Revista y Edición

Volumen 30 (2022): Edición 3 (September 2022)

Volumen 30 (2022): Edición 2 (June 2022)

Volumen 30 (2022): Edición 1 (March 2022)

Volumen 29 (2021): Edición 4 (December 2021)

Volumen 29 (2021): Edición 3 (September 2021)

Volumen 29 (2021): Edición 2 (June 2021)

Volumen 29 (2021): Edición 1 (March 2021)

Volumen 28 (2020): Edición 4 (December 2020)

Volumen 28 (2020): Edición 3 (September 2020)

Volumen 28 (2020): Edición 2 (June 2020)

Volumen 28 (2020): Edición 1 (March 2020)

Volumen 27 (2019): Edición 4 (December 2019)

Volumen 27 (2019): Edición 3 (September 2019)

Volumen 27 (2019): Edición 2 (June 2019)

Volumen 27 (2019): Edición 1 (March 2019)

Volumen 26 (2018): Edición 4 (December 2018)

Volumen 26 (2018): Edición 3 (September 2018)

Volumen 26 (2018): Edición 2 (June 2018)

Volumen 26 (2018): Edición 1 (March 2018)

Volumen 25 (2017): Edición 4 (December 2017)

Volumen 25 (2017): Edición 3 (September 2017)

Volumen 25 (2017): Edición 2 (June 2017)

Volumen 25 (2017): Edición 1 (March 2017)

Volumen 24 (2016): Edición 4 (December 2016)

Volumen 24 (2016): Edición 3 (September 2016)

Volumen 24 (2016): Edición 2 (June 2016)

Volumen 24 (2016): Edición 1 (March 2016)

Volumen 23 (2015): Edición 4 (December 2015)

Volumen 23 (2015): Edición 3 (September 2015)

Volumen 23 (2015): Edición 2 (June 2015)

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Volumen 22 (2014): Edición 4 (December 2014)

Volumen 22 (2014): Edición 3 (September 2014)

Volumen 22 (2014): Edición 2 (June 2014)

Volumen 22 (2014): Edición 1 (March 2014)

Volumen 21 (2013): Edición 4 (December 2013)

Volumen 21 (2013): Edición 3 (September 2013)

Volumen 21 (2013): Edición 2 (June 2013)

Volumen 21 (2013): Edición 1 (May 2013)

Detalles de la revista
Formato
Revista
eISSN
2300-5289
Publicado por primera vez
16 May 2013
Periodo de publicación
4 veces al año
Idiomas
Inglés

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Volumen 30 (2022): Edición 1 (March 2022)

Detalles de la revista
Formato
Revista
eISSN
2300-5289
Publicado por primera vez
16 May 2013
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

8 Artículos
access type Acceso abierto

Lessons from the US and German Reit Markets for Drafting a Polish Reit Act

Publicado en línea: 17 Mar 2022
Páginas: 1 - 12

Resumen

Abstract

Investors are increasingly allocating capital into the real estate market through indirect investment vehicles such as REITs. There are currently no classic REITs in Poland, but given the experience of other countries and the expectations of Polish investors, an act is being prepared to regulate their functioning. The introduction of legal regulations regarding REITs has not always resulted in successful proliferation of these vehicles in each country. The German market for G-REITs is such an example, were only six G-REITs have evolved. There is also the example of the market in the United States, where extremely dynamic development of such institutions has been observed, especially in the recent years. At the end of 2019, 219 institutions of this type were operating on the US market.

The purpose of this article is to identify, based on the experiences of the American and German markets, aspects stimulating and inhibiting the development of the REIT market, and then, on their basis, to recommend certain regulations, which might have been included in the PL-REIT act, and which were not included in first draft of the act in 2018. Taking them into account could cause the Polish act to stimulate the development of REITs in Poland to a greater extent.

