Keywords Abstract
Yavas, Abdullah, and Lynn Fisher. "A case for percentage commission contracts: the impact of a ìraceî among agents?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Heimburger, Markku. "A Case Study of Joint Strategy Creation in co-operation with facility owner and customer." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Senate Properties is a government owned enterprise and is responsible for managing the Finnish state's property assets and for letting premises. This paper reports findings of a case study of joint strategy creation in co-operation with Senate Properties and one of its key customers. The aim of the joint strategy creation is that Senate Properties could rent cost-effective and functioning workplaces to the key customer including all needed services. The joint strategy creation requires knowledge transfer on and between both strategic and operational levels to find a common understanding of the customer needs and service possibilities. Senate Properties has formed costumer teams controlled by customer managers to increase the knowledge transfer and develop the quality of customer service. The research is done as a social network analysis based on semi-structured interviews of the key participants in current service processes. All the key participants involved in service process from Senate Properties and the customer were identified and interviewed. The method was selected because of the need to understand the process of value creation and the channels of knowledge flow on and between strategic and operational levels through informal social network. The paper ends with a discussion on the need for further research on informal knowledge flows inside and between Senate Properties and customers on both strategic and operational levels. The need for analysis increases even more, when service providers will be linked to the service innovation processes.
Deng, Leiting, Tien Foo Sing, and Hong Wang. "A Common Real Estate Risk Premium in Time-Varying Returns of Real Estate and Financial Assets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The market integration hypothesis in the latent common market factors study by Mei and Liu (1994) suggests that when the risk premiums of the investment can be captured by common risk beta in overall stock, both and real estate markets, the financial and real estate markets can be deemed to be integrated. This paper employed the multi-factor latent variable model of Mei and Lee (1994) to test the predictability of five asset markets and also to examine whether there are common risk premiums in the five asset markets in Singapore. Our results were consistent with those found in the study by Mei and Lee (1994), which found that the three market factors, inclusive of real estate market risk factor, contain sufficient market information to explain the price variations of real estate and financial asset classes. By further examining into the beta coefficient estimates of the commercial real estate and property stock assets with respects to the three latent market factors. We observed differences in the market behaviors in the five asset classes, even though the risk premiums could be fully captured by the three market risk factors. It seems like securitized real estate as represented by the property stock asset is more integrated with the overall stock market, and less so with the direct real estate market and bond market.
Chin, Wei, Peter Dent, and Anthony Lavers. "A Comparative Analysis for Office Investment Markets in South-East Asia." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Most of the research undertaken into the determinants of office investment markets has examined European and North America cities. Although South-East Asia has been marked by high economic growth from the early 1990s to the mid-1997, it has largely been ignored. With the increasing globalisation of investments, it is very important to understand the environment of these investment markets. Before undertaking quantitative analysis for South-East Asia, it is also important to classify those markets in terms of the progress of their development. Opportunities in both the user and investor markets will be constrained by the legal system of property rights and the quality of professional advice available to those transacting property investments, with obvious implications for property rights. Therefore, in order to understand fully the property market, it is necessary to consider the nature and evolution of the markets as well as their economic condition. Analysts usually look at economic conditions at a national or regional level, as well as the urban economies. However, the cultural framework is usually ignored. Most of the popular analytical framework is justified by the demand and supply conditions in three sub-markets: user, investment and development. The first half of this paper will identify the macro-economic drivers of office rental values in South-east Asian cities over the period 1988 ñ 2001 by adopting the demand and supply framework. The paper uses the existing single-equation method to examine influences on office rents in five South-east Asian cities (Singapore, Hong Kong, Taipei, Kuala Lumpur and Bangkok). Real GDP, unemployment rate, floor space for office buildings, interest rate, lending rate, consumer index and service sector output will be included in examining the movements of office rental values. The second part of the paper will identify the importance and working of a range of institutional factors, and their status in each of these cities. Looking at these institutional factors in a particular circumstance may provide additional information on how the market works. This in turn, will help investors in their decision making process.
Siniak, Nikolai, and Rusiyanov Leonid. "A Concept of Real Estate Market Analysis and Property Valuation in Belarus." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The real estate market is rather new sphere of activity in Belarus, distinguished specificity and absence of unity in real estate valuation and real estate market analysis, absence of unity in understanding of the contents of real estate market regulation and research. To overcome difficulties it is necessary to use of the international experience and take into account specificity of Belarusian experience in these spheres. This paper presents the results of the project, which examined the future of real estate services connected with real estate valuation and real estate market analysis. The paper takes the many aspects and cross cuts them into some scenarios each focusing on different aspects of the future of real estate analysis and valuation services and in the case of one, the future of professional bodies in the sector. The themes chosen connected with fundamental challenges facing the sectors, such as monitoring, integration, regulation, training, service products and ethics. The scenarios presented provide unique insights into the business strategy of the real estate analysis and valuation sectors, itís potential future direction and the future role of professional bodies in the sectors. Nevertheless the accent is made on the future of real estate market analysis and property valuation in Belarus.
de Vries, Paul, and Peter Boelhouwer. "A dynamic equilibrium between house price interest payments and income." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The literature on housing markets suggests that house prices in almost all western economies can be explained only by demand-oriented variables. Particular attention is devoted to the speculative or psychological effects. When prices continue to increase, consumers speculate on further rises and act swiftly. Models have been compiled of these short-run price fluctuations, or ëshocksí, based on recent price developments. The terms ëbubble builderí and ëbubble bursterí are often used in this context. However, other more permanent factors play a role in the development of house prices. Many analytical models include income, inflation and mortgage interest payments as explanatory variables for house price trends. To ensure that long-term price developments can be explained by permanent factors, these models incorporate the deviation from price equilibrium, with the permanent characteristics as the corrective variable (error-correction models). This ëlong-run equilibriumí is usually expressed as a price-to-income ratio. This paper seeks to identify a long-run equilibrium between mortgage interest payments and household income in the Netherlands. We consider both a static equilibrium and a dynamic equilibrium. We conclude that interest payments do appear to be linked to income levels.
Watkins, David, and David Hartzell. "A Framework for Global Real Estate Investment from a US Perspective." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. US institutional investors include asset classes in their portfolio for a number of reasons, including wanting to conform with industry norms, participate in a significant component of the investable universe, earn favorable returns, diversify the portfolio and provide a natural hedge against future liabilities. Non-US real estate as an asset class meets these criteria and is therefore expected to grow in prominence in the portfolio as more investors gain understanding of the opportunity and risks. Implementation alternatives are numerous. We propose a framework for discussing risk and expected return that considers the propertyís lifecycle (Core, Value-add, or Opportunistic) and the countryís development stage (Emerging, Growth or Established). The combination of these risk and return factors motivates a discussion of investor preferences and allows informed investors to exploit apparent market inefficiencies.
Almirall, Pilar Garcia. "A model relating to the spatial formation of property values in the Metropolitan Region of Barcelona." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This communication contemplates the technological incorporation of processes similar to assisted appraisal as an improvement of the technical procedure of urban valuation related to the residential market, applicable to valuers, property managers and financial institutions. The current technical studies of urban valuation, in the business area, have the difficulty of delimiting the differentiation of property values applicable to each urban area, adjusted to the specific characteristics of the buildings and their surroundings. This question is usually tackled according to general criteria of proportionality to the market analysed in large spatial areas (municipalities, neighbourhoods, etc.). A technical procedure is undertaken based upon objective criteria that allows for the establishment of a methodology and a practical system for the incorporation of social and economic factors, of urban, environmental or accessibility characteristics, that affect the process of the delimitation of spatial organisation of values in a specific territorial or urban area. It seeks to overcome the technical limitations, through the support of GIS tools in the elaboration and creation of detailed information in order to evaluate the geographical or spatial factors that in a precise way are capable of explaining the differences that are produced on the urban structure, and to verify its contribution to the differential formation of the urban values, and to deduce as result of the whole procedure a precise calculation of the differentiation of values. Indicative measures of the implicit value of certain variables are established here following the use of territorial and urban information databases. Systems that provide the calculation of indicators of the spatial components referred to and referenced at a municipal or postal district level, related to the spatial extent of the Metropolitan Region of Barcelona and of the whole of Catalonia, upon which sufficient valuation information is available, having been proportioned by the valuation firm CATSA. In summary this reflects a new experience in the use of multiple regression analysis techniques, as a proven methodology in the systems of massive valuation and appraisal, in order to elaborate a model (an algorithm) capable of considering the different values of housing, adjusted to market conditions, that are produced in a geographical context, taking as a reference a synthesis of the most significant spatial variables of the general functioning of the market.
Thion, Bernard, Fabrice Riva, and Chameeva Tatiana. "A New Model for Constructing Price Indices Using the Repeat Sales Approach." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Analysing the existing unbiased estimators for house price indices in the framework of the repeat sales approach, we discuss the necessity to improve the technique revealing its weak points. We present a new methodology based on the application of a final compound return (FCR). The proposed methodology is simpler and has an advantage of gradual continuity in building up a price estimator year after year. The comparison of results obtained for the real database sample for Bordeaux region in France proves the validity of the FCR and is consistent with all previous results.
Stoy, Christian, and Susanne Kytzia. "A part of corporate real estate management. Floor space requirement in office buildings." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. As owner-operated real estate is increasingly recognised as an important cost and production factor, senior management now pays considerable attention to this asset group, resulting in mounting pressure on Corporate Real Estate Management (CREM) to ensure the optimum management of properties. The two management concepts primarily used in Switzerland for this purpose are ìManagement by Objectivesî and ìManagement by Resultsî, which both operate with so-called core indicators. These key indicators represent the objectives which CREM must aim for. These objectives are, inter alia, defined by benchmarks. In addition to monetary benchmarks (e.g. operating costs per m2 of usable floor area), building economy (e.g. m2 of usable floor area per m2 of gross external floor area) and capacity benchmarks in particular (e.g. m2 of usable floor area per existing workplace) must be highlighted. These benchmarks form the focus of the present study. The aim was to determine the benchmarks for office buildings and to ascertain their drivers. The primary data collection from 116 owner-operated office buildings formed the basis of this study. We were able to demonstrate that the building economy can be assessed on the basis of the percentage share of usable floor area within the gross external floor area. The main driver of these building economy benchmarks for office buildings is the share of parking space for vehicles. This share has a negative effect on the building economy and must therefore be included in the formulation of differentiated benchmarks. When assessing the building economy based on the share of office space within the gross external floor area, any space designated for residential or recreational purposes as well as any storage, distribution or retail space must also be taken into consideration in addition to any vehicle parking space. These spaces also have a negative effect and need to be taken into account for the purpose of differentiation. Moreover, apart from building economy benchmarks, capacity benchmarks are also included as core indicators, which we have now been able to ascertain. Furthermore, it became apparent that capacity benchmarks are determined primarily by factors such as the space use management strategies, and only to a lesser degree by the building itself. When working with benchmarks as core indicators, clear definitions are necessary, as any comparisons made require, first of all, a uniform reference basis. This means that floor space and workplace definitions must be taken into account for the above benchmarks. However, it should be noted that any such benchmarks are solely a performance assessment criterion. In addition to benchmarks, other factors, such as staff satisfaction and the contribution of CREM to the shareholder value, must be emphasised. Ultimately, the activities of CREM must be in line with the corporate strategy which does not always provide for optimum building economy or capacity. Accordingly, for all that, CREM must comply with overarching corporate objectives.
Baroni, Michel, Fabrice Barthélémy, and Mahdi Mokrane. "A PCA Factor Repeat Sales Index To Forecast Apartment Prices in Paris." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In this paper we address the issue of building a factor repeat sales index based on factors. This is an extension of a companion paper, Baroni, BarthÈlÈmy and Mokrane (2001, BBM) where we built such an index but as a selected linear function of existing economics and financial variables. Here we construct other factors based on a PCA. The estimator is more robust. We apply this methodology to the Paris residential market. We use the CD-BIEN database that contains more than 220 000 repeat sales transactions for residential properties in the Paris area covering the period 1983-2001 period. We estimate the PCA BBM (2004) index for the Paris and close surrounding area. We study its properties according to the estimation period, the choice of the observations, periodicity and reversibility. Then we compare it to the traditional repeat sales index developed by Case & Shiller (the WRS index in 1987). Finally we show our methodology can be used to forecast apartment prices in opposite to WRS index.
Thompson, Bob. "A place in the sun." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Montezuma, Joaquim. "A Survey on Institutional Investors' Attitudes and Perceptions of Residential Property." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper provides evidence about institutional investorsí attitudes and perceptions of residential property as an investment asset group in three European countries (Switzerland, the Netherlands and Sweden). These are countries where the allocation of institutional funds to private rented housing is relatively important. In fact, housing is the main institutional property asset group in Switzerland and the Netherlands, with institutional property portfolio allocations over 52% and 50% respectively. In Sweden residential property plays a relatively less important role in the institutional property portfolios, representing, nevertheless, about 21% of the institutional property holdings. Using a stratified mail survey of representatives of pension funds, insurance companies, property investment and asset management companies the study analyses the attractiveness of residential property in terms of institutional investment goals. The survey examines the institutional investors' perceptions of housing investment, namely with respect to its returns, volatility, inflation hedging, liabilities matching and correlation with shares, bonds and non-residential property. Additionally, the survey looks at the institutional investors' experiences regarding private rented sector. The results of this study are compared and contrasted with previous surveys.
Cieleback, Marcus. "Agency problems in indirect real estate investing." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Uhruska, Malgorzata, and Bartlomiej Marona. "Agricultural Land Market in Poland." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The main purpose of this paper is to carry out an analysis of the agricultural land market in Poland based on market transactions conducted in 2002. Authors analysed the sale and lease market of agricutural land making an allowance for its ownership structure. The analysis was made both on the private market and toward the land owned by the State Treasury and managed by the Agency of the Agricultural Propety of the State Treasury (since July 16, 2003 transformed into the Agricultural Property Agency).
Janssen, Jos, and Ingrid Hulshoff. "Amvest Woonpluspunt. Value for money in the Dutch rented housing market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper examines the provision of services by investors operating at the top end of the Dutch rented housing market. The supply of a wide range of services is unique in the Netherlands. AMVEST is the only institutional investor that has experience with this concept. AMVEST is a real estate investment company with a distinct competence in developing, buying, letting out and selling homes at the top end of the residential market. AMVEST runs a portfolio of 18,000 homes, half of which are apartments. The AMVEST portfolio is geographically concentrated in the Randstad (the highly urbanised western part of the Netherlands) and adjoining areas. For one year now, AMVEST has been offering all kinds of services to occupants of its 3,000 rented dwellings exclusively through the AMVEST WoonPlusPunt, a service-providing outlet. Two of these outlets are operational, one at Hoofddorp near Amsterdam and the other at Ypenburg near The Hague. Tenants can use a wide array of services. They include housing services, safety services, health and comfort services and administrative services. This paper starts by summarising the experience of residential landlords and investors in supplying services. It explains why AMVEST decided to start offering additional services. There is a focus on the experience in the market for rented properties. Finally, the paper looks at the opportunities that AMVEST has to use this service-providing concept to compete in the housing market in the near future.
Eves, Chris, and Alastair Adair. "An analysis of the Sydney prestige waterfront property market 1991-2003." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004.

[abstract missing - contribution appeared in the programme]

Jackson, Rosemary. "An analysis of the valuation and related law in the calculation of compensation for expropriation in France." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The objectives of the paper are to identify the valuation methods used in the assessment of compensation for expropriation of property for a cause díutilitÈ publique, in France and to analyse the amounts of compensation calculated based the value of land expropriated and the impact on potential diminuition or increases in the value of land retained. The paper is original in this subject area, in that it illustrates the results of primary research from structured interviews using mostly qualitative techniques to provide an incisive and deep understanding of the valuation purpose, process, rationale, opinion and practice in the assessment of compensation and payment of the indemnity. The focus of the interviews is the use of illustrative scenarios containing land values, plans and visual aids and the subject matter is substantially based on transport/infrastructure projects. The application and dissemination of the result of this type of research is particularly appropriate in a geographically expanding Europe with much cross border employment, yet converging professional regulations as exampled by surveying. The work is a departure from the existing knowledge of the subject, which has tended to focus on the comparative analysis of country specific legal literature, particularly statute and expands upon the existing investment valuation knowledge. The analysis in the paper provides links between the valuation process and compliance with the administrative procedure and law and concludes by considering the accepted perception, from beyond the borders of France that generous compensation payments are made in settlement of expropriation so as to be expedient in the completion of a project.
Haynes, Barry, and Nick Nunnington. "An Evaluation of the Perceived Influence of the Office Environment on Productivity in Local Government Offices." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004.

"The changing nature of work and new business management philosophies has led to vast array of possible ""new ways of working."" This generic term encompasses both work patterns undertaken within the office, and also the possibility of location free work outside the office. Ways of working in the office and flexible working outside the office are interconnected with the office design being the connecting hub. With this revolution in the way we work it is imperative that the alignment with work processes and office design are made if optimum productivity is achieved. This research used a questionnaire to survey 996 office occupiers across 27 Local Government offices. The questionnaire used a 27-item scale, to measure office occupiersí perceptions of how productivity was affected by their office environment. The tool has since been used for an Australian bank a major central Government department and it is proposed for other international projects. The initial results, indicate that it is the variables relating to the dynamics of the office which are perceived as having most influence on productivity in the office environment. The implications being, that to capture the ""office dynamics"", and achieve optimum productivity, a more ""people centred"" approach is required during office design or refurbishment. The tool is now being extended to apply to other contexts such as a Federal Court building in North America, and its scope broadened to evaluate macro factors such as location as well as building design layout and space management issues. The authors believe that the research represents a significant breakthrough in the quest for tangible evidence of ways in which the procurement, design and management of real estate can impact upon productivity. The paper illustrates the background context, the development and refinement of the methodology and the results of several case studies where the instrument has been applied."

