Top Research Papers on Real Estate

AS used by economists, the term "real estate" is at the same time more comprehensive and in some respects less inclusive than the term "land." Land has been defined to include not only the solid, physical surface of the earth, but all such factors as mineral deposits, fertility of soil, natural produce, wild animal life, bodies of water, climate, and so forth, which are attributes of land. It is questionable whether or not the term "real estate," in common parlance, is extended to embrace wild animal life and climate, although these may affect the value of land. On the other hand, real estate ...

In our paper we look at the risk/return characteristics of global real estate private equity investments and compare them to those of direct real estate and general private equity investments (i.e. Venture Capital and Buy-out funds).We investigate if the REPE investments behave more like PE investments than direct real estate investments. The results obtained in this study allow us to address a long-lasting debate regarding the way in which these investments should be called, i.e. REPE or PERE (depending on the individual preference of which aspect should be more pronounced). We will further w...

This study examines whether real estate stock indices in the United States and the United Kingdom are predominantly driven by the underlying property markets or by progress on general stock markets. In the process, we abandon the conventional approach of focussing only on the three assets, namely real estate equities, direct real estate and stock indices. Instead, we conduct an analysis which explicitly takes into account the macroeconomic environment in each country. Based on vector error correction models (VECM) and variance decompositions, we detect a significantly stronger linkage among th...

Real Estate Perspectives: An Introduction to Real Estate, J. Corgel, H. Smith and D. Ling, Fourth Edition, Irwin McGraw-Hill, 2000. This text is very good, and I am impressed with the changes in the fourth edition. I could even see using it for a combination of courses (both for general real estate and a real estate finance course). The Internet exercises are a big plus for the text. Although there was not much text devoted to why property develops (e.g., why cities form) and other urban economic issues, at the same time the authors do a very good job of bringing forth a good explanation and d...

Real Estate Perspectives Part I: Investment Perspective, Market Perspective, and Legal Perspective are presented, covering investment property analysis, market and Feasibility analysis, and legal perspective.

In this paper, through the construction of VAR model, the variance decomposition method and the impulse response method are used to study the linkage relationship between real estate tax and real estate investment and real estate price, so as to find out the relationship among the three to solve the current problems of Chinese real estate market industry to provide data based on the promotion of Chinese real estate market industry, stable and healthy development.

REAL 1002. Fundamentals of Real Estate Law. (3 Credits) This course introduces the legal concepts, laws, regulations, and risks involved in the acquisition, development, financing, leasing, and sale of real property. It discusses forms of ownership and co-ownership, the real estate transaction process from contract to closing, private property rights, and governmental restrictions on private property. The effect of mortgages, liens, and other encumbrances on the quality of title are also weighed. Students are introduced to estates and interests, deeds, easements, covenants, transferable develo...

Intended as a reference source for graduate students of real estate and developmen, this book should also be of interest to practitioners. It is organized into 13 sections, each containing two to three readings which are introduced by an abstract with a recommended reading list at the end of each section. The articles are written by contributors experienced in the particular subject area, and topics include: history and ethics; market analysis; appraisal and finance; taxation, regulation and politics; and global issues and trends.

This paper examines a possible way of applying real estate financial technology to a strategic method of real estate investment, especially to real estate investment trust(i. e. REIT),with a special reference to a specific character of real estate investment. The paper also introduces a collaboration system between research institution such as National University of Singapore and private property investment corporation in Singapore. In Singapore, the idea and thoughts of finance technology has often been employed in the case of investor's decision making process. Furthermore, it will be also l...

Not just since the beginning of the sub prime crisis in the US we are aware, the Real Estate Industry plays a crucial role in modern economies. In Germany n although the biggest export nation of the world with a strong industrial sector n real estate stocks make up some 88% of the total capital stock. Compared to the economic importance, the real estate industry plays a minor role within the pressure groups in Germany and properly throughout the world. This paper analyses the reasons for the week lobbying of the Real Estate Industry, looks the mayor changes that took place within the market, a...

A web-based Real Estate Management System is developed at the end of the project in order to help AP Real Estate to manipulate their enormous clients' data in a more effective way.

The thesis analyzes the work of real estate agents in the Republic of Slovenia. Firstly, we present the field of real estate in Slovenia and baseline research based on an international research analysis. Based on it all, general hypothesis and multiple research questions were formed. General hypothesis H1, states that there is a correlation between the number of sales of residential properties in 2015 and sociological characteristics of a real estate broker (gender, age). Confirmation or rejection of the hypothesis and answers to researched questions were based on a structured questionnaire. T...

