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)

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

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

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

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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

Buscar

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

Identifying Housing Submarkets in Johor Bahru and Kulai, Malaysia: A Data-Driven Method

Publicado en línea: 18 Jun 2022
Páginas: 1 - 11

Resumen

Abstract

Generally, housing within the same area tends to share similar structural and locational characteristics as well as being characterized by the same homebuyers’ preferences. This information provides insight on the existence of housing submarkets. Thus, this study aims to identify the existence of housing submarkets in Johor Bahru and Kulai, Malaysia through principal component analysis and cluster analysis. A total of 29 housing attributes were included in the study. The results from the principal component analysis have successfully identified four principal components that represent the basic facility, main infrastructure, less common facility and housing quality characteristics. On the other hand, cluster analysis managed to identify the existence of four housing submarkets in Johor Bahru and Kulai, where three submarkets showed the characteristics of housing quality, whereas one submarket appeared to exhibit the characteristic of main infrastructure. The findings of this study provide valuable information on the existence of four housing submarkets in Johor Bahru and Kulai areas, which will benefit the city governments, real estate developers, mortgage lenders, non-profit organizations, as well as individual homeowners in making critical choices and developing market-appropriate strategies.

Palabras clave

  • housing submarkets
  • home buyers’preferences
  • principal component analysis
  • cluster analysis

JEL Classification

  • D49
  • R30
Acceso abierto

Spatial Spillover Effects of Transport Infrastructure on Economic Growth of Vietnam Regions: A Spatial Regression Approach

Publicado en línea: 18 Jun 2022
Páginas: 12 - 20

Resumen

Abstract

This article examines the spatial spillover effects of transport infrastructure in regions of Vietnam. We apply the spatial Durbin model to estimate the regional spillover of transport infrastructure to Vietnam’s economic growth from 2000-2019. The results show that positive evidence exists in each period due to the connective nature of the transport infrastructure at the national level. At the regional level, transport infrastructure spillover effects vary considerably over time among four macro-regions of Vietnam: the southern region always has a positive spillover effect; the Northern region had adverse spillover effects in the period 2000-2009 and positive in the period 2010-2019; the Central region had negative spillovers in both periods; in the case of the economic region of the Mekong Delta, negative spillovers can be observed after 2010. The analysis has shown that changes in spillover among regions are closely related to the shift of production factors in Vietnam over the past two decades.

Palabras clave

  • Spillover
  • Transport infrastructure
  • Economic growth
  • econometrics
  • Vietnam

JEL Classification

  • C22
  • H54
  • N1
  • 033
Acceso abierto

Condominium Co-Owners and their Typology Based on their Engagement in the Process of Decision-Making

Publicado en línea: 18 Jun 2022
Páginas: 21 - 33

Resumen

Abstract

In our study, we referred to a large and growing body of literature on voter turnout and voting habits. A careful examination of the voting issue in the context of housing prompted us to assume that a simple division into two groups of voting habits, namely voting and non-voting, may not be sufficient to explore complex relations during the voting process in condominiums. Thus the study addresses the question of whether we can identify more than two homogenous clusters of condominium co-owners, taking into consideration their voting habits.

The analysis presented in this paper comprises two stages. First, data relating to condominium co-owner characteristics are forwarded and cluster analysis is used to form subsets of voters. Second, the impact of selected methods of voting on the propensity to vote is assessed using the identified clusters. The applied research strategy led us to distinguish four groups of condominium co-owners: engaged, non-voters, promising and dormant voters.

The article contributes to a better understanding of the process of making decisions in condominiums with a focus on voting habits. In particular, we indicated that studies on voting habits provide a solid foundation for more-context dependent studies on the voting process and suggest other areas to study voting habits.