Buttimer, Richard J., and Che-Chun Lin. "An Options-Based Model of Mortgage Servicing Rights." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Azasu, Samuel. "Analysing reward programmes among real estate firms in Sweden from a total compensation perspective." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. A growing awareness within the real estate sector about how much the business is peopledriven and how diverse the workforce actually is underscores the need for studies on people management within the sector. Remuneration programmes are important tools in this regard; however, studies on these programmes have focused almost exclusively on senior executives, and little has been done on real estate firms in particular. This paper reports a survey of reward schemes within real estate firms in Sweden. The study was done using a postal questionnaire survey. The paper identifies the motives for using reward plans as well as exploring the various types of reward items in use. The reward plans used by the firms were analyzed from a total compensation perspective. The survey points to the fact that while most of the firms use standard pay and benefits packages, there is little or no emphasis on learning and development for non-managers and almost no involvement of non-managers in determining variable pay component of the total reward package. The survey also finds a disproportionate use of financial performance measures among firms that implement some form of variable pay as part of their reward schemes. The conclusion of the study is that firms in the real estate sector in Sweden probably underestimate or may not be sufficiently aware of the motivational impacts of two components of the total rewards package, namely learning and development as well as the work environment. The sectorís ability to retain and motivate critical talent is probably being compromised. In addition, the focus on using mainly financial performance measures, which are essentially historical, may imply that reward programs are not being oriented enough towards ensuring future long-term financial performance of the firms.
Kärnä, Sami. "Antecedents to client satisfaction in real estate development projects." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Ruiz, Molina, and Garcìa Cantalejo. "Application of the new technologies to real-estate education." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Ciuna, Marina. "Appraisal of the real estate. The Italian methodological evolution." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The appraisal methods mostly employed in Italy for the real properties are: the valuation for typical values and the mono-parametric approach (or synthetic) and the income capitalization approach (or analytical). Such procedures even if reporting to the complex reality of the real estate market don't deepen the knowledge of it. In the advanced Countries the valuations are developed by methods based on the study of the real estate market, complex and segmented, on the collection of trading and renting real data and the characteristics of the real properties, on the employment of quantitative models. The principal obstacle to the evolution of the appraisal methodology in Italy is represented by the scarce transparency of the real estate market and by the inadequate information level: the lack of market data in practice doesnít permit the quantitative valuation analysis and it makes precarious appraisal forecasts. It appears necessary then not to postpone a methodology based on market data collection, that will be able to bring our Country to compete with the most evolved countries in the real estate sector, from the USA to the European ones. This study delineates the passage from the classical methodology to the future appraisal approaches. Therefore the market approach in their adaptations to the real estate reality of our country and the principal theoretical and methodological tools of quantitative analysis in the appraisal field, represented by the highest and best use and by the appraisal system will be examine.
Pagourtzi, Elli, and Kostantinos Nikolopoulos. "Architecture for a real estate analysis information system using GIS techniques integrated with Fuzzy theory." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Real Estate analysis in urban area is an important and very difficult task. The value of a property is primarily determined by its location. Thus a geographical information system (GIS) is of great importance in the evaluation process. In the last decade a very promising approach of dealing uncertainty in real estate analysis is Fuzzy theory due to the need of handling the large number of qualitative and quantitative variables that affect the value of an estate. This paper discusses the architecture for a decision support system for Real Estate analysis based on GIS techniques integrated with Fuzzy theory. In order to evaluate the system data were used from the urban area of P. Faliro in Attica basin of Greece.
Schelkle, Hans Peter. "Assessment of location and building quality for office real estate for investors point of view." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Real estate investment decisions are essentially based on calculations of profitability, whereas the payments caused by the property are appraised. In addition to the market situation the quality of the location and the building has in particular a strong influence on the payments. There is an existing number of problems because of the fact, that quality could not directly be measured and that quality also has only an indirect influence on the payments. Due to the complexity and the dissimilitude of real estate, suitable quality characteristics have to be determined and a measuring system, that enables an objective and traceable assessment of quality has to be used. Divers targets of owners and users of office buildings result in miscellaneous requirements with the consequence of different assessment and weighting factors. A consistent assessment of quality does a priori not exist. The aim of the paper is, to examine and to compare available systems and lists of questions to the assessment of location and building quality for office real estate. The paper points out, which systems and lists of questions are most suitable for the investors view.
Des Rosiers, Francois, Gjin Biba, Marius Thériault, and Paul Villeneuve. "Big Boxes Versus Traditional Shopping Centres. Looking at Households' Shopping Trip Patterns." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The expansion of large shopping centres and, more recently, of ìbig boxî outlets and ìpower centresî in North-American and West European urban areas is a major feature of the retail trade sector development. While several internal and external factors affecting retail facilities design and location may be brought forward as possible explanations for this concentration, customersí behaviour in terms of shopping destination choices emerges as one of the main determinants of retail competition. In this paper, the competition between, on the one hand, regional and superregional shopping centres and, on the other hand, ìcategory killersî and ìbig boxesî is analyzed using discrete choice modelling (logistic regression). Thanks to an extensive Origin-Destination phone survey carried out in the Quebec Metropolitan Area in 2001 for transportation planning purposes and providing detailed information on both householdsí socioeconomic and demographic profiles and daily trip patterns, it is possible to identify and model customersí shopping choices with respect to the type of retail facilities they favour. Findings suggest that several household and trip attributes do impact upon customersí choice for either big boxes or traditional shopping centres. These are: customerís gender and age, trip purpose, car ownership, day of the week, departure time and place, transportation mode, type of household and trip length.
Jedelhauser, Julia. "Branch-Specific Indexes & Future Models in Real Estate Brokerage." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Gall, Catherine. "Can Workplace Management drive increased Corporate Performance?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Marcato, Gianluca. "CAPM, liquidity and real estate performances." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lutz, Michel, and Nadia Grossmann. "Challenges of the demographic change for the German housing industry." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Sing, Tien Foo, Seow Eng Ong, and Kar Hwa Ng. "Commercial Mortgage Backed Securitization in Singapore. The Challenges Ahead." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The success of CMBS market in the US and the internationalization of CMBS have brought about significant impact on the real estate financing landscape in many Asian markets. We have seen innovative structuring of real estate financing via the CMBS framework in Singapore through various attempts initiated by REIT. This study conducted a mailed questionnaire exercise to evaluate the feasibility of CMBS market in Singapore, and the results showed that 86% of the respondents felt strongly on the potential of establishing a CMBS market in Singapore. In current excess liquidity condition in the financial market, there may be resistance in banks and finance companies to part their valuable commercial mortgage assets through CMBS. The fear of disrupting the good relationships with their preferred mortgage clients also impedes the sale of the mortgages by the banks. On the demand side, investors demand for better supporting services in default and credit protections, if they were to invest and include CMBS in their portfolio. 83% of the respondents were in favor of setting up a government sponsored SMI to jumpstart the creation of a sustainable CMBS market and facilitate CMBS issues in a big way. The success of CMBS issuance and distribution would provide necessary depth and breadth in the capital markets to position Singapore as a financial hub in the region.
Pitschke, Christoph. "Consequences of the New Basel Capital Accord for Real Estate Developers in Germany." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. What is to be expected of the New Basel Capital Accord (Basel II) and how market participants can be adequately prepared is a major concern in the German real estate industry. This paper is an attempt to describe which consequences in financing real estate property developers have to anticipate with regard to the implementation of Basel II. The author therefore briefly explains the fundamental objectives of the renewal of the Basel banking supervisory rules. Basel II mandates differentiated principles for backing credit risks with recourse equity of banks. The starting point for deter-mining these capital requirements is the application of external and internal rat-ings, meaning that operational and other banking risks must be analysed, meas-ured and backed with regulatory capital. The availability and the pricing of debt capital will be risk adjusted and depend on the amount of regulatory equity banks will have to hold in reserve for a credit engagement. In real estate financing, prop-erty developers rely on bank loans to a large extent. Particularly speculative real estate developments represent a considerable risk exposure to banks. Therefore the author will examine the impact of Basel II on the future pricing and availability of debt capital and on the cost of capital in real estate financing in Germany. Fur-thermore the author will show how property developers can react to the changes in financing that lie ahead.
Eichholtz, Piet, and Dirk Brounen. "Corporate Real Estate Ownership Implications. International Performance Evidence." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In this paper we explore corporate real estate ownership internationally. Based on a sample of 4,636 companies from 18 industries and 9 countries we document distinct patterns and trends in the corporate ownership level of real estate. Real estate ownership appears to be driven by industrial rather than national differences, with corporate real estate ratios ranging between 0.13 for Business Services and 0.63 for the Mining sector. Overall, real estate ownership appears to be decreasing over time, which may be due to the gaining popularity of lease alternatives. When analyzing the stock performance of the companies in our sample, we discover a significantly negative relationship between real estate ownership and a firmís systematic risk. Idiosyncratic risk bears no significant relationship with real estate ownership. With respect to stock returns our results show that returns are lowest among firms with the highest real estate ownership levels in each industry. After controlling for the variation in risks, the remaining return patterns differ strongly across industries, with a significantly negative relationship between stock outperformance and real estate ownership for Communications and Business Services and a positive but not significant relationship for Transportation.
O'Brien, Gillian. "Corporate Social Responsibility and the Real estate Industry in the 21th Century." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper examines the notion of Corporate Social Responsibility (CSR) within the real estate industry in Europe - with specific regard to corporate property management - and its place and importance in the hierarchy of overall corporate strategies. It also assesses the strategic imperative for the implementation of such a concept. Few would disagree that the market for real estate is fragmenting along ethical lines, placing companies who utilise sustainable business practices in a competitive position. Those on the other side of the divide are faced with two choices: to either wait for a statutory framework to be developed, from which company policies can be formed, or become actively engaged in the CSR debate and help shape its agenda.1 Although there is still great uncertainty in this field, is it not better to take precautionary measures than to do nothing and risk incurring greater costs in the long-term? Suffice it to say, a more proactive role may prove more cost-effective for those corporations with a longer-term perspective.
Lee, Stephen, and Steven Devaney. "Country, sector and regional factors in european real estate returns." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Mouzakis, Fotis. "Demand with spatial substitution in commercial real estate markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Despite the recent trend of relocating branches of UK services industry to remote locations urban theory has yet to enlist a theory of industrial rents that formally takes the properties of substitution between locations into account. This study elaborates on the Fujita, Krugman and Venables model in order to develop theoretical foundations for a pricing theory of contemporary commercial real estate markets, with a focus on offices and services industry which can also extend to include industrial space. It questions some of the central assumptions and methodological clichÈs used in the existing theory and proceeds to propose a neo-classical model that explains location pricing and allocation. A central assumption in this work is that contemporary industry is increasingly dominated by trans-national services and manufacturing firms, which are rather price taking within states. This implies that the attention could be shifted from modelling general equilibrium for an economy to partial equilibrium, since locations across the borders compete in industrial space markets. Commercial property markets are assumed to be imperfect substitutes in firmsí decision to locate, which on their own turn provide access to labour of differentiated quality. The combined quality of labour and tenancy space provided at different urban centres may vary, due to agglomeration economies and possibly other exogenous factors. Another new angle in this approach is that distance between property centres, which involves accounting for transport costs, reduced importance in services industry. Instead firms are price takers of the combined cost of location, that is labour and property costs, as a competitive open market price of the location. For this flexibility in properties of substitution this work employs Dizit-Stiglitz theory and CES production function. Finally, a simplified form of the model is calculated for the purposes of empirical tests, which is tested in an econometric exercise that considers central and suburban London office locations.
Eichholtz, Piet, and Dirk Brounen. "Demographics and the International Office Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. We study the effects of demographic changes on the global office markets. Growth in the labor force, the ultimate driver of office demand, is slowing down in some countries and is contracting in others. Based on demographic forecasts, we then formulate expectations about the future shape of the office markets. Our results suggest that office supply generally reacts accurately to changes in demand, but that this will be much harder if demand contracts harder than the write- off rate for offices. If office developers fail to incorporate these ongoing demographic shifts adequately, office portfolios might soon be confronted with structurally high vacancies, decreasing rents and falling values.
Keskin, Berna, and Vedia Dokmeci. "Determinants of inter-urban housing prices in Turkey." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lin, Tzu-Chin. "Determinants of Land Price in Public Auctions." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Raitio, Ville. "Determinants Of The Closed-End Fund Puzzle In Real Estate Investment Trusts." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Determinants of the Closed-End Fund Puzzle in Real Estate Investment Trusts The primary objective of this paper is to analyze the applicability of existing closed-end fund puzzle theories to real estate investment trusts (REITs). The closed-end fund puzzle refers to a phenomenon, where the net asset value of a fund diverges from its market value. This type of discrepancy should not exist in efficient financial market. REITs offer an interesting framework for examining the phenomenon, since several currently presented closed-end fund puzzle theories are inapplicable to REITs, due to the special legislation governing REITs. In addition to the existing theories and their applicability, the objective is to examine the role of diversification in the REIT closed-end fund puzzle. The research is implemented by bivariate and multivariate cross-sectional regression analyses. The research data consists of 86 equity REITs with 21 fund specific variables. The data set is from the second quarter of 2003. The research is focused on rational explanations of the closed-end fund puzzle. These include unrealized capital appreciation, agency costs, turnover expectations and, finally, liquidity and transparency of investments. The research is unable to substantiate premia to net asset value. Instead, discount to net asset value was related to the size of the fund (as measured by market capitalization), managerial performance and, finally, debt ratio. In addition, the analysis demonstrated that the degree of diversification affects the closed-end fund puzzle in REITs. The finding that diversification contributes to the discount to net asset value has important implications to REIT investment strategies. Based on the research, REIT investment strategies should be focused on a single real estate sector.
Juss, Andres. "Development of mass valuation system in Estonia." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - presentation attached]
Gerstner, Nicolai. "Development of Strategic Concepts for German Department Stores from a real Estate Perspective." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. German department stores have lost ground in terms of attractiveness in a growingly com- petitive retail industry. Their concept is deemed to be static and outdated. Additionally, the attractiveness of central city locations has deteriorated, accelerating the conceptual decline of department stores. Once the magnets of inner city retailing, they have turned into eco- nomic and urban challenges. The challenge of department stores consists of four major is- sues to be addressed in this paper: low profile vis-‡-vis customers, lack of stringency in range of products, growing competition through more dynamic retailers and the desolation of the inner cities. The aim is to have a closer look at the factors determining success in retailing and to de- velop innovative concepts and viable strategies for department stores from the interdiscipli- nary perspective of real estate. The perspective shows two different focal points: a more conceptual component focusing on the department store (inside perspective) and a more co- operative component with regards to the surroundings of the inner city (outside perspec- tive). The purpose of this paper is to give a perspective for the conceptual redevelopment of department stores as well as to discuss whether the current use is a sustainable concept for the future.
Bonelli, Fabrizio. "Developments in the Real Estate Industry and Role of Financial Insitutions." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Byrne, Peter, and Stephen Lee. "Different Risk Measures: Different Portfolio Compositions?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
d'Amato, Maurizio, and Feliciano Carabellese. "Discount Cash Flow Analysis. Do We Need Valuation Guidelines?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Discount Cash Flow Analysis can be defined a well accepted real estate valuation methodology both by academicians and by professionals. Unfortunately behind this common term there are several differences both in terminology and in methodological application. This paper tries to compare a British Approach with a US approach to DCF (Achour Fisher,1999). Furthermore inside each approach the inputs may vary in a significant way. This variability affects the final result of valuation creating among the other problems of confirmation bias . For this reason a valuation guideline on DCF application may be helpful in order to rule out the differences in the application of the method. A further issue may be a harmonization between the two approaches in a globalized real estate market.
Wellner, Kristin, and Matthias Thomas. "Diversification Benefits from European Direct Real Estate Investment with a Special Focus on the German Market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Besides the specific return and risk variables of individual assets within a portfolio the correlation of returns between the individual assets are of relevance for the portfolio risk. Capital market theory suggests that diversification effects develop from return correlations with a correlation coefficient of lower than 1. Through the separation of systematic and unsystematic risk in a portfolio the combination of two assets with returns not completely positive correlated results in a risk reduction. Systematic risk represents the market risk, which affects equally all assets on all markets considered. Consequently, it can not be diversified away by spreading risk. Unsystematic risk, however, affects only specific assets, asset classes or homogenous sub-markets. It is related to the individual assets and with that the risk of the total portfolio may be balanced by a spreading different assets and their returns correlating as negative as possible. As shown in the graph below it decreases with an increasing number of assets in a portfolio.
Wang, Lulu, Colin Jones, and Chris Leishman. "Diversification through International Property Investment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Interest in international property investment can be traced back to the early 1970s with the collapse of the Bretton Woods fixed exchange rate system, the oil price shock of 1973 and the need to recycle petroleum wealth, all of which marked a sea-change in the global economy (Worzala, 1994: Lizieri and Finlay, 1995). Financial deregulation introduced in many countries during the 1980s subsequently resulted in the removal of many barriers to international investment. Increasing international investment has also been stimulated by the globalisation of economic activity, mainly through liberalisation and advances in information and communications technologies. The development of electronic information technologies gives support to the integration of financial centres. London, New York and Tokyo have emerged as the major world centres with a number of secondary centres acting as co-ordinating nodes in the network of capital flow (Lizieri and Plamer, 1992). Although the insurance and pension industries remain primarily domestic, as they globalise, institutions with liabilities in several countries will need assets in these countries to match them.