Market-wide, stock market specific and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? In contrast to the existing literature and based on a structural asset pricing model calibrated to the empirical data in the US, we show that at least two thirds of the risk premium of listed real estate are driven by the same factors as direct real estate. Our results shed much-needed light on the risk-characteristics of listed real estate returns and are of high interest for academics, regulators, and portfolio managers alike.

Now Chinese real estate tax and fee is primarily on the exploitation investment tache and the lower tax rate in real estate exchange process stimulats the speculation behavior in real estate.Except individual basic living housing China will add real estate tax to control the building price.

In this paper a real estate surveying concept for a forest real estate is outlined. In this area the following terms are important: management strategy, income, value of forest real estate, value of business, surveying, life cycle costs (LCC). For forest companies forest real estate and property are either their most significant cost or most significant assets, but still forest companies underestimate the property value issues. The objective of the research is to determine how different business entities at an enterprise consider the property value: a) value estimation (valuation), and b) valu...

Abstract The Web is an important tool for those interested in real estate and is a key tool for locating properties or researching loans. The author includes coverage of government Web sites for housing and loan information, as well as to major real estate directories.

REAL 4090 Real Estate Internship (0 semester credit hours) This course provides students with an opportunity to expand and apply their skills in a professional setting. Students must identify and submit specific business learning objectives at the beginning of the semester. This course requires faculty sponsor approval, a written report upon completion, and employer evaluation. Credit/No Credit only. May be repeated if internships differ. Department consent required. (0-0) S

REAL 4090 Real Estate Internship (0 semester credit hours) This course provides students with an opportunity to expand and apply their skills in a professional setting. Students must identify and submit specific business learning objectives at the beginning of the semester. This course requires faculty sponsor approval, a written report upon completion, and employer evaluation. Credit/No Credit only. May be repeated if internships differ. Department consent required. (0-0) S

REAL 4090 Real Estate Internship (0 semester credit hours) This course provides students with an opportunity to expand and apply their skills in a professional setting. Students must identify and submit specific business learning objectives at the beginning of the semester. This course requires faculty sponsor approval, a written report upon completion, and employer evaluation. Credit/No Credit only. May be repeated if internships differ. Department consent required. (0-0) S

Acclaimed publisher and editor Neil Astley, founder of Bloodaxe Books, guest-edits this special transatlantic all-poetry issue, featuring poets from North America, Great Britain, and Ireland. The issue contains a stirring diversity of work, with writers who have roots everywhere from Guyana to Pakistan to Zambia, and also features poetry in Welsh, Irish, and Scottish Gaelic. Much of the work is from accomplished British poets who are still little-known in the States. As Astley writes in his introduction, the issue aims to break down "the illogical divide between readerships on either side of t...

W hat real returns can be expected from investing in real estate over the long term? What are the risks and uncertainties surrounding these return expectations? How are these returns correlated with returns expected from other asset classes in a diversified portfolio? Numerous empirical studies have been undertaken in an attempt to provide some indication of real estate’s investment performance. Unfortunately, these studies are not directly comparable because they vary in so many dimensions: property type sampled, property location, time period covered, assumptions regarding degree of leverage...

Real estate is one of the largest industries in North Carolina, representing billions of dollars of the state's economy and touching the lives of millions of North Carolinians, from first-time homeowners to large corporations such as Charlotte's Summit Properties, owners of some 50 apartment complexes in the Southeast. In North Carolina law, real estate, as distinguished from personal property, is land; anything permanently attached to land, such as buildings, fences, trees, grass, shrubs, minerals, and other substances beneath the surface; and the airspace above land. The real estate industry...

Abstract In this study, we investigate long- and short-run synchronicity of the US-focused non-core real estate private equity (REPE) fund indices in relation to direct real estate (RE) and non-real estate private equity fund (PE) indices. We test cointegration relationships between the indices and specify different vector error correction models for opportunistic and value-added REPE funds. Our results are robust to various model specifications and suggest that in the long-run risk and return of both, opportunistic and value-added REPE markets follow the direct real estate market more closely...

This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written i ...

Virginia is poised to see an unprecedented change in forest land ownership. To provide new landowners with information on sustainable forest management, we developed a two-part program, Real Forestry for Real Estate. First, we assembled New Landowner Packets, which contain a variety of sustainable forest management resources. Second, two continuing education classes will provide real estate professionals with an understanding of the importance of forestry and tools which can help them better appreciate the properties they are selling. The courses will be used to recruit real estate professiona...

Real estate bubble risk is currently one of the most widely debated topics for Turkish housing markets. The latest VAT regulation of Turkish government, unsold housing units in the market, growing credit portfolio of housing-construction sectors seem critical factors in this perception. The paper aims to analyze housing-construction risks of Turkish markets by specifically focusing on financial crisis originated from the risks of housing markets in Turkey and other countries. Based on the analysis in the paper, we argue that policy makers and market players should be careful on the potential r...