Palabras clave

  • REIT
  • legal conditions of REIT activity
  • real estate market
  • Poland

JEL Classification

    access type Acceso abierto

    Training and Interpreting Machine Learning Models: Application in Property Tax Assessment

    Publicado en línea: 17 Mar 2022
    Páginas: 13 - 22

    Resumen

    Abstract

    In contrast to the outstanding performance of the machine learning approach, its adoption in industry appears to be relatively slow compared to the speed of its proliferation in a variety of business sectors. The low interpretability of a black-box-type model, such as a machine learning-based valuation model, is one reason for this. In this study, house prices in Seoul and Jeollanam Province, South Korea, were estimated using a neural network, a representative model to implement machine learning, and we attempted to interpret the resultant price estimations using an interpretability tool called a partial dependence plot. Partial dependence analysis indicated that locally optimized valuation models should be designed to enhance valuation accuracy: a land-oriented model for Seoul and a building-focused model for the Jeollanam Province. The interpretable machine learning approach is expected to catalyze the adoption of machine learning in the industry, including property valuation.

    Palabras clave

    • machine learning
    • interpretability
    • neural network
    • partial dependence plot
    • house valuation

    JEL Classification

    • C13
    • C45
    • L85
    access type Acceso abierto

    Land Titling Patronage in Cities of Developing Countries: A Situation Analysis of Akure, Nigeria

    Publicado en línea: 17 Mar 2022
    Páginas: 23 - 33

    Resumen

    Abstract

    The increasing land-use intensity in developing-country cities necessitates land markets supported by active land titling. The study of land titling patronage is critical in a developing country like Nigeria, where the state of development necessitates determining who has rights to lands, for what purposes, and for how long on the available relatively scarce expanse of land. Data for the study was obtained from the Ondo State Ministry of Lands and Housing and the household heads of the purposive selected private layouts/estates within the study area. Data were analyzed using both the Mann-Kendall test and Sen’s slope estimates as well as discriminant function analysis. The findings revealed a monotonously decreasing trend in the demand for titling in the study area which was statistically significant at 0.01 in decreasing order from 2009 to 2018. Further analysis showed that the education level of the head of the household as well as propensity to obtain loan/engage in the subsequent transactions were the most important determinant as to whether a landowner would title land or not. The study will be useful for public enlightenment, policy formulation, policy implementation, professionals and scholars, as well as in academic debates.

    Palabras clave

    • cities
    • developing countries
    • land
    • titling patronage
    • Akure metropolis

    JEL Classification

      access type Acceso abierto

      Social Media Marketing Attributes, Sandton’s Rental Market Brand Image, and the Millennials’ Rental Preference: An Empirical Study

      Publicado en línea: 17 Mar 2022
      Páginas: 34 - 52

      Resumen

      Abstract

      A good image of millennials’ residential rental space is an important issue. This image can be impacted by the available telecommunication technology. Social media marketing can, therefore, be an important marketing tool to achieve it. Many studies have shown that a good brand image positively impacts brand preference. This study quantitatively investigated the impact of social media attributes of trendiness, entertainment, customization, information, interaction on Sandton’s rental market’s brand image, and the relationship between this image and millennials’ rental preference. Data were collected from millennials who have lived, live or intend to live in Sandton. Structural equation modeling was employed for data analysis. The findings of the study are that entertainment, customization, and information positively impact Sandton’s image and that trendiness and interactions do not. Also, the image of Sandton’s rental market has a positive influence on the millennials’ preferences as to rental housing. The outcomes will find application for both academics and management practice as will be shown below.

      Palabras clave

      • Millennials
      • Social media marketing attributes
      • Sandton rental housing brand image
      • Sandton rental housing brand preference

      JEL Classification

        access type Acceso abierto

        Building and Biologically Active area Indices in Developers’ Investments – Theory and Practice

        Publicado en línea: 17 Mar 2022
        Páginas: 53 - 64

        Resumen

        Abstract

        Development activity in Poland is regulated by many legal provisions, but one of the most important acts for the implementation of developers’ projects is the Act of March 27, 2003 on spatial planning and development. The Act includes, among others, procedures for the preparation and scope of local spatial development plans. One of the parameters significant from the point of view of housing development which these plans define is the minimum and maximum intensity of development and the percentage of biologically active space that should be preserved on a property covered by the investment project. The article adopts two research goals. Firstly, it is an attempt to verify, using examples of selected developers, whether they, as profit-oriented entities, decide to develop the property as much as possible or to keep more undeveloped space, which is a more desirable phenomenon from the environmental point of view. Secondly, an attempt will be made to determine how developers in Poland create a biologically active surface in their projects. Based on desk research, it was found that, among the discussed cases, there is no evident tendency to maximize the permissible built-up areas and the created biologically active areas are sparse and not diversified.