Barthélémy, Fabrice, Alessandra Michelangeli, and Alain Trannoy. "Do building and street matter?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Susilawati, Connie, and L. Armitage. "Do PPP faciltate affordable housing outcomes in Queensland?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Internationally, Public Private Partnerships (PPPs) are becoming a fashionable supplement to traditional public sector funding models for delivering public infrastructure and related services by using private funding (Broadbent & Laughlin, 2003; Edwards & Shaoul, 2003). The Queensland government released a PPP policy in September 2001 with the aim of improving ëvalue for moneyí in public infrastructure and service delivery projects, including housing. As a consequence of the reduction of Commonwealth government funding for housing, these partnerships with the private sector are seen as providing an opportunity for the supply of affordable housing. This study aims to identify current problems in implementing PPPs in affordable housing by conducting open interviews and literature searches. PPPs become a specious attraction for the public sector. No affordable housing projects have been implemented using the PPP framework in Queensland because of the restrictive definition of PPP projects. Moreover, the contradiction in traditional investment decision-making criteria between public and private sector has impeded the implementation of PPPs. Accordingly, PPPs may not facilitate increasing the supply of affordable housing without major guideline changes.
Kurzrock, Bjorn-Martin, and Zimmermann Matthias. "Does the age of commercial real estate affect German property performance?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The aim of DID Deutsche Immobilien Datenbank, which forms part of the Investment Property Databank (IPD) network, is to foster detailed comparative analyses for real estate portfolios of institutional investors in Germany. The periodic service is based on a databank which includes comprehensive data on valuations, capital accounts, income and operating costs for each of the properties, covering a total of 43% of the relevant German institutional real estate investment market. This paper analyzes the relation of age and performance investigating the characteristics of commercial properties owned by institutional investors. The selected properties represent a total capital value of up to 25 Billion Ä. The annual performance (Total Return, Net Income Return and Capital Growth) of properties in different age groups is analyzed over a period of seven years. Furthermore, the analysis differentiates for market segments and investment volume of the properties. The findings of the paper are supposed to be valuable for the property investment market and the asset management decision-making process.
Morri, Giacomo, and Stefano Giambelli. "Drivers and pricing in the acquisition of a property company." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Wong, Grace. "Dynamics of the Housing Markets in Hong Kong And Singapore. A Comparison of Two Cities." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Comparative housing research has been recognized in many studies as an important means of understanding the nature and dynamics of housing systems. This paper discusses the private and public housing systems in Hong Kong and Singapore as well as the roles played by their respective governments and economies. As Hong Kong is generally regarded as a laissez-faire economy and Singapore is perceived as having a higher degree of government intervention, the paper compares the impact of housing policies and economic influences on the private and public housing markets in both cities. The comparative study reflects the similarities and differences of policy impacts on the Hong Kong and Singapore housing markets with respect to their various market segmentations and dwelling types. From the qualitative discussion, it is clear that the way government initiatives, housing policies and economic performance affect the volatility and dynamics of the housing markets in Hong Kong and Singapore holds interesting and significant implications for public policy decision-making.
Oxley, Michael, and Andrew Golland. "Economic rent, residual value and the economics of affordanle housing development." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The paper will present and discuss a model for appraising the economic viability of residential development in cases where ëaffordable housingí is to be developed jointly with ëmarket housingí. The model computes indicative residual development values and compares them with alternative use values for prospective development sites. The model has been derived as a result of viability analysis undertaken for the Greater London Authority. The background to this work, including the policy ambitions to achieve 50% affordable housing on development sites in London, will be explained and discussed. The relationships between residual values, property types and the subsidisation of affordable housing will be explored. The consequences of variations in such factors as house prices, densities and building costs will be examined. The relationships between the principles of the model and conventional economic rent theory will be considered with a view to discussing the origins and distribution of development surpluses. Applications of the model will be demonstrated with the aid of recent data based on indicative development scenarios in London. The benefits, limitations and possible extensions of the modelling approach will be debated.
Gibb, Kenneth. "Economics and non-market housing: developing a framework to analise the UKís changing social housing system." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Keivani, Ramin. "Enabling housing markets or increasing low incomes access to land. Lessons from Iran." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. World Bank policy plays a significant role in shaping international housing and urban policy including that of UNCHS, development arms of western governments and international consultants (Keivani and Werna, 2001a and Baken and van der Lindern, 1993). In addition while the degree to which national governments actually adopt the Bankís policy recommendations may be open to question (Harris and Giles, 2003) they have for the past three decades set the agenda for the international housing debate and influenced national policies of many countries in at least a partial form if not in their entirety. The Bankís influence can be seen in the international propagation and national adoption of supported self help and sites and services schemes, particularly in the 1970s and 1980s, and has continued to the current emphasis on market efficiency and enabling housing markets (Keivani and Werna, 2001a). The latest example of this is the post apartheid housing policy in South Africa selectively but largely drawing on the Bankís enabling market strategy particularly in respect of formal finance delivery and the housing subsidy programme (Jones and Datta, 2000) and recent policy proposals by researchers on India and Nigeria (Sivam, 2002 and Ogu and Ogbuzobe, 2001).
Fischer, Dominique. "Erroneous errors in valuation." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lai, Tsong Yue, Keyy Vandell, and Ko Wang. "Estimating Property Value By Replicating One." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
McIntosh, Will, Karin Witalis, and William Whitaker. "Estimating the european real estate investment universe." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Deng, Yongheng, Anthony B. Sanders, and Brent Smith. "Estimation of NOI Growth, Volatility and Clustering by MSA." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Suarez, Josè Luis, and Amparo Vassallo. "European Mortgage Market. Global View 1992-2003." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The development of European Mortgage Market and its current position in relation to volume, growth, prices, interest rates, new products and an analysis of mortgage integration is the focus of this paper. The recent creation of the European Mortgage Finance Agency (EMFA), which attempts to create a single European securitization, is an important step towards achieving integration within the great goal of Financial Integration of the European Union. Obstacles to integration, potential members of the EMFA and its main goals, and advantages, are discussed in the innovative section of our document. Besides that, the paper deals with three important aspects of the Mortgage Market, taken EU as a whole: Its functioning. Other aspects such as transactions cost, requirements to Credit Institutions of transparency (European Code of Conduct), and a classification of the different mortgage products on the market, are also taken into consideration. Refinancing in Europe (as compared to USA). The Secondary market of financial institutions funding in relation to mortgage bonds and mortgage backed securities performance and their principal characteristics and differences are also explained. The influence of European mortgage markets on the economy and how they may affect private investment and consumption, household debt (which continues to increase every year), and the performance of the financial institutions (high competitiveness) are other important points which are considered.
Katzler, Sigrid. "Evaluation of diversification strategies using Swedish real estate return data." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Zrobek, Sabina, and Ryszard Zrobek. "Existing State and Directories of Change in Real Estate Education in Poland." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The present paper focuses on selected elements of the EDUKACJA (EDUCATION) system. It also describes the curriculum requirements for such majors as real estate management and land market in Poland The comments and observations presented in the paper are based on own experiences, as well as consultations with specialists and experts on real estates and cadastres.
Gallimore, Paul. "Expert judgement in the processes of commercial property market forecasting." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Roca, Josep, and Carlos Marmolejo. "Exploring the possibilities of Gravity Models on suburban migration in the Metropolitan Region of Barcelona and the central countries of Catalonia." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The use of spatial interaction models based on gravity criteria have been widely applied in the study of urban processes. Although the original perception about the similarity between the social phenomena and physics was first suggested by Carey in the middle of the 19th Century, the formal development of models based on gravity algorithms started with Reilly in 1929, and epitomised in the seventies with the work of Wilson. In this paper we first attempt to make a brief overview about the development of models oriented to explain the urban dynamics, and after we explore its possibilities in the simulation of suburban migration, which represents one of the strongest components of the real estate demand on the edges of metropolitan areas, and could be useful in the forecasting of property markets. Finally we offer an empirical implementation of the model for the Metropolitan Area of Barcelona and the central counties of Catalonia.
Ielasi, Federica, and Claudio Cacciamani. "Financial analysis of real estate investment: the case of sanitary residences." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Muller, Tobias. "Financing sports stadiums. A model to resolve current funding problems." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Until recently, the majority of sports- and multi-purpose stadiums in Germany werenít competitive in an international context regarding both technical and quality standards as they showed a significant amount of deferred maintenance. Given this basic situation, the awarding of the FIFA World Cup 2006 to Germany provided a new impulse to start the necessary investments. As the construction and the refurbishment of modern stadiums is extremely cost intensive, stadium operators respectively the owners are forced to ensure a solid financing. Due to the fact that for most of the stadiums traditional financing has become more difficult or in some cases even unachievable, alternative sources of capital are crucial for successful developments. Hence, the purpose of this paper is to compare traditional to innovative financing for sports stadiums. New financial instruments are critically analysed with respect to their suitability in this context. Furthermore the study delineates advantages and disadvantages of possible options, the chances and risks they imply and it discusses their adequacy for stadiums as well as for stadium owners. The study concludes with a proposal for a model that can serve as a basis for future financing decisions in this field. The model will also show how owners can increase their return by preventing unnecessary high financing costs that might come up in later stages of the stadium life cycle due to decisions made during the development process.
Ertle-Straub, Susanne. "Forecasting Location Demand for office space with Conjoint Measurement." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Office markets have more than others cycles which are different in the regional markets in Germany. Consequences are vacancy and a loss of rents. The transparency in office space supply in the German markets became much more better in the last years. Therefore the demand for office space is relative less empirically researched. Especially the location decision and the location choice of office tenants are not enough researched. The main question for developers for the decision to a micro-location is: for which office tenants is a micro-location suitable and which price-/product- attributes are to be accepted. When an office market is oversupplied these developer are in advantage, who is able, to adjust the location affords to the location demand of different office tenants. Therefore the research of the location preferences and the explanation and evaluation is necessary. With the thesis of doctorate from the author is a new, product politically explanation for the location decision for office tenants developed. By simulation the decision to lease office space and there micro-location with conjoint analysis is shown a new way to make better location decision for developers and find out the location preferences from office tenants. By set-up panels from office tenants in every main and regional office markets, suppliers and developers will find clusters of office tenants with nearly the same location and product efforts. The prognostic of location preferences and product preferences therefore helps indeed to reduce development and rental risks. The location analysis will accomplish with this conjoint analysis to be a planning marketing instrument for successful offices and the right micro- location.
Higgins, David. "Forecasting Short-term Securitised Property Market Returns." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The structure of securitised property markets offers investors the opportunity for short-term gains compared with the long-term horizon for direct property investments. These potential financial benefits can be exploited by using forecasting techniques which can provide regular superior short-term forecasts. This research utilises the Australian accumulative Listed Property Trust (LPT) index, to critically evaluates weekly out-of-sample forecasts from three basic, and two advanced, forecast methods over a six-year period from 1998 to 2003. The forecast accuracy of the models yielded similar results, showing poor indication of future short-term accumulative LPT index performance. The forecasts were unable to predict, one week in advance, the direction of the accumulative LPT index. The advanced Holt-Winters Exponential Smoothing model was the preferred forecast model by a small margin. A better understanding of the short-term movement in securitised property markets performance will lead to improved accuracy of forecasting models and provide added value to an area of property research which should form an integral part of the decision-making process in the securitised property markets.
Louko, Antti. "Four cases of corporate real estate outsourcings." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Pryce, Gwilym, and Patric H. Hendershott. "Fractional Logit Estimation of the LTV Decision." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
James, Stiina. "Framework agreements under the public sector rules." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Framework agreement is an agreement between one or more contracting authorities and one or more economic operators, the purpose of which is to establish the terms governing contracts to be awarded during a given period, in particular with regard to price and, where appropriate, the quantity envisaged. Senate Properties aims to be a reliable partner in all property solutions and services. At best, we consider customer relationships to be like partnerships, flexibly serving clients at all stages of development. This same partnership philosophy is applied to the key suppliers. Senate Properties is a public authority (in the sense of the law of public procurement) and therefore obligated to advertise and award framework agreements in accordance with the regulations' procedure, and among other procedures a contract award notice must be published. . Senate Properties has during last four years made three proper framework agreements in accordance to so called public sector Directive. Besides Senate Properties has already years made arrangements (so called year contracts) which full fill the criteria laid down in the public sector Directive. The first framework agreement with five builder consultants was made in October 2000. The term of this arrangement was only two years, although we knew that it could have been longer up to four years. At that situation there was very little (much less than today) knowledge or experience about this arrangements. That was the reason for such a short term. Besides the competition procedure was new; it was a kind of pilot arrangement. According to the conditions of the agreement Senate Properties had an option to continue the agreement with one more year which option also was used and every contracting party also approved this optional year.For the moment Senate Properties has two valid important framework agreements: - Maintenance framework agreement with 4 enterprises for four years.( The framework agreement was awarded 2001) Today ( May 2004) 80 % of our properties are under this framework agreement. - Builder consultant framework agreement with 5 enterprises (2004) As we can consider Senate Properties has entered into this the framework agreements prior to the new Directive was published.. When the discussion of the importance of the framework agreements in Senate Properties' building functions and maintenance raised (2000) also the law drafting of the Public Sector Directive was in the phase where Senate Properties had opportunity to tell its opinion about the new regulation. The both framework agreement competitions, the first builder consultant framework agreement, and the maintenance framework agreement, were arranged exactly according to the directive proposal. It is an essential question in general to enterprises in the real estate sector to know how to operate with a public entity who is bound by this regulation. We have to keep in mind that the procurement contracts of the entities are in principle subject to the ordinary private law of contract. The legality of the practice of placing contracts through framework agreements has until lately been open to question. Through the new public sector directive (2004) the framework agreements are accepted and the procedure has been legalized.
di Spaccaforno, Angelo Caruso, Paolo Martini, and Cesare Vaccà. "From interdisciplinarity to transdisciplinarity. A purpposal of a new educational pattern for the Polis-Maker." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Nowadays, urban transformation takes place mostly within an operating framework where there isnít a strategic figure able to optimize intervention choices with an holistic perspective. The non- interpretation of such a phenomenon sometimes distinguish even some architecture masters who, deliberately or not, end up to be a tool of choices made by public administrators, in the perspective of the so-called ìgesture policyî; we actually know that this concerns several fields of sciences and not just architecture and urban planning. But if this mostly distinguished the approach to urban transformation between XX and XXI centuries, in the belief that the passage from plan to project in urban planning was the panacea for city problems, today, facing an even more pressing demand for life quality, we are unprepared to provide direct answers and, mostly, answers dictated by a clear understanding of strategies to be adopted.
Murphy, Laurence. "From urban chic to student units. Aucklandís Inner City Residential Apartment Boom 1990-2003." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Since the early 1990s Aucklandís Central Business District (CBD) has experienced an unprecedented growth in its residential apartment market. This growth is demonstrated in both the number of units developed (more than 7,000) and the increasing scale of individual apartment developments. Aucklandís inner-city apartment boom mirrors property trends occurring in other cities around the world. These trends are at the forefront of what Ley (1996) terms ëthe remaking of the central cityí and include processes of ëgentrificationí and urban regeneration. At first glance it would seem that Aucklandís apartment boom represents both a material and symbolic expression of a set of globalising processes of urban revitalisation. Yet, following Gibbs and Hoseliís (2003) recent call for greater attention to be given to local and spatial dimensions of property processes, this paper addresses the dynamics of the apartment boom and highlights the specificity of local market conditions. In order to examine the nature and character of processes operating in the apartment market, data were purchased from Quotable Value on individual apartment sales for the period 1990-2000. The resultant dataset provides information on 6,128 apartment sales with a cumulative gross sale value in excess of NZ$ 1billion. What follows is a preliminary analysis of the dataset and the findings should be treated as work in progress.
Diappi, Lidia, and Paola Bolchi. "Gentrification waves, rent fluctuations and renewal investments in the inner city: an interpretative model." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Watkins, David. "Global Real Estate Securities, the Opportunity." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Investors look at several factors when deciding whether or not to add an asset class to a mixed portfolio. This document outlines arguments as applied to global real estate securities and provides comments relative to the implications for mixed asset portfolio construction.
Pant, Dipak R.. "Global trends: foresight of geopolitics, technology, business and humanity in the first quarter of the 21th century and implications for housing and urban management." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Sim, LooLee, Xing Quan Zhang, and Jieming Zhu. "Globalization and Real Estate Investment in Beijing." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Sims, Sally, and Dent Peter. "High Voltage Power Lines and Property Values." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Determining the impact of detrimental conditions and environmental features such as electricity distribution equipment remains one of the more difficult aspects of property valuation. Since the 1950ís, research aimed at establishing the impact of HVOTLs on the value of residential property has been conducted in the USA, Canada and to a lesser degree New Zealand, where transaction data is available for analysis. Studies have either investigated the impacts on value by analysing transaction data, or investigated the opinions, attitudes and perceptions of market participants. In the UK, by comparison, research has focused almost exclusively on public and professional opinions towards distribution equipment and found that attitudes were generally negative towards the presence of HVOTLs near residential property. However, no apparent attempt was made to establish whether or not negative perceptions translated into lower values or longer marketing periods, arguable due to the lack of available transaction data for analysis. Transaction data that is in the public domain is either difficult to obtain and prohibitively expensive from the Land Registry or not property specific; either referring to the mean value of similar property within a specific location or to property tax bands that are too wide to allow for small variations in value to be apparent. Valuers are left with the difficult task of placing a value on the impact of HVOTLs and other distribution equipment without a benchmark to provide some guidance. This paper compares the results of three UK case studies using a hedonic approach and regression analysis to determine the actual impact of a HVOTL on residential house prices. This paper presents the conclusions from a body of work conducted in partial fulfilment of a PhD Thesis.
