSTRACT FROM AUTHOR]

The issues of "real estate management" (REM) and "real estate valuation" (REV) are very important from the perspective of the economic development of any country. This is because they refer to one of the most important factors of production, which is real estate. The article assumes that REV is all the processes that allow for valuation, while REM is all the processes that allow for the management and administration of real estate. Both of these processes were referred to the "real estate market cycle" (REMC) and the "real estate lifecycle" (REL). The article analyzed 365 articles published in the Journal of Real Estate Management and Valuation (REMV) (eISSN: 2300-5289). The article is a review paper and has been prepared as part of a summary of scientific research carried out between 2013 and 2022. [ABSTRACT FROM AUTHOR]

This paper studied the spatial pattern of supergentrification in the core area of Shanghai. The area is divided into 23 subdistricts based on the standard pattern of subdistrict division provided by CREIS (China Real Estate Index System) and then the 23 subdistricts are taken as objects for analysis. By establishing the evaluation index system of supergentrification level, the integrated analysis method entropy weight method and exploratory spatial data analysis is used to explore the general characteristics of the spatial pattern, spatial agglomeration characteristics, and spatial agglomeration hotspots of supergentrification in the core area of Shanghai. The research results of the spatial pattern reveal that the level of supergentrification in the core area of Shanghai is high in Puxi and low in Pudong. The Puxi district, represented by the People's Square subdistrict, West Nanjing Road subdistrict, and Hengshan Road subdistrict, has a higher level of supergentrification, while the Pudong district, represented by the Tangqiao subdistrict, Yangjing subdistrict, and Huamu subdistrict, has a lower level of supergentrification. The results of spatial autocorrelation analysis reveal that supergentrification in the core area of Shanghai presents obvious spatial agglomeration characteristics on the subdistrict scale and that the significantly high-high subdistricts are mainly distributed in the core area of Puxi. [ABSTRACT FROM AUTHOR]

The paper analyses three photographic bodies of work — Edgar Martins' This Is Not a House, Daniel Shea's 43-35 10th Street, and Lewis Bush's Metropole — looking at various aspects of the real estate market: real estate collapse and the 2008 financial crisis in the USA, as well as real estate boom and gentrification in New York City and London. The case studies depict the real estate industry as an example of how invisible and abstract market processes shape visible and concrete domains of everyday life, such as, income inequalities, social relationships, or public space aesthetics. The artists in question use photography as a tool to deconstruct the abstractions of neoliberal capitalism through an attempt to visualise the invisible. By examining the three case studies in the light of economic theory on the real estate market, the paper defines links between neoliberal capitalism and the medium of photography using the idea of abstraction, and shows how photography is used to dissect the complexity of economic processes taking place within the realm of neoliberal capitalism. [ABSTRACT FROM AUTHOR]