        Palabras clave

        • building area index
        • biologically active area
        • development activity
        • spatial planning

        JEL Classification

          access type Acceso abierto

          On Place Safety

          Publicado en línea: 17 Mar 2022
          Páginas: 65 - 70

          Resumen

          Abstract

          For a long time, social factors have been identified as a set of crucial determinants of residential location choice and property value. Here, safety and security issues constitute a significant issue. Inhabitants are traditionally concerned about their neighborhoods and housing locations, and, considering current problems in big Western cities, this concern is by no means lessening. The study presents a social innovation for assisting the search for safe housing environments. A list of quantifiable key features regarding negative externalities and actual criminality provides the basis for constructing a checklist for the comparison of safe places within a city, or comparing cities with respect to their safety for housing occupants, investors, developers and other stakeholders. The controversial nature of the argumentation notwithstanding, this method is suggested to prove valuable in circumstances marred by increasing social hazards and turmoil.

          Palabras clave

          • location choice
          • property value
          • safety
          • security
          • social innovation

          JEL Classification

            access type Acceso abierto

            Land Price Regression Model and Land Value Region Map to Support Residential Land Price Management: A Study in Nghe an Province, Vietnam

            Publicado en línea: 17 Mar 2022
            Páginas: 71 - 83

            Resumen

            Abstract

            The real estate market in areas with many socio-economic activities needs to be strictly managed due to the difference between the market price of urban land and the price of land set by the state. This study identifies and analyzes the influence of some factors on land prices in peri-urban areas to develop land pricing standards consistent with the price level in Nghe An province. The study surveyed 362 land users and 200 samples of successfully transferred properties in the study area. Based on the multivariate regression method, the study builds a residential land price model and calculates the market price of residential land. The authors also established a map of land value areas to help State agencies manage land prices effectively. The research serves as a basis for State agencies to study the formation and development of the real estate market to develop appropriate land price management measures.

            Palabras clave

            • and price regression model
            • market price
            • map of the value of residential land
            • Vietnam

            JEL Classification

              access type Acceso abierto

              The Application of the Simplified Speculative Frame Method for Monitoring the Development of the Housing Market

              Publicado en línea: 17 Mar 2022
              Páginas: 84 - 98

              Resumen

              Abstract

              This article contributes to research into price dynamics on the real estate market. It proposes a simplified index-based speculative frame method for measuring above-average increases and decreases in real estate prices and monitoring market performance. The theoretical part of the article reviews the literature on the implications of real estate market stability on the economy, monitoring market development, and standard methods for analyzing the housing market with special emphasis on index-based methods. The experimental part of the article presents the results of a study analyzing more than 100,000 transactions on the Warsaw housing market between 2004 and 2015, a period characterized by a considerable increase in house prices. The price dynamics of apartments on the Warsaw real estate market was determined with the use of a time variable. The turning point in the market trend was identified. This article contributes to research into price dynamics on the real estate market.

              Palabras clave

              • housing market stability
              • bubble
              • speculative frame method
              • simplified speculative frame method

              JEL Classification

                8 Artículos
                access type Acceso abierto

                Lessons from the US and German Reit Markets for Drafting a Polish Reit Act

                Publicado en línea: 17 Mar 2022
                Páginas: 1 - 12

                Resumen

                Abstract

                Investors are increasingly allocating capital into the real estate market through indirect investment vehicles such as REITs. There are currently no classic REITs in Poland, but given the experience of other countries and the expectations of Polish investors, an act is being prepared to regulate their functioning. The introduction of legal regulations regarding REITs has not always resulted in successful proliferation of these vehicles in each country. The German market for G-REITs is such an example, were only six G-REITs have evolved. There is also the example of the market in the United States, where extremely dynamic development of such institutions has been observed, especially in the recent years. At the end of 2019, 219 institutions of this type were operating on the US market.