Wilhelmsson, Mats. "House Price depreciation Rates and Level of Maintenance." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. My objective in this paper is to estimate different depreciation rates of house prices depending on the level of maintenance of the property and the location of the property. I do this by supplementing transaction price data with owner information about level of maintenance. The result indicates that the level of maintenance has a substantial impact on the price level. Since maintenance offsets some of the physical deterioration of the property, the depreciation rate will be lowered by maintenance, ceteris paribus. To be able to estimate maintenance effects on depreciation rates, I isolated the interaction effect between the level of maintenance and the age of the property to allow for the fact that maintenance has an impact on the effective age of the property. In this study, I separate maintenance into indoor and outdoor maintenance levels (or absence of maintenance). My results show that the depreciation rates are significantly different for a maintained property and for a property that is not maintained. The price difference between a 40-year-old property (built in 1960) and maintained both indoors and outdoors and a property of the same age that is not maintained is about 13 percent (-10 percent compared to -23 percent in total age effect). The absence of outdoor maintenance has more impact on price depreciation rates.
Taltavull de La Paz, Paloma, and José Manuel Cas Diaz. "Housing and labour markets relationships. The case of Valencia Community." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ERES:conference
Ivanička, Koloman, and Daniela Spirkova. "Housing finance in Slovakia on the threshold of joining EU." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Slovakia joined EU in May 2004. Her housing problems are similar to neigbouring ìnew European countriesî countries: large prefabricated multifamily housing stock, lower housing affordability, inadequate size of the rental housing stock, progress in the development of housing finance, that is unfortunatelly not yet sustainable from the long-term perspective. In the paper the data on the housing finance development are presented with particular emphasis to the funding of development of the rental housing stock, the preservation of the existing housing stock. The size of the rental housing stock was seriously reduced in the last decades because of massive ill-conceived privatization. These problems are closely related to the decisions made on the municipal housing policy level, access to finance, further development of the institutional framework in the housing sector, etc. The augmentation fo the capacity of the housing sector to carry out its mission can be strengthened by the introduction of the non-profit housing. The sector does not yet exist in Slovakia and its introduction is connected to with non-negligable risks We describe the barriers to the introduction of the sector and try to show the possible ways of their overcoming. The generalization are made on the experiences of authors with preparatory works on the introduction of the non-profits.
Tu, Yong, Ying Hua Han, and Seow Eng Ong. "Housing price Expectation and Propability to Sell in the Urban Housing Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. A proportional hazard model is employed to exploit micro relationships between household housing price expectation and probability to sell (the latter is inversely related to the property owning spells). The primary data source is from 14 yearsí Singapore condominium transaction data. A homeownerís housing price expectation is measured by building-based housing price indexes derived from a two order spatio-temporal model. The results illustrate V-shaped threshold effects of housing price dynamics on probability to sell, meaning that a homeowner will have a higher probability to sell (by shortening his property owning duration) if his expected nominal equity gain from rising housing prices goes beyond a threshold and he will also have a higher probability to sell if his expected nominal equity loss from declining housing prices increases. The results also show that probability to sell increases faster if a homeowner experiences equity loss than if he experiences equity gain. The findings can be explained by both a homeownerís investment liking and his nominal loss aversion. Our results also imply that the observed positive aggregate price-volume relationship should be attributed to buyersí behavior.
Jianhui, Lin, and Muhammad Faishal Ibrahim. "Housing reform and private housing choice behavior in China." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. China has experienced many changes since 1979 when the country embarked on a major economic reform. As one of the largest welfare sector, housing is the most important part of the economic restructuring process. After twenty years of experience, the welfare housing system has been changed and a new market-oriented housing system is growing. Along with these developments, a private housing market is now emerging in urban China. Using Xiamen as a case study, this paper aims to identify the consumersí choice behavior in the private housing market. By looking at the consumersí perspective through the use of principal component analysis, we find three factors, namely, ìPhysicalî; ìLiving Environmentî; ìAmenities and Financial Benefitsî best represent the image structure of the element of the private housing market in Xiamen, China. By adopting the discrete choice model, the nested logit model is found better than the multinomial logit model to fit the data. The analysis shows that the factors ìPhysicalî and ìAmenities and Financial Benefitsî have a stronger relationship with the choice than ìLiving Environmentî. Further analysis shows that Education Level is the most significant socioeconomic characteristic which influences respondentsí choice. People with lower Education Level consider that ìLiving Environmentî is the most important factor in the choice of private housing while to those with higher Education Level, ìPhysicalî is the first.
Cirman, Andreja. "Housing tenure preferences in Post-privatization period: the case of Slovenja." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Dupuy, Etienne. "How about yields and capitalisation rates when the rental market is down?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Yields and capitalisation rates have remained untouched for some months now, yet the rental markets have been down significantly. One can say it is due to the flow of capital in a context of depressed bonds and stock markets: but would this be considered irrational? The interest rates, quite stable over the recent period, have had a low impact. We think RORAC model, presented at ERES 2003, can bring some insight on the risk characteristics of the possible real estate cash flows; and help understand why such a phenomenon is currently happening. As it measures a risk profile for each lease structure, it can help value over or under rented properties as it does for properties rented at market value. Building on previous works on a pan European basis, we justify a rational reasoning for the current yield stability and find why some property differentiation and segmentation is bound to come, between prime bond like properties and the others.
Thalmann, Philippe. "How can we explain the gradual withdrawal of housing investors?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In the first five years of the 1980s, 43'000 dwellings were built on average in Switzerland. At the turn of the century, the comparable number was down to 31'000 dwellings per year. A declining trend in housing construction is clearly visible over those twenty years. The vacancy rate fell from 1.85% to 0.91% between June 1998 and June 2003. It is well below Ω percent today in the main cities. The 2000 census shows that pension funds, the second largest group of providers, own fewer dwellings than they did at the time of the last census in 1990, despite their growing funds. Those data suggest a withdrawal by many investors from the housing market. This paper verifies whether there is indeed a smaller willingness to build and invest in rental dwellings or whether the hurdles have grown higher.
Tamburini, Gualtiero. "How to measure the trend of the Italian Real Estate market: some insights from empirical evidences." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Tsolacos, Sotiris, and Alexandra Krystaloyianni. "How Useful is the Integration of Property and Securities Markets for Forecasting Property Yields?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The analysis and forecasting of property yield movements is an area that increasingly attracts research interest. The sensitivity of capital values and total returns to yield shifts makes the correct prediction of yields a significant part of investment strategy. It is submitted that behavioural factors affect yields in particular periods; during these periods yields may be driven away from their fundamental values. A recent example illustrates the point. In 2003, at a period when gilt yields in the UK increased property yields fell and quite significantly in some sectors (such as shopping centres and retail warehousing). At the beginning of 2004 the situation has not changed. Strong investment demand and lack of product are responsible for these trends in a period when interest rates are on the rise. Notwithstanding such influences a search for the fundamental drivers of yields and the way yields move in relation to yields on other classes is of interest to property investors. Identifying the fundamentals of yield movements and predicting property yields on the basis of these fundamentals remains a valuable exercise. Behavioural information can be built in and explain the irregular component of yield movements.
Hordijk, Aart, and Cees Schekkerman. "Implementation of historic office cycles in DCF appraisals - the case of the Netherlands." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Pekdemir, Dilek, and Oven Attila. "Improving Hedonic Office Rent Prediction Models." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Modelling and predicting office rent have become one of the major research areas in the real estate field, for both academics and practitioners. The hedonic office rent prediction approach is the most common method based on multiple regression. The major deficiencies of the hedonic model are the multicollinearity problem that may exist between a large number of independent variables, the failure to incorporate the whole range of parameters that may affect the office rent and the interaction effects of the independent variables. The hedonic approach can be improved in two successive steps. First, related parameters can be grouped into factors and their influence, rather than the individual influence of the parameters, can be assessed. In this regard, the principal component approach and factor analysis have been employed. Second, the interaction of the factors can be taken into account by means of factorial design approach. The paper underpins the application of the statistical techniques, namely the principal component analysis, and the factorial design approach, to further improve usability of the hedonic approach.
Hahr, Henric. "Income and operating costs of the special purpose property parking facilities." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The forecast of future income and operating costs as a result of the operation of the special purpose property parking facilities is a very complex and difficult task for investors, developers and operators to cope with. Whereas the determination of the influencing factors on the operating costs and their monetary extent is relatively uncomplicated, the estimation of the income is much more difficult. Contract parkers of parking space normally pay a monthly parking charge. In comparison to the income resulting from the use of a parking space by a short-term parker, the monthly rent is very low. Otherwise the decision of a short- term parker to frequent a parking facility is mostly earmarked and based on many different hard and soft facts. That means that the forecast of the income concerning the use by a short-term parker is fraught with risk. The outcome of this is uncertainty in the valuation of car park. The aim of the paper is, to present the influencing factors for the economic success or failure of the operation of the special purpose property parking facilities and the influence on the valuation.
Sayce, Sarah, Louise Ellison, and Judy Smith. "Incorporating Sustainability in Commercial Property Appraisal. Evidence from the UK." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ShaljeanThis paper reports on the development of an appraisal model designed to incorporate sustainability into calculations of property worth. Whilst some investment media, for example equities, have found effective ways of incorporating sustainability into their investment strategies, property investment has been slow to make this change. This is partly due to the difficulty inherent in identifying sustainability within the existing commercial building stock and its impact on property worth. The Sustainable Property Appraisal Project was established to begin to resolve this problem. A series of criteria relevant to both sustainability and property worth have been identified. These are incorporated into the calculation of worth model familiar to the property investment community. The impact of performance under each criteria is then translated into an impact on property worth through changes in the allowances made for risk, rental growth, depreciation or cashflow. A range of buildings have been inspected and their performance under these sustainability criteria explored. Their subsequent appraisal is carried out on two bases ñ a standard appraisal and a sustainability appraisal. The difference between the two results suggests the extent to which mis-pricing of property assets could be taking place as the market fails to take account of sustainability. The results of these appraisals are explored and conclusions drawn as to the implications these have for property investors and occupiers.
Dalmagioni, Paolo. "Indipendent third party inspection in European Real Estate." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Accredited Bodies operating in conformity with the EN 45004 standards run the independent third party inspection in several countries of the European Community. These inspections are performed during the whole construction process. They involve, first of all, the assistance to the customer during the conception phase, the control in both planning and execution phases and the assessment of the ìas builtî. The contribution of such independent third party inspections to the construction cycle and, more in general, to the quality of the building product is very important. This contribution considerably increases both the chances of taking on the contract and the feasibility of the project. Moreover, it helps respecting performance characteristics expected by the customer, costs and times agreed during the planning phase and reducing the risk of nonconformities or of defects. The analysis of the actual condition of the ìas builtî becomes a technical due diligence, which offers guarantees to both buyers and sellers. The added value that an independent inspection body gives, compared to an ordinary service provider, is that the former guarantees independency and impartiality since the inspection body will never carry out designing, execution and selling of both controlled objects and of possible competitorsí. Here follows an explanation, through the examination of the experience of three bodies belonging to the same group and working in France, Spain and Italy, of similarities and differences among several normative and operative approaches held in three Countries of the European Community. France has a twenty-year history of technical analysis, which was introduced by Spinetta Law. Spain only recently started carrying out technical analysis thanks to incentives of insurance companies. In Italy, inspection bodies started operating after the introduction of project verification in the Merloni Law.
Jayne, Michael, Gary Lynch-Wood, and David Williamson. "Industrial Estates, Waste, Environmental Liability and the Property Manager." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Initiatives to improve waste management are commonly aimed at those in charge of industrial operations and processes. As a consequence of the liability at law, these processes and operations have the ability to impact upon an interest in the property and land which the operator occupies. Where properties are tenanted, the landlord's role can be crucial in determining how occupiers of industrial premises can respond to, and develop, waste management initiatives. This is largely as a consequence of the controls exercised by the landlord over common parts and, to a lesser extent, those areas in exclusive occupation by the occupier, as a consequence of the lease terms. Because of the growth in the landlord's potential liability at law, property managers are addressing these issues and some are taking a more proactive stance in terms of their management of the property related environmental risks. This paper builds upon recent research into the practices of landlords and their property managers. It investigates the experiences, attitudes and management practices of two groups; professional property managers of industrial estate portfolios and occupiers of industrial properties. The work investigates the nature of the relationship to determine areas of commonality, good practice and mutual benefit in terms of waste management practices.
Crosby, Neil, Cathy Hughes, and John Murdoch. "Influences on secured lending property valuations in the UK." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. A significant part of bank lending in the UK is secured on commercial property and valuations play an important part in this process. They are an integral part of risk management within the banking sector. It is therefore important that valuations are independent and objective and are used properly to ensure that secured lending is soundly based from the perspective of both lender and borrower. The purpose of this research is to examine objectivity and transparency in the valuation process for bank lending and to identify any influences which may undermine the process. A detailed analysis of 31 valuation negligence cases has been followed by two focus groups of lenders and valuers and also questionnaire surveys of commercial lenders and valuers. Many stakeholders exist, for example lenders, borrowers and brokers, who are able to influence the process in various ways. The strongest evidence of overt influence in the process comes from the method of valuer selection with borrowers and brokers seen to be heavily involved. There is some also some evidence of influence during the draft valuation process. A significant minority of valuers feel that inappropriate pressure is applied by borrowers and brokers yet there is no apparent part of the process that leads to this. The panel system employed by lenders is found to be a significant part of the system and merits further examination. The pressure felt by valuers needs more investigation along with the question of if and how the process could dispel such feelings. This is seen as particularly important in the context of bank regulation.
D’Arcy, Eamonn. "Information generation in the real estate market: An institutional approach." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Clavarino, Luca. "Infrastructures and Sustainable Development." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
McGreal, Stanley, Alastair Adair, James Berry, James Berry, and James Webb. "Institutional Real Estate Portfolio diversification in Ireland and the UK." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004.

This study constructs optimal real estate portfolios using returns from Great Britain (England, Scotland, and Wales) and Ireland (Northern Ireland and the Republic of Ireland). Data from IPD for ten major regional centres are used for office and retail property from 1984 through 2002 (excluding London). In addition, total returns, income only returns, and appreciation only returns are used. The optimal portfolios are dominated largely by property in Belfast and Dublin. When three markets areas of London were included in the optimization, the results remained largely the same with London property entering few of the portfolios and with a low allocation.

Chiaia, Bernardino, and Stefano Invernizzi. "Integrity and safety of corporate property: complex interactions between actions, design errors and ageing." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Carreras, Mercé, and Yuri Yegorov. "Interaction between Housing and Financial Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Housing market combines the properties of consumption and investment good. The present paper is devoted to the empirical analysis of an interaction between housing and financial markets, and all results will be for Barcelona city as an area of research. We study the relationship between housing price index in Barcelona city and combined financial index, obtained as a mix between Barcelona and Madrid stock indices. In our previous research we have found the link between purchasing housing price, price of rent, income index and real interest. These factors explain substantial fraction of housing price variation. In the present paper we add financial index. First of all, the effect of this index on housing markets is small during the main part of observation period. Since we have several inteacting markets (housing for living, housing as investment), the effects of smaller are masked. Thus, financial index is a non-significant variable if we consider it together with rental price and income indices. But it becomes positively significant if taken alone. This means that financial and housing price indices were growing together in Barcelona. We also found a structural change in 1998: after this year, housing index correlates negatively with the financial index. The separate estimations for the period 1992-2003 have shown higher influence of financial markets on housing markets in comparison with the previous years.
Campbell, Robert D.. "International Direct Investment by US REITs: The Empirical Evidence." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lunde, Jens. "Lack of balance in after-tax return. Lack of tenure neutrality. The Danish case." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The taxation of the return of residential properties totally depends on the type of ownership and tenure in Denmark and the differences are seen in the computing of income, tax types and in tax rates from 0 % to above 60 %. Together with other housing subsidies this disparity of treatment in taxation contributes to the strong lack of tenure neutrality at the Danish housing market. The paper illustrates how tax rules by themselves create a line of imbalances at the housing and the residential property markets as well as the magnitude of the imbalances. Methodically, a set of return and user cost equations is used. The tax aspects of the long standing rather unequal treatment of private rental dwellings, social rental dwellings, owner-occupied dwellings and private co-operative dwellings, which have drawn decisive tracks at the markets, are discussed. The lowering of the tax rate for the return of institutional pension saving to 15 % from 2001 has created an substantial advantage for pension funds compared with private investors concerning investments in rental residential properties. The owner-occupiersí user costs and subsidization are shown to depend on their capital structure and into a large extent they will depend on, if the ownersí most obvious saving alternative will be personal investments with high taxed returns or institutional pension saving with low taxed returns. Also private co-operative associations are tax-exempted, which in combination with better legal conditions for loan raising to finance the single flats in the future are opening for, the tenure ñ as îtax free ownershipî ñ will capture a certain part of the market for owner-occupation.
Kovak, Maruska Subic. "Land Prices in Slovenia." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. From the economic point of view, land is an important factor of production, consumption good, property and capital. Land market analysis results, and those of land prices in particular, frequently play a key role in the decision-making on real estate. It is believed in the everyday practice that land prices in the Republic of Slovenia are high, although no official land price analysis has been carried out so far. Nevertheless, an international comparative analysis of land prices was carried out in 2003.