Palabras clave

  • housing
  • condominium
  • voting habits
  • decision making
  • e-voting
  • cluster analysis

JEL Classification

  • D01
  • L85
Acceso abierto

Land Compensation and Policy Enforcement in Vietnam: A Case Study in Danang

Publicado en línea: 18 Jun 2022
Páginas: 34 - 46

Resumen

Abstract

The land is a natural resource which is rich in diversity, and its value tends to increase over time. Therefore, compensation in cases when the State acquires land, is an issue of concern. Using data from 100 surveyed households and ten interviews (including 5 houesholds indirectly affected by land acquisition, 3 relevant experts, and 2 village headmen) in Da Nang, the article aims to answer two research questions: (1) assessment of landless households on land compensation policy, and (2) an assessment of outstanding issues in this policy in Vietnam. The results show that the local government has strictly followed the regulations and procedures of the State on land acquisition and compensation for economic development purposes under the 2013 Land Law. However, affected people feel dissatisfied with what they had received when they lost land. The first reason is the significant difference between the compensation prices households received and the market price, as determined by a real estate broker. Second, concerns about the future arise when a family’s means of production are acquired by the state. In addition, the policy also lacks support measures for households located in affected areas. These shortcomings lead to dissatisfaction among families.

Palabras clave

  • land acquisition
  • Vietnamese land law
  • land-use change
  • land price
  • Danang

JEL Classification

  • O10
  • Q01
  • R00
  • R28
Acceso abierto

Digital Technologies as a Driver of Capitalization Growth in Shopping and Entertainment Centers

Publicado en línea: 18 Jun 2022
Páginas: 47 - 60

Resumen

Abstract

The relevance of the chosen topic is confirmed by the increased competition among the participants of the commercial real estate market, which is connected with the market saturation. The study aims to assess the impact of modern digital technologies on the performance of a shopping and entertainment center. Research was conducted using the example of a retail and entertainment center in Saint-Petersburg. The work proposes a “smart” approach to management, where additional investments are taken into account when the digital infrastructure is being created. The research shows that the transition from a traditional business management to a “smart” variant of property object‘s development, based on the active use of digital technologies, leads to a significant increase in its capitalization, traffic, average bill and occupancy by tenants. The novelty of the following work is to justify the economic efficiency of the application of digital technologies‘ in retail based on the calculation of the retail and entertainment center‘s capitalization value change under the influence of the implementation of automated accounting. The presented research can be used to develop a methodology for assessing the impact of the introduction of digital technologies on the efficiency of shopping and entertainment facilities.

Palabras clave

  • real property
  • digital technologies
  • “smart”approach to management
  • capitalization

JEL Classification

  • R33
  • L85
Acceso abierto

Housing Cost Stress of Mortgagers and Tenants in Poland

Publicado en línea: 18 Jun 2022
Páginas: 61 - 72

Resumen

Abstract

The economic problems of mortgage takers, especially in light of the global financial crisis, is a very important issue, both from the point of view of housing policy and the stability of the banking sector. The analysis of the situation of mortgagors is usually limited to determining the percentage of mortgages in default. We compared the revealed mortgage repayment problems among Poles (arrears) with the unrevealed ones (such as high housing cost burden, inability to bear unexpected expenses), which we defined as housing cost stress. Next, we compared these problems with those of tenants at market rates. We found that, although we observe only a small percentage of mortgagors who are in arrears with their housing costs in Poland (about 3%), a large proportion of borrowers (about half of them) are in a difficult financial situation. At the same time, we noticed that their situation is still better than that of market rent tenants, because only one in five renters did not experience problems with covering housing costs. Among tenants, singles were much more likely to suffer from housing cost stress.

Palabras clave

  • mortgage
  • housing cost
  • ownership
  • tenants
  • housing cost overburden

JEL Classification

  • G21
  • G51
  • R21
Acceso abierto

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

Publicado en línea: 18 Jun 2022
Páginas: 73 - 83

Resumen

Abstract

Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service.

Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic.

The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer.

The research was conducted among real estate brokers in the period between June and October 2020.