                The purpose of this article is to identify, based on the experiences of the American and German markets, aspects stimulating and inhibiting the development of the REIT market, and then, on their basis, to recommend certain regulations, which might have been included in the PL-REIT act, and which were not included in first draft of the act in 2018. Taking them into account could cause the Polish act to stimulate the development of REITs in Poland to a greater extent.

                Palabras clave

                • REIT
                • legal conditions of REIT activity
                • real estate market
                • Poland

                JEL Classification

                  access type Acceso abierto

                  Training and Interpreting Machine Learning Models: Application in Property Tax Assessment

                  Publicado en línea: 17 Mar 2022
                  Páginas: 13 - 22

                  Resumen

                  Abstract

                  In contrast to the outstanding performance of the machine learning approach, its adoption in industry appears to be relatively slow compared to the speed of its proliferation in a variety of business sectors. The low interpretability of a black-box-type model, such as a machine learning-based valuation model, is one reason for this. In this study, house prices in Seoul and Jeollanam Province, South Korea, were estimated using a neural network, a representative model to implement machine learning, and we attempted to interpret the resultant price estimations using an interpretability tool called a partial dependence plot. Partial dependence analysis indicated that locally optimized valuation models should be designed to enhance valuation accuracy: a land-oriented model for Seoul and a building-focused model for the Jeollanam Province. The interpretable machine learning approach is expected to catalyze the adoption of machine learning in the industry, including property valuation.

                  Palabras clave

                  • machine learning
                  • interpretability
                  • neural network
                  • partial dependence plot
                  • house valuation

                  JEL Classification

                  • C13
                  • C45
                  • L85
                  access type Acceso abierto

                  Land Titling Patronage in Cities of Developing Countries: A Situation Analysis of Akure, Nigeria

                  Publicado en línea: 17 Mar 2022
                  Páginas: 23 - 33

                  Resumen

                  Abstract

                  The increasing land-use intensity in developing-country cities necessitates land markets supported by active land titling. The study of land titling patronage is critical in a developing country like Nigeria, where the state of development necessitates determining who has rights to lands, for what purposes, and for how long on the available relatively scarce expanse of land. Data for the study was obtained from the Ondo State Ministry of Lands and Housing and the household heads of the purposive selected private layouts/estates within the study area. Data were analyzed using both the Mann-Kendall test and Sen’s slope estimates as well as discriminant function analysis. The findings revealed a monotonously decreasing trend in the demand for titling in the study area which was statistically significant at 0.01 in decreasing order from 2009 to 2018. Further analysis showed that the education level of the head of the household as well as propensity to obtain loan/engage in the subsequent transactions were the most important determinant as to whether a landowner would title land or not. The study will be useful for public enlightenment, policy formulation, policy implementation, professionals and scholars, as well as in academic debates.

                  Palabras clave

                  • cities
                  • developing countries
                  • land
                  • titling patronage
                  • Akure metropolis

                  JEL Classification

                    access type Acceso abierto

                    Social Media Marketing Attributes, Sandton’s Rental Market Brand Image, and the Millennials’ Rental Preference: An Empirical Study

                    Publicado en línea: 17 Mar 2022
                    Páginas: 34 - 52

                    Resumen

                    Abstract

                    A good image of millennials’ residential rental space is an important issue. This image can be impacted by the available telecommunication technology. Social media marketing can, therefore, be an important marketing tool to achieve it. Many studies have shown that a good brand image positively impacts brand preference. This study quantitatively investigated the impact of social media attributes of trendiness, entertainment, customization, information, interaction on Sandton’s rental market’s brand image, and the relationship between this image and millennials’ rental preference. Data were collected from millennials who have lived, live or intend to live in Sandton. Structural equation modeling was employed for data analysis. The findings of the study are that entertainment, customization, and information positively impact Sandton’s image and that trendiness and interactions do not. Also, the image of Sandton’s rental market has a positive influence on the millennials’ preferences as to rental housing. The outcomes will find application for both academics and management practice as will be shown below.