Doak, Joe, and Nikos Karadimitriou. "Land Re-Use, Complexity and Actor-Networks. A Framework for Research." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper will present a conceptual framework for the examination of land redevelopment based on a complex systems/networks approach. As Alvin Toffler insightfully noted, modern scientific enquiry has become exceptionally good at splitting problems into pieces but has forgotten how to put the pieces back together. Twenty-five years after his remarks, governments and corporations faced with the requirements of sustainability are struggling to promote an ëintegratedí or ëholisticí approach to tackling problems. Despite the talk, both practice and research provide few platforms that allow for ëjoined upí thinking and action. With socio-economic phenomena, such as land redevelopment, promising prospects open up when we assume that their constituents can make up complex systems whose emergent properties are more than the sum of the parts and whose behaviour is inherently difficult to predict. A review of previous research shows that it has mainly focused on idealised, ëmechanicalí views of property development processes that fail to recognise in full the relationships between actors, the structures created and their emergent qualities. When reality failed to live up to the expectations of these theoretical constructs then somebody had to be blamed for it: planners, developers, politicians. However, from a ësyntheticí point of view the agents and networks involved in property development can be seen as constituents of structures that perform complex processes. These structures interact, forming new more complex structures and networks. Redevelopment then can be conceptualised as a process of transformation: a complex system, a ëdissipativeí structure involving developers, planners, landowners, state agencies etc., unlocks the potential of previously used sites, transforms space towards a higher order of complexity and ëconsumesí but also ëcreatesí different forms of capital in the process. Analysis of network relations point toward the ëdualismí of structure and agency in these processes of system transformation and change. Insights from actor network theory can be conjoined with notions of complexity and chaos to build an understanding of the ways in which actors actively seek to shape these structures and systems, whilst at the same time are recursively shaped by them in their strategies and actions. This approach transcends the blame game and allows for inter-disciplinary inputs to be placed within a broader explanatory framework that does away with many past dichotomies. Better understanding of the interactions between actors and the emergent qualities of the networks they form can improve our comprehension of the complex socio-spatial phenomena that redevelopment comprises. The insights that this framework provides when applied in UK institutional investment into redevelopment are considered to be significant.
Mokrane, Mahdi, and Jacques Plas. "Lease Lengths, Market Risk and Portfolio Diversification." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Holmes, John, Graham Capper, and Gordon Hudson. "LIFT, the acceptable face of PFI for UK primary health care premises." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The National Health Service (NHS) in the UK has one of the largest property portfolios in the UK and is one of the largest businesses in Europe. This paper considers the changing nature of the NHS in terms of health care delivery and the implications of these changes on the procurement and occupation of modern health facilities. In its second term the UK Government has embarked on an ambitious round of investment in health and education facilities in fulfilment of its promise to ëdeliverí the social improvement anticipated by the electorate in the late 1990s. One vehicle for providing such investment is LIFT (Local Improvement Finance Trust). LIFT is a form of Public Private Partnerships (PPPs), a version of Private Finance Initiative (PFI) whereby the public and private sector form a joint venture to provide develop and maintain Doctorsí premises over a contract period of 25 years. The new surgeries will incorporate additional facilities such as pharmacy, district nurse and local authority services. In addition, LIFT is intended to provide a low-risk property investment vehicle.
Kestens, Yan, Marius Thériault, and Francois Des Rosiers. "Links between Residential Choice Criteria and Property Values. Some Evidence Using Correspondance Analysis and Hedonic Modelling." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. With the hedonic modelling approach, real estate values are traditionally explained using property specific descriptors and locational attributes. Until yet, few attention has been given to the impact of the buyerís or the sellerís profile or motivations. However, it appears that the residential choice criteria may vary depending on the buyerís characteristics ñ e.g, socio-economic status, life-cycle factors. Also, these differences in choice criteria may indicate the presence of submarkets, which may lead to spatial ñ or social ñ heterogeneity in implicit prices. Following a large phone survey held in Quebec City, Canada, the choice criteria of 750 single-family property buyers are first analyzed using Correspondence Analysis. The resulting eight residential choice factors are then introduced within a hedonic model, indicating significant links between the dimensions of choice, the property values, and the implicit prices. By explaining the heterogeneity of implicit prices using the residential choice factors, the understanding of the complex mechanism of value determination is enhanced. Furthermore, by doing so, the local spatial autocorrelation of the residuals becomes close to null, showing that the introduction of the buyerís choice criteria contributes to explaining the spatial complexity of property markets.
Hwang, Soosung. "Liquidity Risk and Real Estate: A Quantitative Approach to Assessing Risk." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Reed, Richard, and Cathy Hughes. "Local Government Domestic Taxes in Great Britain. Drawing on the Australian Model." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Property taxes are an important source of local gove rnment finance in many western countries. Such taxes are primarily based on value although differ widely in the basis and method of valuation used. The Council Tax is the system in Great Britain of taxing residential property for local government finance and is based on capital value. The system has come under increasing criticism from those who want to reform the Council Tax system to remove inequities and to ensure that domestic property taxes are seen as fair. The UK government has announced a Council Tax revaluation to come into effect in 2007 for England; this is the first revaluation since 1991. The domestic property tax system in the Australian state of Victoria has been through major reforms to improve the credibility and fairness of the system and is perceived as successful in accomplishing this task. This paper compares the two systems. It focuses on the frequency of revaluations, the processes involved, the use of computer technology and mapping programs, as well as the privatisation of the valuation task. From this comparison it draws conclusions and makes recommendations for the way forward in the UK.
di Massino, Uberto Visconti, and Jo Soeter. "Macro analysis of real estate markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The macroeconomic data related to real estate (such as capital values, rents and building permits), when plotted on a graph that has time on the abscissa, seem to reflect a function that has a persistent graphical pattern, a cycle. In this work we have attempted to understand what the driving forces and the connections are between observable trends of different indicators. The comparison between two different markets (Italy and The Netherlands, and Milan and Amsterdam), allows us to verify the connections between indicators, and anticipate future trends. In this study we review the mechanics of these dynamics through the elements outlined in literature and then connect these to real national and local indicators to verify the existence of recurring cycles. The comparative analysis allows us to establish empirical causal relationships, between Gross domestic product and real estate developments, and a second causal connection between (office) yields and building permits. The national comparison shows a recurrent time lag, of about 1-2 years, among the two nations, in term of real estate values.
WORTHINGTON, JOHN. "Making Change Work - Place Making in a World of Paradox." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Miceli, Massimiliano, and Manuela Rainini. "Marinella Project. A real estate planning method applied to a complex territorial area." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The ìMarinella Projectî was developed within the territory of the Magra Valley and has very unique natural, landscape and historical features. The first historiographic news regard the foundation of the city of Luni which, although at first used as a military port, then developed and became a dock used for the marble trade (today known worldwide as ìCarrara marbleî). The city had 10,000 inhabitants and still today the signs of its thriving Roman period can be admired in the archaeological site of Luni. The two Roman walls date back to this period: the first in the territory bordering the city of Luni is marked by a narrow and regular grid and a layout which reflects the road system inside the city and the city walls; the second spreads over a larger territory and has a square grid with a side of 720 meters. The land divisions found in Luni also affect the bordering towns, from Sarzana up to Pietrasanta, thus providing evidence still today of the main role played by Luni on this territory.
Bauernfeind, Sandra, and Julia Jedelhauser. "Market report for office, industrial and retail real estate in the Austrian federal states." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Kippes, Stephan. "Marketing strategies for open-ended property funds in Germany." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Kauko, Tom, and Maurizio d'Amato. "Mass Appraisal Valuation Methodologies. Between Orthodoxy and Heresy." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The paper deals with application of several emerging approaches to mass appraisal (valuations). The empirical part uses a sample of more than 100 residential properties in a neighbourhood of Amsterdam to compare the valuation accuracy of three methods: multiple regression analysis, the self-organizing map (a neural network method) and rough set theory (a method related to fuzzy logic) for mass appraisal. Our aim is pragmatical: we anchor our approach on recent (relevant) literature on methodological comparisons and innovations, and continue by reporting value modelling work that we have carried out ourselves. The main criterion is accuracy of valuations in relation to actual observations, using a test sample. Additional criteria, such as feasibility and conceptual soundness, are proposed too. Our further aim is to strongly encourage follow up from our peers. Therefore, our work is also an opportunity to develop a protocol for critical evaluation of new mass appraisal methodologies. The results shows that an alternative approach may reach results close to those from regression analysis. Furthermore, the unorthodox methods may fit better in those markets where formal (orthodox) mathematical modelling is inefficient due to the inability to capture latent factors (i.e. effects that we do not know of or cannot record) and/or to unrealistic arbitrage assumptions for example due to asymmetric information. Such markets are characterised by non-linearities and multiple equilibria.
Zrobek, Sabina, Radoslaw Cellmer, and Jan Kuryi. "Method for value map creation for the purposes of real estate valuation and management." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Rational land management is an important element of a properly functioning economic system in a country. Both state administration agencies and local self-government agencies play a crucial role in the decision-making process concerning land management. An effective land information system is an indispensable tool for the implementation of investment projects and development plans. According to the authors of this report, land value maps should become an integral element of this system. Such maps are expected to play an increasingly important role in the determination of the causes and effects of changes in the value of land and property. The present paper focuses on some methodological and practical aspects of land value map compilation. One of the major problems in Poland is a poorly developed land market information system. The concept of a land price monitoring system, as proposed in the paper, may help to solve this problem. The paper also presents the results of a survey concerning land purchaser preferences, paying particular attention to location factors. The spatial distribution of land demand in the city of Olsztyn is presented in a descriptive and graphical form. The process of land value map compilation and its verification for a part of the territory of the city of Olsztyn are also described.
Pastore, Antonio. "Milan Fairís New Complex and its Related Developments ." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Karakozova, Olga. "Modelling and forecasting office returns in the Helsinki area." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
McGough, Tony, and Sotiris Tsolacos. "Modelling the demand for office space in Central London." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Taltavull de La Paz, Paloma, and Francisco Juàrez Tàrrega. "Mortgage market and housing prices. Evidence from financial risk." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ERES:conference
Thompson, Bob. "Moving the goalposts." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Appel-Meulenbroek, Rianne, Stephan Maussen, Niels de Bis, and Bas Verkerk. "Municipal Real Estate deployed as a capital asset." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The aim of this study is to introduce the principles of Corporate Real Estate Management (CREM) within the municipal organization. It is presumed that, looking at the private sectorís accomplishments in this field, these principles will allow a city council to deploy their real estate in a more strategic manner. In this study a model has been created for implementing so-called Municipal Real Estate Management (MREM) within the municipal organization on the desired level and adjusting the municipal real estate portfolio accordingly. This introduction of MREM will contribute to offering adequate accommodation to the different consumers, which heightens customer satisfaction. At the same time, it will add to the company result, balancing costs and benefits and delivering added value through a better control of risks and creating economies of scale.
Santi, Riccardo Delli. "Need for harmonization of the provisions of cross-border agreements in the real estate sector." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Stevenson, Simon. "New Empirical Evidence on the Speculative Behaviour Present in Residential Property Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Matysiak, George, and Alexandra Krystalogianni. "Non-stationarity of REITs Betas in advancing and declining market conditions: a study of the European and U.S. markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Dobberstein, Monika. "Office Markets beyond. Top-Locations, How do they work?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Since the Sixties, commercial property markets have been developing in Germanyís cities; and since the Nineties at the latest, they have been analyzed and documented regularly and comprehensively. However, this applies only to the larger citiessuch as Frankfurt, Munich, Berlin, D¸sseldorf, and Hamburg, and to some extent for cities like Cologne, Stuttgart, Bremen, and Hanover. There is hardly anything documented about the commercial property markets in smaller cities (other cities with more than 100.000 inhabitants).
Balomenos, Panagiotis, and Eugenia Mourousia. "Olympic Games, property markets and the case of Greece. What will happen next?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Kortman, Jaap, and Christine Jasch. "Opportunities for housing organisations. The introduction of homeservices." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The HOMESERVICE project studies services that are offered to residents at their home either directly by or via the housing provider and effect sustainable development positively. The key idea behind the Homeservice project is that sustainable development can be stimulated by the introduction and use of more sustainable services at home. Previous studies indicate that consumers must be able to use such services as conveniently as possible; therefore the services should be offered to consumers at their homes. Competition in the housing market is increasing. This challenge can be met in various ways. One possibility is to supply extra homeservices to the residents. Therefore the project focuses on the residents, the housings organisations and the service providers. The project searches market niches for homeservices in seven service areas: consulting and information, care and supervision, leisure time services/activities, repairs, mobility and delivery, safety and security, supply and disposal. Why offer other, more than the core business, services in the first place? The benefits for residents relate to more comfort and the reduction of costs (e.g. via energy and water savings). The benefits of housing organisations relate to improved customers satisfaction, long-term continuation of the company and improved image. Improved image can make the housing provider more attractive in the eyes of the existing and potential residents. Consequently it stimulates longer tenancies and thus reduce changeover of residents. Furthermore, a good image appeals to better segments of the tenant market. Lat but not least, thinking beyond direct business benefits, the service orientation is one practical way of taking responsibility of society (by providing more jobs), residents, and the environment. Sustainable homeservices may offer competitive advantage for real estate services.
Erol, Isil, and Kanak Patel. "Optimal mortgage contract design in less developed capital market: wage indexed payment mortgages (WIPMs) in Turkey." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Yeh, Kuang-Yih, and Kan-Chung Huang. "Pedestrian Excursion Behavior Model Under Uncertainty." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. When we plan and construct business districts, roadways, sidewalks, the most important priority is to understand pedestrian excursion behavior. Furthermore, we can integrate ìactivityî and ìdemandî and distribute public equipment and stores properly, to improve the consumer experience and development of business districts. This study first investigates and classifies the shopping behavior and excursion behavior of consumers by using factor analysis and cluster analysis. Secondly, stated preference or conjoint analysis will be used to compare whether excursion behavior in different districts would be the same or not, and probability of particular excursion choices will be evaluated. The qualitative variables and probabilities will be the independent variables in the Multinomial Logit Model (MNL) by using the Analysis of Hierarchy Process (AHP). Finally, a segmentation model will be constructed, considering the risk profile of individual and classification of excursion behavior. This study analyzes the uncertainty of pedestrians and models their behavior. The conclusion can be used as references for development and renewal of business districts.
Andrew, Mark. "Peer Group Pressure and Its Impact on the Transition into Homeownership in Britain in the 1990s." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Hammes, Klaus, and Yinghong Chen. "Performance of the Swedish Real Estate Sector 1998-2002." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In this paper, we analyze the performance of the Swedish real estate sector by various profitability measures. We use an unbalanced panel of 781 non-listed companies from 1998 to 2000 with 3421 observations. There exists large regional and sectorial differences in performance but it is not due to regional or sectoiral effect. Rather those differences can be largely explained by capital structure, tangibility and turnover of the firm, etc. We use both a single equations and a simultaneous equations approach to control for endogeneity and simultaneity. In the simultaneous equations framework we find a positive and significant effect of performance on capital structure (i.e. debt to total assets ratio). While capital structure does influence the performance, it has a smaller but significant effect. The results indicate that banks and financial institutions lend more to profitable firms and firms with more tangible assets than otherwise. Tangible assets as ëinventoryí contribute negatively to performance after taking into account of the effect of capital structure on performance. We can conclude that tangible assets contribute to the profitability of a firm up to a point for the sake of bank loan. However, excessive tangible assets are negatively related to the profitability, at least for the shorter term. Our results stand the same even after controlling for regional differences and sub sectorial differences.
Baroni, Michel, Fabrice Barthélémy, and Mahdi Mokrane. "Physical Real Estate. A Paris Repeat Sales Residential Index." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In this paper we present the repeat sales index methodology developed by Case and Shiller (1987) and its estimation problem. We particularly describe the problem arising from the time intervals construction for the estimation. We then apply this methodology to the Paris residential market. We use the CD-BIEN database that contains more than 220 000 repeat sales transactions for residential properties in the Paris area covering the period 1973-2001. This index based on returns is compared to the official one used in France for Paris based on single prices, the Notaires/INSEE index. We then underline the robustness of in the index estimation according to its periodicity by the way of the return and volatility estimation. The index sensibility to the time period is studied in the last part. We conclude that i) the estimation is quite robust whatever the estimation period is, and ii) this index is significantly different from the official residential index for Paris.
Henneberry, John, and Fotis Mouzakis. "Planning Regimes and Property Investment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Over the last twenty years the private sector has assumed the role of the predominant supplier of buildings in Britain. In 1977 roughly half (49%) of construction new orders were made by the private sector; by 1998 the private sector accounted for more than three-quarters (79%) of all new construction orders (Henneberry and Rowley 2000). In parallel with the increase in the relative importance of private property development there has occurred a similar growth in the rented sector of the non- residential property market at the expense of the owner-occupied sector. Callender and Key (1996) estimate that around 45 per cent by value of the UK commercial and industrial property stock may be held by investors of which about half (24 per cent of the stock) is held by UK institutions.
Najbar, Katarzyna, and Katarzyna Kania. "Polish Housing Market before 1 May 2004." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Real estate market analysts have been maintaining for many years that housing market proves to be a good measure of the overall economic situation and empirical observations confirm this allegation. After few years of economic recession, Polish economy manifests the explicit symptoms of economic growth. In 2003 GDP increased by 3.7% in relation to its level in 2002 and amounted to 804.7 billion Polish Zloty. Whereas in 2002 it increased in relation to the previous year by mere 1,4%1. The economic situation in 2003 improved, not only in terms of GDP increase, despite the overwhelming pessimistic public feelings. Among others, the availability of mortgages for housing investments explicitly improved. Many private buyers were encouraged to use this source of financing owing to lower interest rate. The supply of new dwellings was constantly increasing between 1998 ñ 2001 and reached its peak level of completed housing units in 2001. In consequence, housing market noted oversupply of new dwellings.
Greppi, Lorenzo. "Principles of the income and DCF approach." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The fundamental purpose of independent real estate valuation is to seek the market value, as being the most probable selling price, by direct or indirect comparison with buildings existing in the market. This approach is widely adopted in professional theory and practice and underpins the understanding and development of the procedures based on direct comparison and on analysis of revenue capitalisation (DCF and income approach). By indirect comparison the analysis of the revenue capitalisation leads to a market value estimate, which takes into account the assetís profitability compared with that not only of similar assets, but also of different kinds of business which represent investment alternatives. In other words it is possible ñ as well as interesting in terms of the economy and of estimations ñ to broaden the scope of a survey from the real estate market alone, as in the direct procedure, to the wider market of alternative investments.