Real estate tax is regarded as the last method to lower the price of real estate by some people.But the legislation of real estate tax is not perfect,and there are many ill-matched behaviors in the enforcement of tax law.What's more,the trying parochial tax law is flawy.So there is a long time to get a fair and just real estate tax law.According to the principle of tax basing on law and the principle of administering by law,scientific law and serious enforcement are necessary for a new tax levy.Otherwise real estate tax will be alien to the market rule and it is difficult to control the real e...

(1) 「不動産鑑定」に関する制度の特徴 「不動産鑑定」の制度上の基盤は1964年に施行 された「不動産の鑑定評価に関する法律」である。 この法律では不動産の鑑定評価に関して不動産鑑 定士等1の資格と不動産鑑定業が規定されている。 他の専門資格制度においていわゆる「士即業」の 体系が採用される中,なぜ鑑定評価を行う不動産 鑑定士等以外に業を行う不動産鑑定業者の登録制 が設けられたのか。小林(1964)では,この点に 関して,わが国の不動産鑑定業は個人の鑑定人以 外の銀行・信託会社等の機関によるものがかなり の比重を占めていることが指摘されている。そし て,これらの機関を制度に取り込み,いわゆる機 関評価についても育成する必要があることが理由 の 1つにあげられている2。 以上を背景に,わが国の「不動産鑑定」は,不 動産鑑定士と不動産鑑定業者が別けられたことに 設立30周年記念特集 不動産学の30年の成果と将来展望【論説】

efeasance is now a common feature of real estate finance, allowing a borrower to effectively prepay a loan that is not by its terms prepayable. A defeasance is a substitution of a loan’s real estate collateral with collateral consisting of securities—thus freeing up the real estate in order that it may be sold or refinanced—and a corresponding substitution of a new borrower for the original borrower. Defeasance is often seen in commercial mortgagebacked securities (CMBS) loans, in large part because of restrictions on prepayment of such loans that arise under the statutory scheme governing the...

As an important source to the total real estate investment,real estate loan may have multiplier effect through endogenous growth,which can lead to a over fast growth of real estate investment.This paper tests whether the multiplier effect really exists by establishing a state space model.And the result confirms the existence of the multiplier effect.An empirical measurement of the multiplier and its convergence time is performed using historical data.Besides,this paper analyzes the influence of the loan policy,and leads to the conclusion that loan retrenchment policies have significant influen...

This paper will analyze the risk return profile of real estate debt. Using a Monte Carlo simulation model, different debt layers (mezzanine and senior) are analyzed and compared to real estate investments. The results clearly show that senior debt is not heavily correlated to real estate and therefore behaves more like fixed income and should be valued accordingly. Mezzanine, however, is correlated to real estate, especially the downside, and should clearly be underwritten as such. Furthermore, due to a scarcity of finance, debt can show superior risk return characteristics over direct real es...

Purpose – The purpose of this paper is to examine the effects of real estate market factors on foreign real estate investment (FREI). Design/methodology/approach – Applying panel data technique, this paper uses related observations from 31 countries (inclusive of developed countries and emerging market economies) between 2000 and 2008 to investigate the relationships between real estate market factors and FREI. Findings – Controlling for market size, infrastructure and political stability, the results for all countries indicate that lower financing costs and higher levels of transparency in re...

The increasing complexity und dynamics of the environment of companies have led to a higher demand on the managerial ability of senior management. To support senior management, a function and also institution called iControllingi has been introduced in German companies. iControllingi, a German term borrowed from the English language, functionally refers to several issues beginning from cost accounting to operational and strategic planning as well as management control and also issues of general management. Its characteristics often differ between companies and different states of development h...

Executive Summary. Our analysis of long-term trends points to the outperformance of listed REIT stocks and private equity real estate opportunistic funds compared to more traditional asset. To expl...

The purpose of the study is to introduce factors impact on purchasing behavior in real estate marketing. The seven factors analyzed—location, structural factor, neighborhood, social factor, reference group, financial, advertising—have a direct effect on real estate purchasing behavior. A questionnaire prepared for this purpose was applied to 235 randomly selected people and the collected data were analyzed by variance analysis method. According to the results of the statistical analysis, factors such as location, structural factor, social factor, neighborhood, financial, advertising factor inf...

Learning outcomes In this chapter, you will learn how to establish the need to modify model-based forecasts; mediate to adjust model-based forecasts; assess the contributions and pitfalls of intervention; increase the acceptability of judgemental intervention; integrate econometric and judgemental forecasts; conduct ‘house view’ forecasting meetings; and make the forecast process more effective. Having reviewed econometric techniques for real estate modelling and forecasting, it is interesting to consider how these methodologies are applied in reality. Accordingly, this chapter focuses on how ...