Palabras clave

  • real estate
  • modern technologies
  • real estate broker
  • real estate transaction

JEL Classification

  • B41
  • L85
  • R00
Acceso abierto

The Aging of a Building Versus Its Life Cycle with Regards to Real Estate Appraisal

Publicado en línea: 18 Jun 2022
Páginas: 84 - 95

Resumen

Abstract

Construction objects are subjected to aging processes and other changes and influences during their life cycle. The paper focuses on one of the stages of the life cycle of a developed property - the final part of the service life phase, which is referred to by the author as “the autumn years”. The paper analyses the problem of classifying a building object to an appropriate life cycle when conducting a real estate valuation. The author searched for the answers to the question of when the liquidation phase begins, because the decommissioning of a building affects the landscape and spatial heterogeneity. The reasons for demolishing buildings were analyzed, and are as follows: the poor technical condition of building objects; functional wear; difficulties in carrying out renovation or reconstruction works; and financial unprofitability, which takes into account the life phases of buildings. This paper aims to prove the following theses:

knowledge of the life cycle is the basis for the correct identification of a property’s condition,

the age of the elements of a building is not a fundamental quantity that determines the course of its physical depreciation,

the liquidation of a building has a big impact on ecological awareness.

Palabras clave

  • real estate market
  • life cycle
  • wear of a building object

JEL Classification

  • C13
  • D46
  • E32
  • R00
  • R30
8 Artículos
Acceso abierto

Identifying Housing Submarkets in Johor Bahru and Kulai, Malaysia: A Data-Driven Method

Publicado en línea: 18 Jun 2022
Páginas: 1 - 11

Resumen

Abstract

Generally, housing within the same area tends to share similar structural and locational characteristics as well as being characterized by the same homebuyers’ preferences. This information provides insight on the existence of housing submarkets. Thus, this study aims to identify the existence of housing submarkets in Johor Bahru and Kulai, Malaysia through principal component analysis and cluster analysis. A total of 29 housing attributes were included in the study. The results from the principal component analysis have successfully identified four principal components that represent the basic facility, main infrastructure, less common facility and housing quality characteristics. On the other hand, cluster analysis managed to identify the existence of four housing submarkets in Johor Bahru and Kulai, where three submarkets showed the characteristics of housing quality, whereas one submarket appeared to exhibit the characteristic of main infrastructure. The findings of this study provide valuable information on the existence of four housing submarkets in Johor Bahru and Kulai areas, which will benefit the city governments, real estate developers, mortgage lenders, non-profit organizations, as well as individual homeowners in making critical choices and developing market-appropriate strategies.

Palabras clave

  • housing submarkets
  • home buyers’preferences
  • principal component analysis
  • cluster analysis

JEL Classification

  • D49
  • R30
Acceso abierto

Spatial Spillover Effects of Transport Infrastructure on Economic Growth of Vietnam Regions: A Spatial Regression Approach

Publicado en línea: 18 Jun 2022
Páginas: 12 - 20

Resumen

Abstract

This article examines the spatial spillover effects of transport infrastructure in regions of Vietnam. We apply the spatial Durbin model to estimate the regional spillover of transport infrastructure to Vietnam’s economic growth from 2000-2019. The results show that positive evidence exists in each period due to the connective nature of the transport infrastructure at the national level. At the regional level, transport infrastructure spillover effects vary considerably over time among four macro-regions of Vietnam: the southern region always has a positive spillover effect; the Northern region had adverse spillover effects in the period 2000-2009 and positive in the period 2010-2019; the Central region had negative spillovers in both periods; in the case of the economic region of the Mekong Delta, negative spillovers can be observed after 2010. The analysis has shown that changes in spillover among regions are closely related to the shift of production factors in Vietnam over the past two decades.