Angela, Airoldi, Romeo Giuseppe, and Lanfranco Senn. "Problems of transition to metropolitan areas." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Ibrahim, Muhammad Faishal, and Lim Teck Lee. "Profiling Private Residential Property Developers. Consumers Image Perspective." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper examines the profile of residential property developers from the consumersí image perspective. The review of the housing literature shows an apparent research gap in studies relating to perception or image of property developers. Hinging on the concept of image study, this paper looks at the consumersí perceptions of private residential property developers in Singapore. Six private residential property developers of different sizes were randomly selected from a list of developers in Singapore. The data analysis found consistent image factors which could be adopted in profiling private residential property developers. These dimensions could also be used to analyse a developerís strengths and weaknesses relative to its competitors. This will enable a property developer to reposition itself within the real estate market in Singapore.
Bill, Benjamin. "Project Financing and Italian Administrative Law." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Project Financing is a complex economic and financial operation, originating from Anglo-Saxon countries, aiming to develop a new production activity (usually associated with the execution and management of public works), whose nature allows one to expect cash flows and earnings of the project as the source of funds for repayment of the original investment of lenders.
Cao, Albert. "Property boom in China. Is it sustainable?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The property market in China has had a five-year boom and a five-fold expansion in transaction from 1994 to 2003. In 2003 the government acted to prevent it from overheating. This paper reviews the developments of and analyses the key factors affecting the property market. It examines government policies to cool down the property industry and indicates its intention is to promote market practices that are compatible to an open market. The paper then analyses the existing practices, based on the distortion of market rules that reduce the cost of development and lead to perverse incentive in property development. It then outlines reforms designed to tackle those practices. The paper concludes that the current boom is likely to be sustained for an extended period.
Gabrielli, Laura. "Property investment under uncertainty." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Verga, Gianni, and Claudio Pancheri. "Public Administration Responsibility in Town Development Strategies and Projects." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Cantalejo, Garcìa, Molina Ruiz, and Del Alcazar Ma Benjamin. "Quantifying the inherent risk of the anticipated cancellations: their application to repayment operations." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
de Haas, Peter, and Pijnenburg Manicka. "Quantitative Models and ARFIMA Modelling at PGGM Real Estate." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In this article we will discuss the use of quantitative models at PGGM Real Estate Investments and describe an ARFIMA time series model. We have created a framework for the description and estimation of an ARFIMA model and its use for making forecasts of property returns. The method that we have applied uses the theory of wavelets. The theory of wavelets consists of a mathematical technique that can filter data sequences. Furthermore we go into detail as to apply wavelets for maximum likelihood estimation of an ARFIMA model. We present the results of a study about the forecasting of PGGMís Property Market Indicator using an ARFIMA model. Finally we discuss the relevance of the ARFIMA methodology as an instrument for defining a property investment strategy and tactical allocation.
Schulte, Karl Werner. "Real Estate Accounting & Appraisal under IRFS/IAS and IVS - International Harmonisation of Standards and Application Problems." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lee, Stephen, and Simon Stevenson. "Real estate in the mixed-asset portfolio: the question of consistency." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Ferrero, Cesare, and Giacomo Morri. "Real estate indexes and performance benchmarks." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper deals with the indexes and the performance benchmarks used in the real estate market. The first part of the paper introduces a model for multiplesí analysis and classification. Real estate indexes can be divided into research or performance evaluation indexes according to their destination, or into direct and indirect indexes according to the data adopted in their construction. The aforementioned model emphasizes the main characterising features for an index in order to be considered a research or a performance evaluation benchmark. Hence, the classification and the description of the different types of outstanding indexes and their fundamental aspects are determined through the model and the literature review. The third part considers real estate property indexes based on asset deal prices. The fourth part is dedicated to appraisal indexes estimated through assessment processes. The fifth part describes indexes referring to publicly traded real estate companies and real estate funds. A brief description of the Italian market is provided in each of the last three sections. In the last part the focus will be on the attitude of each index to be adopted as benchmark of performance for securitized and non-securitized real estate investments.
Wilson, Patrick, Ralf Zurbruegg, and David Michayluk. "Real Estate Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lutzkendorf, Thomas, David Lorenz, and Martin Wilhelm. "Real Estate Portfolio Assessment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Real estate is considered more and more as an asset class that has to compete with other financial investment options like stocks and bonds. Additionally, real estate is often included in multi-asset portfolios for diversification purposes since academic research suggests that real estate investments are not highly correlated with stocks and bonds. For this reason the valuation and investment performance measurement of large real estate portfolios has become an issue. Furthermore, corporations and corporate managers begin to realize the resource value of operational building assets and their contribution to business profit. The effective use and management of operational building assets requires the assessment of building performance not only in financial terms but also by using performance indicators that depend on the mission and on the objectives of the organization. Therefore a wide range of methods and frameworks for performance measurement of real estate assets have been developed. These methods range from the detailed technical assessment of buildings to surveys of user satisfaction or of serviceability of the building assets (McDougall et. al. 2002; Szigeti and Davis 2001).
Ingaramo, Luisa. "Real Estate Portfolio. Reducing Investment Risk with Variation in Territory and Category." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The subject this paper focus on is how, in Italy, real estate investment and financial investment are, progressively, becoming interrelated sectors. The research carried out mainly involved examining how the risk factor can be reduced when variance in territory and category is used while investing to build-up a real estate portfolio. Research began with analysing the riskís sources (from economic trends to price ranges, reporting the circumstance variations and the allocation of frequency under a statistical approach) with the database of the Osservatorio sul Mercato Immobiliare di Nomisma ìObservatory of the Real Estate Market of Nomismaî that documented Italyís main 13 cities from 1988 to 2003. We also examined the risk involved when investment is done only in certain sectors of the market (residential, tertiary and commercial) through analysing trends in price and the respective correlations. More specifically this paper can be useful for the choice of real estate portfolio. Aiming at minimising the risk it first investigates the property rates of each real estate category in all 13 cities and then the relation these rates have with the main socio-economic features of the cities.
Schulz, Rainer, and Axel Werwatz. "Real Estate Valuation and Tobinís Q: An Empirical Analysis." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lundström, Stellan. "Real estate valuation education and practice in a new institutional context." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Alfen, Hans Wilhelm, and Katrin Fischer. "Recent developments and constraints for Public-Private Partnershipin Germany." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Public-Private Partnership (PPP) is one vehicle to gain access to private capital for real estate development needs. PPP is currently used in many economic sectors. In the public real estate sector, PPP is increasingly being used to deliver office accommodation to house government institutions, departments, diplomatic missions as well as hospitals and schools. Germany has been on hold in realising PPP-projects in real estate. With the formulation of PPP guidelines for the federal government and by establishing a PPP competence network on the federal, county and municipality levels in this year, the whole process of tendering PPP-projects is poised to gain recognition in Germany. The contracts for the first pilot projects, mainly in the school sector, have been awarded. However, there are still some legal, financial and institutional constraints in realising PPP-projects due to Germany being a federal state. It is in this light that this paper focuses primarily on the procurement process covering the whole lifecycle approach to PPP by analysing the first German PPP-projects in public real estate. It emphasizes business needs of public and private entities, the tendering process as well as the financial and institutional involvements. It also discusses the difficulties in estimating the Public Sector Comparator (PSC) ñ a financial benchmark for comparisons of proposed costs in PPP schemes. Finally the paper highlights restrictions concerning the application of such efficiency comparison in PPPs.
Trifonov, Nikolai. "Reconciliation of different approaches to real estate valuation." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Sturm, Verena. "Redevelopment of German Shopping Centers." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Martìnez, Benjamin del Alcàz, Francisco Cantalejo García, and Salvador Javier Mol Ruiz. "Relationship Marketing and the Real Estate Services Market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In the current work we argue for the need for a radical change of orientation in the professional activity of the property managers in Spain. Traditionally this sector has been completely oblivious to the philosophy and practice of marketing ñ indeed it might even be considered to be still locked into what is known in marketing as a production orientation. There are a number of elements that, to a certain extent, allow us to start from this general hypothesis.
Jackson, Catherine, and Craig Watkins. "Retail Planning Policy and Property Market Performance." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. There is considerable case study based evidence that changes in the public policy environment have profoundly altered the structure and operation of retail property markets in England. Despite this, however, few studies of property market performance consider the influence of retail planning policies. This paper seeks to fill the gap. The empirical part of the paper uses data derived from a survey of local planning authorities to construct a range of measures of planning policy stance. The indicators demonstrate that the role of policy is complex and multi-dimensional. The paper then explores the relationship between planning policies and measures of property market performance. The results show that, while pro-active policies do not guarantee a vibrant market, they can play an important part in stimulating occupier and investor demand, even where there are poor economic fundamentals.
Janssen, Ingrid. "Retail Property. Characteristic Influencing Performance." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The aim of this study is to provide insight into the property specific characteristics that influence the performance of retail property. Property specific characteristics refer to attributes that are connected with the individual stores or the shopping centre as a whole. Examples of these factors are the tenant mix, the storefront, the parking space, etc. It is presumed that property managers will be able to manage the performance of retail property better if they have insight into the relevant property specific characteristics. In this paper the property specific characteristics that have a measurable influence on the performance of retail property are determined through analysis of secondary data.
Stanzani, Stefano. "Retail space and purchasing power parities." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Dermisi, Sofia V.. "Security concerns and issues in office buildings." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The events of September 11, 2001 in the U.S.A have changed the perspective of owners and management companies towards security in office buildings. The initial reaction, which included general security measures with an unclear prevention role, is continuously being replaced by improved and more thorough decision-making process of prevention measures targeting specific types of threats. Currently, security mainly involves owners, their property managers and security consultants. This paper proposes the development of a city-wide Property Anti-terrorism Task Force, which will increase the cross-collaboration between real estate - law enforcement and emergency management agencies, allowing the enhancement of prevention measures against future attacks, strategically prepare property managers and mitigate future attacksí effects. The paper benefits substantially by office market data from Grubb & Ellis and survey results from the Building Owners & Managers Association of Chicago, a market with several corporate headquarters, high-rise and trophy buildings.
Nunnington, Nick, and Henriet Eilander. "Simulating the relocation of the European Headquarters of a global corporation using the Blackboard virtual learning environment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The use of virtual learning environments (vle) to enhance autonomous learning by students is being introduced into a number of real estate courses throughout Europe. At the same time the built environment professions are moving towards a more multi-disciplinary and international approach in solving ever more complex real estate and business problems. There is a need therefore for built environment education to ìcollapse boundariesî between both professional disciplines and across European borders. This paper evaluates the ambitious and extensive use of the Blackboard vle for a project titled ìThe European Challengeî which simulates the re-location of the European Headquarters of a US based corporation of 303 employees and examines the strategic issues of defining and integrating the business issues and location /real estate demand criteria, researching city locations against those criteria, the decision making process, building selection and evaluation and space planning and design. This ambitious multi-disciplinary project initially brought together over 60 students in pan European teams from 6 countries in the pilot, and has a target of growing this to several hundred students from 10 countries. It provides one of the most complex case studies of vle delivered projects in Europe. Using control group variations of the European Challenge as a case study and comparing it against other vle delivered projects it utilises the statistical monitoring and evaluation tools within the vle itself, further triangulated against student perception analysis to evaluate the autonomous learning potential of pan-European and multi-disciplinary projects. This paper takes the reader/listener through the project, critically examines the role of a vle in supporting autonomous learning and provides a critical and comparative evaluation of the project in terms of: the students autonomous learning experience the engagement of the vle and what is perceived to be ìvalue addedî the impact of multi-disciplinary collaboration and the opportunities and problems of collaborative projects. The initial results show interesting findings in terms of what factors drive students commitment, motivation and interest in vle delivered projects and which components of the vle provide the most ìadded valueî especially when used in a pan European project.
Hwang, Soosung. "Smoothing, Non-synchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
D’Arcy, Eamonn. "Spatial change in European office markets: An exploration of the emergence of ìedge locationsî." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Salvi, Marco. "Spatial estimation of the impact of airport noise on residential housing prices." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Watkins, Craig, and Michael White. "Spatial, house-type and temporal variations in time on the market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Over the last three decades housing economists have shown increasing interest in the analysis of the length of time a property spends on the market. This literature provides useful insights into the operation of local housing markets. It is clear, for example, that an appreciation of the factors influencing time on the market (ToM), and the signals associated with marketing duration, are important influences on selling strategies and price setting behaviour. It also seems that ToM will be related to property type and location and may be sensitive to submarket-specific demand and supply conditions. This issue provides the focus for our analysis. This paper seeks to explore the extent to which time on the market varies between spatial and structural housing submarkets and over time. The empirical part of the paper uses data on properties sold by the Solicitorsí Property Centre in Aberdeen, Scotland. The database contains details of more than 60,000 properties marketed between 1984 and 2002. Empirically, ToM is examined using survival analysis and consideration is given to the underlying distribution of the hazard model. Results for Weibull, lognormal and log-logistic models are presented. The results show that houses that sell for more than the asking price have a significantly increased hazard rate (i.e not surviving on the market). Length of time on the market also varies across housing submarket and house type.
Peng, Vincent S.. "Superior returns and capital market efficiency implications for investment ." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Jones, Colin, and Charlotte MacDonald. "Sustainable Urban Form and Real Estate Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. A number of models of sustainable urban form have been promoted but the concept has not been subject to a fundamental review of its theoretical and empirical underpinnings. Sustainable urban form implies an inter-linkage of sound environmental, social and economic foundations. This paper initially focuses on the nature of the economic debate surrounding sustainable urban forms. It then considers the principal elements of urban form - land use patterns, position/ transport infrastructure, density, characteristics of the built environment. From this base it considers the underlying urban economic forces that shape these elements and their impact in turn on the urban economy. The role of transport infrastructure and spatial real estate markets is highlighted in the determination of urban form. The paper suggests an alternative formulation of the approach to urban sustainability that requires as a necessary condition a viable real estate sector with sustainable markets. As a consequence the paper argues the need for policy to understand and shape functional (sub) land use market/ catchment areas.
Di Piazza, Federica. "SWOT analysis to manage urban renewal projects." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Lizieri, Colin, Neil Crosby, Tony Shun- Te Yuo, and Philip McCann. "Tenant Mix Variety in Regional Shopping Centres. Some UK Empirical Analyses." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The planned shopping centre or mall has become an important part of contemporary life style. It has been changing patterns of shopping as well as social and recreational activities since its first appearance in 1920s in the US: now malls are found almost everywhere in the world (Brown, 1992; Urban Land Institute, 1999). One of the major reasons for this creation was to engineer a better shopping environment and, thus, gain better operational performance. In this created shopping environment, negative agglomeration effects can be more easily eliminated or keep under proper control, further reinforcing favourable interactions among tenants. Consequently, agglomeration economies generated from the clustering of tenants are one of the most significant benefits to be pursued by retail managers. This cluster of tenants is referred to as the ìtenant mixî by the shopping centre industry. It has been a long-term concern for shopping centre managers/operators and researchers in this area1 because of its significance in establishing the shopping centreís image and enhancing the synergies within the shopping centre. However, no satisfactory suggestions have been made for the best strategy for tenant mix; owners merely followed some rules of thumb or their own experience (Anikeeff, 1996; Brown, 1991; Greenspan, 1987). Nevertheless, we know, from agglomeration theory, that variety is an important factor in increasing productivity in the traded-good sector (Fujita, 1989; Fujita and Thisse, 2002). However, there is a still lack of operational principles to advise centre managers/operators how to perform this crucial element for creating a pleasant shopping environment.
Ciaramella, Andrea. "Territorial marketing, trendy real estate typologies and perspective of urban conversion." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ERES:conference
Nelisse, Paul, Aart Hordijk, and Harry de Kroon. "Testing property valuations. Are valuation inputs consistent and do they reflect market evidence?" In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Property Indices such as the ROZ/IPD Real Estate Index rely on valuations. For this valuation guidelines, that should be used by the valuers, have been developed. Recent studies on uniformity and consistency of valuations for the ROZ/IPD Real Estate Index indicated that both the guidelines and compliance with the guidelines needed improvement. It was for this reason that ROZ initiated the screening of valuation inputs and outputs to detect extraordinary data before the construction of the Index. In this paper the methods and results of the screening are presented.
Downie, Mary Lou. "The appraisal of equity reversions in occupied residential property." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Equity release plans are financial products or sales which allow homeowners to release some of the value of their home, as a capital sum or an income or both. They are an increasingly important source of finance for older home owners in the UK, with £1.1bn of capital estimated to have been released in 2003 to supplement reduced incomes from pension and other savings (CML, 2004). Equity reversion plans (ERPs) are one form of equity release, whereby an investor buys a reversionary interest in the sale proceeds of the property on the death of the last surviving owner. Purchasers of ERPs range from specialist finance houses and property companies through to individual private investors. The Treasury has recently announced its intention to regulate the market. The issue of pricing is important since these interests are sold by elderly homeowners, some of whom may be in financial difficulties and vulnerable. This paper therefore considers the operation of ERPs, the market in which they are bought and sold and in particular the way that reversionary interests can be appraised. The resulting analysis suggests that the growth priced in to reversion investments in recent years was low compared to average UK house price growth over the last 20 years. This has implications for elderly homeownersí receipts and raises questions about the life expectancy data available in this market.