Purpose - The objective of the study is to assess the extent to which the hypothetical attractions of listed real estate products as part of a real estate allocation are being over-ridden by the lack of integrated solutions to managing public and private real estate in the same portfolio. Design/Methodology/Approach - To assess this, we undertook a pilot survey of 20 investors and fund managers. Following this, we target two interviewee groups: 'pure' investors (investors who manage mainly in-house capital); and the investment consultants who advise them. The method used is semi-structured int...

What is the main influence on the price and direction of an investment exposure to listed real estate? This is a long-contested question which goes to the heart of any decision on property investment. The critical factor that distinguishes listed real estate from any other investment sector is the fundamental tangible nature of the investment – bricks and mortar. The asset class draws a regular, attractive income, underlying direct property performance over the medium to long term, and possesses the additional benefit of liquidity - unlike direct property investment. This report goes a so...

Methods of text classification are applied to research on the construction of RECI by applying the Naïve Bayes algorithm to evaluate data and to classify the extent to which this measure describes confidence in the REM.

There is considerable evidence that educational institutions provide value to the surrounding community directly and indirectly. With a potential reinvigoration of the real estate market after the problems experienced from 2005 to 2008, many post-secondary educational institutions will provide skilled and knowledgeable managers and entrepreneurs to meet community needs. But there is little research on the relationship between post-secondary real estate education and activity levels in the surrounding real estate industry. In this paper, we show that the extent of real estate programs at local ...

This document summarizes current research and plans for further studies into “Smartphone connectivity” and “smart phones” in the coming years.

The purpose of the graduation thesis is to examine the position of potential buyers and tenants regarding the choice of buying or renting the flat or the house. I have accomplished the analysis of the viewpoints through responses to the online survey. I have set up 6 complexes of hypothesis, each of which has dealt the interviewees with its own point of view: regarding their age, the income per family member, sex, the target group, attained level of education and also regarding if the interviewees have decided to buy or to rent real estate. The first part presents the general analysis of...

With background to recent price growth in Swedish real estate and consequently real estate stocks, our aim is to examine the relationship between real estate price development and real estate stock price development. To test our hypothesis, that real estate price development have had an impact on the return of real estate stocks, we built a capital asset pricing model. We divide the return of real estate stocks into two parts, the return in relation to the Swedish market premium and the excess return that is given for the exposure of the real estate market. We found that real estate exposure w...

This paper will analyze the risk return profile of real estate debt. Using a Monte Carlo simulation model, different debt layers (mezzanine and senior) are analyzed and compared to real estate investments. The results clearly show that senior debt is not heavily correlated to real estate and therefore behaves more like fixed income and should be valued accordingly. Mezzanine, however, is correlated to real estate, especially the downside, and should clearly be underwritten as such. Furthermore, due to a scarcity of finance, debt can show superior risk return characteristics over direct real es...

The management of public real estate has been regulated in many legal acts, among which the Act of August 21, 1997 on real estate management plays the greatest role. The definitions contained in it are intended to explain the most important concepts related to the subject of this act. However, with regard to the definition of land real estate, we are dealing with a repetition of what was defined by the provisions of civil law. Such a situation raises justified interpretation doubts, which may have significant consequences in the application of this act. The existence of two definitions for the...

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In analyzing the factors affecting the market cycle of real estate,we find that some credit regulation to real estate boosts the real estate cycle fluctuations,while the counter-cyclical credit regulation to investors of real estate smoothes fluctuations in the real estate cycle.We further make an empirical analysis on the relationship of real estate credit and real estate cycle.The conclusion is that real estate credit and the real estate cycle exit correlation.To iron out fluctuations in the real estate cycle,we propose to establish the counter-cyclical real estate credit regulation mechanis...

Problem: Problemet som legat till grund for intresset och inriktningen med denna magisteruppsats ar da tidigare kontorsfastigheten Skatteskrapan skulle byta agare och anvandningsomrade. En planerad ...

This study focused on real estate rental income, which is being interested as a means of preparing for old age in the age of low growth and aging. Rental income is seen to function as a safety net of society at a time when it is necessary to live a difficult old age due to the disconnection of income and the extension of the average life span. Therefore, this study conducted the following study on 1,025 households that own rental real estate nationwide. First, the relationship between the characteristics of the household of the rental real estate owner and the real estate rental income was ana...

In the Netherlands outsourcing real estate management by institutional investors is not generally accepted. Since real estate investment became common use by institutional investors about 1960, investors started their own real estate management departments. Only property management regarding daily administrative, technical and commercial management was outsourced to external parties. The aim of this paper is to investigate whether there are chances for real estate management organizations to reinforce their market position. To answer this question a survey was done among three different types ...