                    Palabras clave

                    • Millennials
                    • Social media marketing attributes
                    • Sandton rental housing brand image
                    • Sandton rental housing brand preference

                    JEL Classification

                      access type Acceso abierto

                      Building and Biologically Active area Indices in Developers’ Investments – Theory and Practice

                      Publicado en línea: 17 Mar 2022
                      Páginas: 53 - 64

                      Resumen

                      Abstract

                      Development activity in Poland is regulated by many legal provisions, but one of the most important acts for the implementation of developers’ projects is the Act of March 27, 2003 on spatial planning and development. The Act includes, among others, procedures for the preparation and scope of local spatial development plans. One of the parameters significant from the point of view of housing development which these plans define is the minimum and maximum intensity of development and the percentage of biologically active space that should be preserved on a property covered by the investment project. The article adopts two research goals. Firstly, it is an attempt to verify, using examples of selected developers, whether they, as profit-oriented entities, decide to develop the property as much as possible or to keep more undeveloped space, which is a more desirable phenomenon from the environmental point of view. Secondly, an attempt will be made to determine how developers in Poland create a biologically active surface in their projects. Based on desk research, it was found that, among the discussed cases, there is no evident tendency to maximize the permissible built-up areas and the created biologically active areas are sparse and not diversified.

                      Palabras clave

                      • building area index
                      • biologically active area
                      • development activity
                      • spatial planning

                      JEL Classification

                        access type Acceso abierto

                        On Place Safety

                        Publicado en línea: 17 Mar 2022
                        Páginas: 65 - 70

                        Resumen

                        Abstract

                        For a long time, social factors have been identified as a set of crucial determinants of residential location choice and property value. Here, safety and security issues constitute a significant issue. Inhabitants are traditionally concerned about their neighborhoods and housing locations, and, considering current problems in big Western cities, this concern is by no means lessening. The study presents a social innovation for assisting the search for safe housing environments. A list of quantifiable key features regarding negative externalities and actual criminality provides the basis for constructing a checklist for the comparison of safe places within a city, or comparing cities with respect to their safety for housing occupants, investors, developers and other stakeholders. The controversial nature of the argumentation notwithstanding, this method is suggested to prove valuable in circumstances marred by increasing social hazards and turmoil.

                        Palabras clave

                        • location choice
                        • property value
                        • safety
                        • security
                        • social innovation

                        JEL Classification

                          access type Acceso abierto

                          Land Price Regression Model and Land Value Region Map to Support Residential Land Price Management: A Study in Nghe an Province, Vietnam

                          Publicado en línea: 17 Mar 2022
                          Páginas: 71 - 83

                          Resumen

                          Abstract

                          The real estate market in areas with many socio-economic activities needs to be strictly managed due to the difference between the market price of urban land and the price of land set by the state. This study identifies and analyzes the influence of some factors on land prices in peri-urban areas to develop land pricing standards consistent with the price level in Nghe An province. The study surveyed 362 land users and 200 samples of successfully transferred properties in the study area. Based on the multivariate regression method, the study builds a residential land price model and calculates the market price of residential land. The authors also established a map of land value areas to help State agencies manage land prices effectively. The research serves as a basis for State agencies to study the formation and development of the real estate market to develop appropriate land price management measures.

                          Palabras clave

                          • and price regression model
                          • market price
                          • map of the value of residential land
                          • Vietnam

                          JEL Classification

                            access type Acceso abierto

                            The Application of the Simplified Speculative Frame Method for Monitoring the Development of the Housing Market

                            Publicado en línea: 17 Mar 2022
                            Páginas: 84 - 98

                            Resumen

                            Abstract

                            This article contributes to research into price dynamics on the real estate market. It proposes a simplified index-based speculative frame method for measuring above-average increases and decreases in real estate prices and monitoring market performance. The theoretical part of the article reviews the literature on the implications of real estate market stability on the economy, monitoring market development, and standard methods for analyzing the housing market with special emphasis on index-based methods. The experimental part of the article presents the results of a study analyzing more than 100,000 transactions on the Warsaw housing market between 2004 and 2015, a period characterized by a considerable increase in house prices. The price dynamics of apartments on the Warsaw real estate market was determined with the use of a time variable. The turning point in the market trend was identified. This article contributes to research into price dynamics on the real estate market.

                            Palabras clave

                            • housing market stability
                            • bubble
                            • speculative frame method
                            • simplified speculative frame method

                            JEL Classification

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