Torop, Peter, and Kaarel Sahk. "The Appraisal of Historical Properties." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. During the ownership reforms in Estonia as in all the Baltic States a lot of historical properties as the basic objects of restitution were returned to the former owners. The appraisal of historical properties is very important in the context of the clarification of their value for owners and for the all society as well. In addition to globalization and the forthcoming integration with EU the understanding of the values of the historical properties should be harmonized with their common understanding in Europe. (Basically on the level of standard, Euro codes, etc.) Estonia as the other transitional countries is facing the similar problems like: i) the legal environment is changing permanently, ii) the ownership reforms are not jet finished, iii) the absence of enough experience on the field of appraisal of historical properties iv) the different views in common understanding to the value of property and iv) the lack of the high credit professionals who are well educated in the both considered areas: in the buildings heritage questions and in the real estate appraisal as well. The second pick point of the paradigm includes the research of the market accept of the expenses that were done for heritage and renovation works of the properties. The working tool for this approach is the well-developed operation with all of three appraisal methods. On the other hand the measuring instrument in this case is the market value of investment and commonly its comparing discourses in contest of the constructions as the signs, marks, as the elements of the semiosphere and their capability to load the function of utility.
Loepfe, Andreas. "The Best-Owner Principle in Real Estate Management." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Unlike the usual ìmarket valueî, the ìBest-Owner principleî proposes to tie the value of a direct real estate investment ñ seen as a business unit ñ to its owner. In this model the decision whether to add an asset to a portfolio depends on the ownerís ability to extract additional value from this specific property. This approach reflects the individual investorís management skills relative to those of other potential owners. Consequently, there may be well-performing owners focused on low-performing assets.
Mansfield, John, and Paul Royston. "The commonality of Market Value. A case study of valuation standards in emerging markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The expansion of the European Union has coincided with significant changes within the various regulatory systems in the accounting, stock exchange listing and banking sectors. These changes have furthermore led to the development of internationally applicable standards and codes of practice, such as the international accounting standards and international valuation standards. When combined with the continued expansion of international real estate investment and funding, there are further opportunities for the provision of valuation services in the expanding real estate markets of the recently acceded countries. While some of these countries have a rich and varied real estate valuation tradition, the international demand for the use of standardised processes is likely to have greater impact in these emerging economies. Empirical research in three of these countries ñ the Czech Republic, Hungary and Poland ñ has examined specific aspects of the regulatory framework that guides real estate valuation. The three countries currently have a multi-dimensional profession, serving distinct client groups. Such diverse client and practitioner bases challenge the application of market-wide standards. This could lead to differences in the adoption and interpretation of the internationally accepted definition of ëMarket Valueí (IVSC, 2003). The process of yield determination is a particular issue in these ëthiní investments markets and therefore the research examines whether or not there are commonly adopted definitions of various yield types. These issues are of critical importance in shaping the development of standardised valuation approaches within these economies given their centrality within valuation methodologies.
Pi-Ying, Lai Peddy. "The competitiveness of real estate industry in Taiwan." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This research intends to use the investment environment of the real estate industry to examine the ideas of foreign firms for real estate so as to elaborate the competitiveness of Taiwaní s real estate industry.Due to the trend of globalization , real estate industry will be facing the competitiveness from the other country. This paper is mainly focused on the competitiveness after Taiwan joining the WTO. The contribution of this research is to realize the competitive on the real estate industry in Taiwan under global competitiveness, and by this means, we can provide some suggestions to construct suitable environment for foreign investor in Taiwan and reference organization. Therefore, we tries to use the multicriteria decision making--AHP(analytic hierarchy process) method to establish the competitive criteria of real estate industry in Taiwan. We investigate 40 foreign firms for real estate . Through our research, we get 24 criteria to measure the competitiveness of real estate industry in Taiwan. We found that operational risk is the most important factor when the firms decide to invest in Taiwan.
Chen, Jie. "The Consequence of Housing Allowance Removal in Labor Market. Evidences from Sweden." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Whether and how housing benefits affect recipientís self-sufficiency is a much-debated housing policy issue. This paper examines the employment effects of housing allowance at the time of removal. To be specific, it compares the before-and-after labor market performances between the population groups that affected and unaffected by Swedish 1996 housing allowance system reform, which excluded elder childless households from housing allowance coverage. Applying difference-in-difference matching estimation approach, the major findings suggest: although it appears that male recipients were hardly affected, there are quite strong evidences to suggest that female recipients were severely harmed by the exclusion from housing allowance. For some disadvantaged groups, immigrant female and poorer females particularly, their losses were astoundingly high. It is also found that, all the female recipient groupsí losses of labor earnings are much higher than the housing benefits they previously got. This study implies there is a close association between householdís housing consumption and labor market behavior. It highlights the importance to integrate labor market consequence into the designs of housing policy and housing policy reform.
Quigley, John M., Min Hwang, and Jae Young Son. "The Dividend Pricing Model: Powerful Evidence from the Housing Market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Newell, Graeme, and Tan Yen Keng. "The Dynamics and Performance of Listed Property Trust Futures." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Listed property trusts (LPTs) have been a successful indirect property investment vehicle in Australia. At April 2004, the LPT sector had total assets of over $80 billion1 and accounted for over $54 billion in market capitalisation, being the third largest stockmarket sector and representing over 8% of total Australian stockmarket capitalisation (UBS Warburg, 2004). LPTs account for approximately 8% of institutional asset allocations, have approximately 70% of institutional ownership and have a high level of liquidity, with an annual LPT turnover of over $40 billion in 2003 (UBS Warburg, 2004).
Pavan, Alberto. "The Economic design of construction projects. The Construction Economist." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. "The ""Economic"" design of construction projects: the Construction Economist Alberto Pavan In an ever more competitive and globalised age, where information is becoming increasingly accessible, with a consequent plateau effect on profit margins (while expenditure on resources spirals up), it is clear that an in-depth review of standard project fees for the promotion and development sectors of the building industry is required. The present acculturation of counterparts in the construction process (landowners, public authorities, construction companies and users) has brought about a serious crisis to the longstanding approach to property development, essentially based on the simple reduction of costs. According to this approach, generating ""value"" in a highly speculative climate basically means a comprehensive attempt to keep expenditure down (Financial Approach: Italian Standard UNI 10839). It is clear that we need to move on from the ""value-cost"" binomial typical of this outlook to a more complex algorithm where ""value"" has a different expression in the relationship between ""quality"" and ""cost"" as a function of possible ""income"" or ""profits"" (income for market goods; profits for public goods: UNI 10839). This is described by Caruso's formula1: This innovative method of approaching property development is a result of Value Management theories and requires a new player to be introduced to the building process who is able to manage alternative project decisions in an ""economic"" manner, namely the Construction Economist (Economic Approach: UNI 10839). This new participant, whose role exceeds and is different to that of Cost Engineer and Quantity Surveyor, supports the developer (whether public or private) and the design team in making strategic and operational decisions in order to wholly fulfil the final user's implicit and explicit needs while paying particular attention to the consumption of available resources. A rapid survey of the current situation in Italy regarding the management and control of project costs will allow guidelines to be drawn up for the introduction and training of this new figure in the building process."
Keng, Tan Yen. "The effects of management structure on the performance of listed property trusts." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. As originally envisioned, LPTs were to be passive investment vehicles and were mainly managed by external managers. However, with more LPTs adopting an internally managed structure, the capitalisation of internally managed LPTs has increased from less than 8% of the total LPT market value in June 1997 to over 33% in December 2003. The risk-adjusted performance analysis has shown that internally managed structures outperform externally managed structures, and the larger LPTs also outperform their smaller counterparts. Mixed-asset portfolio analysis has provided further evidence for the dominance of the internally managed structure over the externally managed structure. The survey of internal LPT managers has offered some explanations to the outperformance of the internally managed structure.As originally envisioned, LPTs were to be passive investment vehicles and were mainly managed by external managers. However, with more LPTs adopting an internally managed structure, the capitalisation of internally managed LPTs has increased from less than 8% of the total LPT market value in June 1997 to over 33% in December 2003. The risk-adjusted performance analysis has shown that internally managed structures outperform externally managed structures, and the larger LPTs also outperform their smaller counterparts. Mixed-asset portfolio analysis has provided further evidence for the dominance of the internally managed structure over the externally managed structure. The survey of internal LPT managers has offered some explanations to the outperformance of the internally managed structure.
Marchi, Cristina, Alessandro Sestagalli, and Claudio Viola. "The environmental Liabilities in the valuation of real estate portfolios in Europe." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Most if not all EU countries have adopted a body of laws aimed at protecting the subsoil (soil and groundwater) from contamination, i.e. from the site-originated presence of chemical substances that can cause harm to public health. Such legislation usually pairs up with another set of laws dealing with health-endangering substances associated not to subsoil but to the actual buildings, typically asbestos. The basic concept of such laws is the responsibility for remediation, i.e. the complex of activities aimed at defining a state of contamination and returning the site to its original or at least to a sustainable state. Such responsibility is seen by national laws within the EU as resting with the party having caused the contamination itself. However, in practice, it is never immediate and often impossible to trace back the causes of a contamination associated to site usage throughout the years and not to a contingent accident. In essence one can say that anybody acquiring an asset is also acquiring any contamination associated to that asset and is taking over the responsibility and cost of remediation in front of the law.
Dupuy, Etienne, and Mahdi Mokrane. "The Form of Real Estate Risk: an Application to French Commercial Property Portfolios." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Gibler, Karen M., and Euehun Lee. "The Impact Changing Asian Attitudes and Preferences Will HAve on Seniors Housing Market Analysis. A Korean Example." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. As economies and societies transform, housing models must be modified to reflect changes in demand. Many Asian countries are experiencing demographic, economic, and cultural changes that are altering housing and living arrangements. Economic development has led to increasing life expectancy, decreasing fertility, better health, higher educational attainment, higher incomes, and establishment of pension plans. Many South Korean baby boomers will enter retirement with sufficient financial resources to support themselves during later life, providing the option to live independently. However, Asian cultural norms may require modification of Western housing demand models. We use a derivation of the push-pull and life-course movement models to examine which South Koreans are interested in independent living and seniors housing. Regression analysis results indicate that preference for independent living and seniors housing in South Korea is related to availability of pension resources, sex, presence of a son, and attitudes about intergenerational living, in-home care, and seniors housing. Pensions appears to be an enabling factor; however, the cultural expectation of the eldest son providing housing for his aging parents appears to be enduring and may indicate the need to modify Western housing demand models to incorporate this factor in estimating demand for seniors housing in Asian countries.
Nappi-Choulet, Ingrid, Nazih Chentouf, and Céphas Gawargy. "The Impact of Use of Leverage on Investorís Strategies: The Case of the Non Listed-Vehicles." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Cauchie, Severine, and Martin Hoesli. "The integration of securitized real estate and financial assets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Sotelo, Ramon. "The introduction of REITs to the German Market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Zaleczna, Magdalena. "The legal environment of the Polish real estate market. The time of accession." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The legal environment of the Polish real estate market ñ the time of accession In every country the legal environment of the real estate market is different, which results from historical circumstances and the adoption of a specific political and economic system. In Poland today the legislation is frequently amended, mainly because of the expected accession to the EU. The changes aim at improving the functioning of the market, primarily enhancing its transparency and efficiency. The reforms are expected to increase the volume of investments. However, theory does not always translate into good practice. Until today legal problems have not been solved and they hinder the investment process. The paper identifies problems affecting the registration of the rights to real estate, land development and formation of the legal environment. Ineffective operation of the registration system impedes the transfer of rights to real estate and causes problems to establishing the collateral. Land development in Poland is utterly uncontrolled now ñ the old plans were invalidated in the beginning of 2004, and new plans are scarce. The building process, partly due to the spatial problems, is much more complicated and long. The author tries to show a possible scenario for the future.
Fisher, Peter, and Simon Robson. "The Management of Risk in UK Office Property development." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Risk is an ever-present aspect of business, and risk taking is necessary for financial success and economic progress. To be successful, a business must consciously manage risk, accepting appropriate and well-judged risks and rejecting others. Rational decision makers should identify the sources of potential risks, classify their potential impacts, analyse the consequences of an impact and its probability of occurrence and apply their ërisk attitude. Speculative property development is popularly perceived as a ërisky businessí yet, like other entrepreneurs, a developer has opportunities to manage the risks it chooses to carry. These include pre-letting, phasing and joint- ventures. This paper reports the results of a survey of UK office development projects. The survey was carried out by a postal questionnaire of developers responsible for 200 office development projects across the UK. Respondents were asked about their perceptions of risk before and during their projects and the risk management techniques they had adopted. In depth interviews with office developers were then used to discuss the survey results and uncover the underlying processes.
Kurzrock, Bjorn-Martin, and Michael Roth. "The performance of property developments of istitutional investors." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The aim of DID Deutsche Immobilien Datenbank GmbH, which forms part of the Investment Property Databank (IPD) network, is to foster detailed comparative analyses for real estate portfolios of institutional investors in Germany. IPD is a global information business, dedicated to the supply of independent market indices and portfolio benchmarks to the property industry. This paper analyses the performance of property developments in institutional property investorsí portfolios over four European countries ñ France, Germany, Sweden and the UK ñ based on data submitted to the IPD property databank. Performance data over the period 1998 to 2002 are analyzed by means of a multifactor analysis of variance where the factors are the country, property use type, year of completion, duration and capital value groups of property developments. Only a small amount of research is yet available on the performance of property developments. The paper is designed to shed light on the real performance of property developments and is thus supposed to be valuable for European institutional property investors in assessing the feasibility of property developments.
Belniak, Stanislaw, and Belniak Magdalena. "The Polish real estate market in the context of the EU enlargment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The markets of the countries undergoing economic transformation are considered to be nascent. In their characteristics special attention is brought to the degree of risk caused by the political instability, weak economic condition, insufficient data about the real estate market, and in some cases unclear legal status of properties and improper land use policy. Those factors combined with the decreasing rate of return make transactions on the real property market much less attractive to the institutional investors. However, some positive developments have been also noticed on that market, e.g. increasing professionalism of people involved in real property business.
Kolbre, Ene, and Tonu Luts. "The Problems of Estimating Market Value in a Small Real Estate Market. The Case of Estonia." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The Estonian real estate market is considered to date back to the years 1991/1992, when ownership reform enacted the private ownership of land. Real estate services, including buying and selling and valuations, were started in Estonia in 1992 when the first real estate companies were founded. Over the last ten years, the amount of valuations has increased rapidly due to the fast development of the real estate market. Today the major clients for valuations are banks; and the most commonly assessed value is the market value. The paper analyses the opportunities and problems of using different valuation methods in small and rapidly growing markets. The widely used methods for estimating the market value are the sales comparison approach and the income approach. The comparison approach is used more to estimate the market value of dwellings and land. The use of this method is limited in the case of income-producing property, because the number of transactions is very small. Therefore, the appraisers use the direct capitalisation method and DCF analysis. Problems may arise with selecting the right capitalisation rate and yield rate. Analysis of evaluation reports shows that the yield rate and capitalisation rate have been misused to estimate the market value. The paper concentrates on how to find the capitalisation rate using different methods and the investigation of the effect of the results on the assessment of market value.
Siniak, Nikolai, and Kostjuchenko Dmitrieviech. "The Problems of Real Estate Education in Belarus." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Education occupies one of the first places in strategy of development of Belarus and many foreign states since is a basis for steady economic growth. The role of educational institutions consists in preparation of highly skilled experts for national economy, including real estate specialists. The real estate market is rather new sphere of activity in Belarus, distinguished specificity and requiring serious professional training. Nowadays the market becomes more civilized and we notice increase of professions amount in the real estate market. Realtors still make now the most part, but some percent are already other experts: managers in sphere of the real estate, valuers and insurers. Increasing number of professionals on the real estate market is the tendency of last 10 years in Belarus. The analysis of a condition of the Belarusian real estate education experience shows, that the main problems here are: absence of unity in understanding common and especial in training of different real estate specialists, different understanding of a necessary level of training, absence of unity in understanding of the contents of training programs on various directions of professional activity in the real estate market. The common problem for all specialties and specializations in sphere of the real estate is the absence of the common requirements to such education. To overcome difficulties it is necessary to use of the international experience and take into account specificity of Belarusian universities. The paper takes the many aspects and cross cuts them into some steps each focusing on different aspects of the future of real estate education and in the case of one, the future of professional bodies in the real estate education sector.
Lin, Tzu-Chin, and Sen-Tyan Lin. "The Protection of Property Rights for Lands to be Taken." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Government land taking imposes severe restrictions on private properties. Consequently, the possible beneficial uses and exchange value of a property are adversely affected. What is even worse is that it may take a number of years before a property is physically taken thereby delaying compensation. Two cases of road-widening projects in London, England and Lu-Ju, Taiwan are examined to uncover how property owners and tenants take actions against the adversity brought on by the uncertainties of a land taking. Empirical evidence shows that a significant number of property owners and tenants have taken legal, market-oriented, and even political measures to reduce their possible loss, in addition to their appeal for a higher compensation.
Lin, Tzu-Chin, and Sen-Tyan Lin. "The protection of property rights for lands to be taken." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Bleich, Donald. "The Reaction of Capitalization Rates to Natural Disasters." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This study analyzes the effect of the Northridge Earthquake on capitalization rates in the multifamily building market in Los Angeles, California. The results indicate that the Northridge Earthquake had a negative impact and overall capitalization rates rose. This negative effect, however, was not uniform over the entire Los Angeles area. During the first year the impact was correlated with distance to the epicenter and proximity to areas with high concentrations of damage. This negative effect, however, proved to be a temporary phenomenon. By the third year after the earthquake the negative effects of the earthquake were not significant.
Reichsthaler, Thomas. "The Relative Costliness of Housing Categories. Evidence from Germany." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Analysing the housing market from a macroeconomic viewpoint bears the problem of dealing with a highly segmented market. Particularly in Germany, the alternatives buying vs. renting housing space need to be considered at least partly as competing possibilities. Further, a differentiation needs to be made by defining housing categories, e.g. apartment, terraced house or (semi-) detached house. Beside others, a question of particular interest is the relative price of a specific housing category compared to possible alternatives. To derive an answer for this question, a data set with average and top level price information for six housing categories from 125 German cities is used. After standardising the data rows, an Index for the housing costs is developed for each city. This does not indicate the average amount of money people pay for housing service in the particular city. In fact, the indictor can be used as measure for the housing service expensiveness. An aspect of further information is the derivation of the relative costliness of a particular housing category, given a specific city. For Germany the structural and geographical differences of this relative costliness are shown. One can easily find arguments to explain category specific costliness deviations from the city specific average. However, taking into account the intransparencies of regional real estate information and the not purely rational behaviour of the participants, a good part of the deviations can be imputed to the imperfect market for housing services. If so, the deviations from a city specific expensiveness level should slightly diminish over time due to the bettering of information standards. It is shown that this is the case for the majority of the cities and for all housing categories. The stability of this trend is so remarkable that propositions about the future price development of housing categories have to take into account these findings.
Cieleback, Marcus. "The rental dynamics of the West German market for newly build apartments." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Hutchinson, Norman, Alastair Adair, and Iain Leheny. "The Reporting of Risk in Real Estate Appraisal. Property Risk Scoring." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004.

Risk and uncertainty are inherent parts of the valuation process as often the valuer is unable to specify and price accurately all current and future influences on the value of the asset. The UK valuation profession has been criticised for inconsistencies and failures to reflect risk and uncertainty and this was reinforced by the Investment Property Forum/Investment Property Databank (2000) which highlighted the need for more rigorous risk assessment measures within the property profession. More specifically, they concluded that a new approach is needed which combines conventional analysis of returns uncertainty with a more comprehensive survey of business risks. This debate was brought into shaper focus by the publication of the Carsberg Report (2002), which emphasised the need for more acceptable methods of expressing uncertainty, particularly when pricing in thin markets. This paper presents an alternative methodology for the scoring and reporting of risk ñ Property Risk Scoring ñ which utilises the Analytic Hierarchy Process (AHP), a multi-criteria decision making tool developed by Saaty (1980). The researchers asked senior valuers in the UK profession to identify, and score, the risks attached to the valuation of prime offices. The focus initially was on investment quality risks and four key risks emerged; yield movement, lease length, rental movement and change in occupier demand. Analysis of the results enabled the development of a generic market model to be used to risk score individual property investments. The results are reported on a 1-5 scale, similar to the widely accepted D&B credit rating technique, thus aiding market acceptance. Property Risk Scoring (PRS) as proposed in this paper, involves the analysis and scoring of the total risk of a property asset, which is then reported to the client under the following 4 key headings: market transparency risk, investment quality risk, covenant strength risk and deprecation and obsolescence risk.

Taltavull de La Paz, Paloma, and Rosa Duenas Vallés. "The role of immigration in second-hand dwelling purchase in Alicante." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ERES:conference
Boon, Ann. "The Role of Real Estate Agents in the Location of Commercial Uses in redundant Farm Buildings." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Farming has recently gone through its most difficult period for over half a century. A private sector survey conducted in October 2000 by Deloitte Touche concluded that farming incomes fell by 90% between 1995 and 2000 and predicted that farming fortunes would decline still further (Deloitte and Touche 2000). Farming has come under pressure from cyclical, structural and external factors. Exchange rates, the legacy of BSE and foot and mouth disease, reduced price support under the Common Agricultural Policy (CAP) and a fall in international commodity prices have combined to drive down prices and support and to drive up costs. The EU agrimonetary system offers the UK government the option of compensating farmers for the high value of sterling with EU payments. However details of the EU financial system means that most of the cost is borne by the UK taxpayer so the government is often reluctant to accept the payments.
Dixon, Tim, Jude Shephard, and Andrew Marston. "The role of the housebuilding industry in brownfield regeneration." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Recently, the UK government has increasingly focused on how best to bring brownfield land back into use for housing. Pressures caused by demographic changes, regional policies, and skewed economic growth together with government's desire to pursue 'sustainable development' policies, have all combined to increase demand for housing on brownfield land. Yet such land is fraught with difficulty in re-use. The recent Barker Review (2003; 2004) on housing supply, for example, highlighted the structural, planning and other risk factors that can prevent the production of sufficient housing to meet demand at a reasonable price in the right areas. Previous research has focused on the barriers surrounding brownfield re-use. Yet there has been little research that has focused on how the housebuilding industry (as part of the development industry) interacts with other players or stakeholders, in terms of market dynamics at a national and regional level. This paper is based around the first phase of a two and half year EPSRC-funded project, at The College of Estate Management at Reading. The paper sets the brownfield issue in an international context in terms of conceptual models of brownfield, and critically reviews the key literature relating to the housebuilding industry and brownfield land in the UK. The paper also examines two nationally important brownfield areas in England (Greater Manchester and the Thames Gateway) and uses Land Use Change Statistics (LUCS) and the National Land Use Database (NLUD) to contrast and compare the localities in terms of potential brownfield issues, against the backdrop of English Partnerships' National Brownfield Strategy. The paper reviews recent UK government policy in relation to brownfield land, and concludes by mapping out the key research questions to be addressed in the continuing research.
Kucharska-Stasiak, Ewa, and George Matysiak. "The transition of the Polish real estate market within a Central and Eastern European context." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The real estate market in Poland is a relatively immature market, but one that has been experiencing substantial transformation. The development of the market has been encouraged by a number of factors, including changes arising as a result of new legislation and the migration of capital between capital markets. The progress of the real estate sector towards a western style competitive market has taken place within the gradual transformation of the Polish economy into a free market economy. As investment grade property is in relatively short supply in Poland, investors consider opportunities within the wider CEE block. An analysis of the risk-return characteristics of the three largest CEE real estate markets namely, Poland, Hungary and Czech Republic, shows that the returns in these markets have been negatively correlated with the UK. As these economies and markets evolve, and being part of the wider EU trading block, their economic performance will slowly converge and become more synchronized with their western counterparts. However, the catch-up of the CEE markets to western European performance cycles will be protracted and consequently there are likely to be significant ongoing portfolio risk reduction opportunities.
Wernecke, Martin. "The use of VAR-Processes for the risk-assessment of direct real estate investment." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Kutsch, Nina. "The valuation of fractional interest in private property vehicles." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Investments in commercial property in the UK have experienced a considerable downturn since the 1980s. Large institutions have lowered their percentage allocation in real estate and increased their share in equities. However, a reversion of this trend has been started through the downturn of the equity markets in the late 1990s. Since then an increased investment activity can be observed in the property markets again, whereby the trend seems to go towards indirect property investment instead of direct property ownership. (Consultation paper of the HM Treasury, 2004).
Erol, Isil, and Kanak Patel. "The valuation of index-linked mortgages using a contingent claims approach: the explicite finite difference method for pricing wage-indexed mortgages." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Curcio, Silvano, and Virginia Bernardini. "The Valuation of Life Cycle Cost in Real Estate Management." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. Facility Management is the integrated managerial running of all the ìno core businessî services (referred to real estate, spaces and persons) relative to the management and organisation of real estate patrimony. ìGlobal Serviceî is an integrated system of FM services with the provider taking full responsibility for the results in terms of the reaching of the levels of performance pre-established by the grantor (by means of particular types of contracts based on results). As such the two instruments seem to be strategic with regard to the decisional processes linked to the creation, management and valorisation of Asset Management. The attractiveness of real estate on the market is directly and strongly conditioned by the maintenance - increase of its technical-functional performance and/or its formal and architectonic characteristics which have defined or can raise its corresponding economic value. The correct and specific adoption of policies and processes of ìintegratedî technical management and ìplanned maintenanceî (the key functions of Facility Management and Global Service) can bring definite contributions and support from the decisional, planning and technical-operative point of view. For these reasons, the technical-running activity involved in Facility Management and Global Service must necessarily be brought back to the broader economic-financial vision of the ìLife Cycle Costî of each single building or real estate patrimony by those involved in the development of the relative decisions.
Eder, Matthias, and Martin Becker. "The weighted average cost of capital (WACC) of listed property companies." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The Weighted Average Cost of Capital (ACC) has been established as an important figure to determine the hurdle rate for investments and the discount rate for company valuation. Therefore. the identification of their specific WACC is crucial for every listed property company. Based on theoretical discussions on the methodology of calculating the WACC this paper assesses the suitability of the application of WACC/CAPM to property companies. Thus. WACCs of more than 50 European property companies from the EPRA index have been estimated and analysed for contrasting the standard CAPM in the market. The expected market return as a benchmark has been initially calculated using the individual domestic stock market. The results identify a restricted suitability of the domestic stock market as a benchmark for the required return on equity of property companies. Furthermore, the relationships between the business fisk and the WACC are assessed in a cross-sectional comparison to identify implications on the compÄtitiveness of listed property companies in the business segment they operate in.
De Francesco, Anthony. "Time Series Characteristics and Long-Run Equilibrium for Major Australian Office Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. While much attention has focused on the modelling of office property markets, little emphasis has been given in distinguishing between permanent and temporary effects. This paper attempts to address this issue in the context of the rental adjustment mechanism and the demandemployment relationship for major Australian CBD office markets. It is shown that by allowing the natural vacancy rate and the work-space ratio to be endogenously determined, it offers richer model specifications that permit a partitioning between long-run and short-run influences. This is achieved by employing econometric techniques that examine the stochastic behaviour of time series data. It is found that while equilibrium relationships exist, (between the vacancy rate and rent, and demand and employment), cyclical macroeconomic variables are relevant determinants.
Crosby, Neil. "Time to sale: deconstructing the sale process in three UK funds." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Taylor, Gary, and Margo Wright. "Tomorrow's Appraiser. AQB Sets a Higher Standard." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The next generation of appraisers will face more rigorous training than their predecessors on the road to becoming state licensed and certified. Unchanged for over ten years, the educational requirements for entry into the profession have been due for an overhaul to address fundamental changes in the practice of appraisal such as the increased reliance on data-sharing and automated valuation models, the global economic system, and the expanded role of appraisers in the area of market analysis and risk assessment. Beginning in 2000, the Appraiser Qualifications Board (AQB) of The Appraisal Foundation in the United States asked for feedback on appraiser qualifications from a wide constituency of appraisers, bank regulators, professional appraiser associations, state licensing officials, government agencies, appraiser educators, and users of appraisal services. Public testimony was solicited from panels of these constituents in early 2001. Task forces also were formed to explore and report on specific, relevant issues. From this input, as well as a wealth of letters, e-mails, and comments to the AQB, the first exposure draft of the proposed criteria emerged in February 2002. The revised Real Property Appraiser Qualification Criteria1 proposed by the AQB increases significantly the qualifying education requirements for those seeking Licensed Residential, Certified Residential, and Certified General credentials. Implementation is slated for 2007 or four years after the adoption of the final draft. The criteria will apply to individuals seeking a new credential or changing from one credential level to another.
Kramer, Bert, and Ton van Welie. "Towards optimal housing management. Allocating capital to social objectives." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. ERES:conference
Key, Anthony, and Matysiak George. "Transactions activity, liquidity and market behaviour in UK commercial property." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The paper develops on work for the Investment Property Forum study on Liquidity in UK Commercial Property completed by Reading University, Cambridge University and Cass Business School in early 2004. The paper is based on a comprehensive review of transactions activity indicators in the UK market from the mid-1980s to 2002. The transactions evidence is used to track variations in transactions activity over time, and across different market sectors. The descriptive section of the paper answers for the first time questions such as how much transactions activity varies with the cycle, and whether markets in some types or sizes of property are more ëliquidí than others. Analytically, the paper firstly develops models of transactions activity which explain trend and cycle variations in terms of market pricing, the motivations of different actors in the market, and taxes on transactions. Secondly, it tests over time for associations between transactions activity and price behaviour (volatility, serial correlation) of markets both over time and across markets.
French, Nick, and Laura Gabrielli. "Uncertainty and Feasibility Studies: what could be done in the Italian Property Market." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Han, Yinghua, Yong Tu, and Tien Foo Sing. "Uncover the Spatial Pattern of Property Holding Period in Singapore Condominium Transaction Market ." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Santi, Valentina Delli. "Urban Transformation Companies (UTC)." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The new demands of territorial, real estate and market economy have inaugurated a complex process of political and institutional reform in Italy, affecting both the domestic situation and the relations between Italy and other European countries. On said basis, the need for a new urban planning discipline has in turn given rise to a new ìterritorial governingî philosophy. Such philosophy aims, on one hand, at creating a new, flexible general planning instrument working at both structural and operational level, required in order to keep separate the main strategic goals and the concrete management of local transformation processes; on the other hand, at introducing complicated and functional instruments operating differently than the standard executive plans and able, at the same time, to allow the regulations to be tailored to the local contingent needs, with private parties being involved in the process (through the so-called ìcomplex plansî).
Holzmann, Christoph. "Using market participants expectations and judgements to forecast short and mid-term real estate market developments." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Palmisano, Anita. "Valuation of Worth for Refurbishment Project of Residential Properties. A Case Study in Bari." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. In the last decade the application of risk analysis to property investment has been considered more and more important (Norman and Flanagan, 1993). The work is focused on a risk analysis in order to highlight how technological-constructive and typological standards may affect the financial result. A model has been developed in order to analyse the financial results of several hypotheses of real estate management: no maintenance operations, some maintenance operations, typological refurbishment, a different placement of the property on the market, and the possibility of tenancy variations in the market of rents. The feasibility has been developed in 6 fundamental parts: Analysis of the present state, Analysis of legal restraints, Analysis of market, Identification of possible alternatives, Technical proposal, Economic-financial assessment. The case study is a refurbishment of several residential buildings belonging to IACP, an Italian public company, in Bari (South of Italy) also called. The samples of residential building have many differences including location, age, constructive technology, housing typology and maintenance condition, which are essential elements in the creation of a management model. In the feasibility analysis the relationship between NPV (Net Present Value), lRR (Internal Rate of Return) and PBP (Pay Back Period) and a different mix of typological solutions has been examined in order to assess the investment risk.
Sarasoja, Anna-Liisa, Karen M. Gibler, and Kari Leivainen. "Value adding attributes to CREM." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. The corporationsí primary aim is to add to the wealth of investors/owners. In order to achieve this aim the corporation sets strategic goals for its business activities. This defines the demands for corporate real estate, which should be linked to the corporationsí strategic goals. The real estate strategy is enacted through asset management, property management and facilities management. Traditionally, corporate real estate measures have focused on direct costs of providing space. However, the realisation that both tangible and intangible assets are important to corporate real estate managementís successful support of the core business necessitates new techniques and tools for measuring, amongst other things, performance, productivity, usability and functionality. This paper discusses possible real estate strategies that could add value to the corporation core business, operating decisions that support the real estate strategies and broader ways to measure whether the real estate operation is adding value through making decisions in support of each strategy. The results presented in this paper are based on a wide theoretical survey and more than 30 interviews with corporate real estate organisations in the USA and Europe.
Wang, Jing, and Frederik Pretorious. "Valuing options in commercial real estate leases." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. With increased understanding of the relationships between economic behavior, the real estate sector and individual businessesí real estate finance decisions, lease negotiations and the requirements of flexibility are expected to intensify. This has increased the importance of understanding explicit and implicit options in real estate lease contracts and the valuation of such options. This paper addresses option valuation problems in commercial real estate leases, and focuses on the valuation of one common option embedded in commercial real estate lease contracts, namely the tenantís option to renew at the future market rent. Until relatively recently there have been only limited studies done in this field, with some researchers proposing formal models to price renewal options in commercial real estate leases, without being able to solve the pricing problem explicitly when the strike price is defined as the market price at lease expiration. We investigate the value of this option from an economic and financial perspective and identify key determinants of the option value ó transaction costs, vacancy costs, rental income and the purchase substitute. Under the incomplete markets assumption, we propose that the integrated method, which combines the real option approach and decision analysis, can be applied to develop a model to value the option to renew at future market rent, given the characteristics of commercial real estate assets and the key factors.
Levy, Deborah S., and Christina Lee. "Variation in switching behaviour between different types of clients utilising commercial valuation and real estate services." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. [abstract missing - contribution appeared in the programme]
Wilson, Patrick, and Ralf Zurbruegg. "Volatility, Correlation and Returns Dynamics between the US and UK Securitised Real Estate Markets." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. This paper constructs synchronously priced indices of securitised property listed on the NYSE and LSE. The indices are then utilised to examine dynamic information flows between the two markets. By analysing returns behaviour, asymmetric volatility spill over effects and exceedance correlations, this study shows that the real estate markets in these two countries experience significant interaction on a daily basis similar to other equity listed stocks, and as such caution should be placed on believing that the pricing dynamics of international securitised real estate markets are distinguishable from standard stocks. The synchronous results are also noticeably different to when only using close-to-close returns, which can misconstrue the true dynamics that exist between these markets. This has important implications for how property portfolio managers manage their portfolios.
Beyerle, Thomas. "What are future-oriented office concepts? Pursuit of a phantom." In 11th European Real Estate Society Conference. ERES: Conference. Milano, Italy, 2004. "The results described in the present contribution on the analysis ""Future-oriented office concepts - An observation from the angle of real estate development"" are based on an updated and new edition of the study by the Dresdner Bank Real Estate Group's RESEARCH division which appeared in 1999. The basic aim is the review of developments and structures forecast at that time in the present ex-post comparison, along with the identification of new future-oriented trends. In this contribution the partial results on the sub-item working place models and office room concepts are presented. "