Palabras clave

  • Spillover
  • Transport infrastructure
  • Economic growth
  • econometrics
  • Vietnam

JEL Classification

  • C22
  • H54
  • N1
  • 033
Acceso abierto

Condominium Co-Owners and their Typology Based on their Engagement in the Process of Decision-Making

Publicado en línea: 18 Jun 2022
Páginas: 21 - 33

Resumen

Abstract

In our study, we referred to a large and growing body of literature on voter turnout and voting habits. A careful examination of the voting issue in the context of housing prompted us to assume that a simple division into two groups of voting habits, namely voting and non-voting, may not be sufficient to explore complex relations during the voting process in condominiums. Thus the study addresses the question of whether we can identify more than two homogenous clusters of condominium co-owners, taking into consideration their voting habits.

The analysis presented in this paper comprises two stages. First, data relating to condominium co-owner characteristics are forwarded and cluster analysis is used to form subsets of voters. Second, the impact of selected methods of voting on the propensity to vote is assessed using the identified clusters. The applied research strategy led us to distinguish four groups of condominium co-owners: engaged, non-voters, promising and dormant voters.

The article contributes to a better understanding of the process of making decisions in condominiums with a focus on voting habits. In particular, we indicated that studies on voting habits provide a solid foundation for more-context dependent studies on the voting process and suggest other areas to study voting habits.

Palabras clave

  • housing
  • condominium
  • voting habits
  • decision making
  • e-voting
  • cluster analysis

JEL Classification

  • D01
  • L85
Acceso abierto

Land Compensation and Policy Enforcement in Vietnam: A Case Study in Danang

Publicado en línea: 18 Jun 2022
Páginas: 34 - 46

Resumen

Abstract

The land is a natural resource which is rich in diversity, and its value tends to increase over time. Therefore, compensation in cases when the State acquires land, is an issue of concern. Using data from 100 surveyed households and ten interviews (including 5 houesholds indirectly affected by land acquisition, 3 relevant experts, and 2 village headmen) in Da Nang, the article aims to answer two research questions: (1) assessment of landless households on land compensation policy, and (2) an assessment of outstanding issues in this policy in Vietnam. The results show that the local government has strictly followed the regulations and procedures of the State on land acquisition and compensation for economic development purposes under the 2013 Land Law. However, affected people feel dissatisfied with what they had received when they lost land. The first reason is the significant difference between the compensation prices households received and the market price, as determined by a real estate broker. Second, concerns about the future arise when a family’s means of production are acquired by the state. In addition, the policy also lacks support measures for households located in affected areas. These shortcomings lead to dissatisfaction among families.

Palabras clave

  • land acquisition
  • Vietnamese land law
  • land-use change
  • land price
  • Danang

JEL Classification

  • O10
  • Q01
  • R00
  • R28
Acceso abierto

Digital Technologies as a Driver of Capitalization Growth in Shopping and Entertainment Centers

Publicado en línea: 18 Jun 2022
Páginas: 47 - 60

Resumen

Abstract

The relevance of the chosen topic is confirmed by the increased competition among the participants of the commercial real estate market, which is connected with the market saturation. The study aims to assess the impact of modern digital technologies on the performance of a shopping and entertainment center. Research was conducted using the example of a retail and entertainment center in Saint-Petersburg. The work proposes a “smart” approach to management, where additional investments are taken into account when the digital infrastructure is being created. The research shows that the transition from a traditional business management to a “smart” variant of property object‘s development, based on the active use of digital technologies, leads to a significant increase in its capitalization, traffic, average bill and occupancy by tenants. The novelty of the following work is to justify the economic efficiency of the application of digital technologies‘ in retail based on the calculation of the retail and entertainment center‘s capitalization value change under the influence of the implementation of automated accounting. The presented research can be used to develop a methodology for assessing the impact of the introduction of digital technologies on the efficiency of shopping and entertainment facilities.

Palabras clave

  • real property
  • digital technologies
  • “smart”approach to management
  • capitalization

JEL Classification

  • R33
  • L85
Acceso abierto

Housing Cost Stress of Mortgagers and Tenants in Poland

Publicado en línea: 18 Jun 2022
Páginas: 61 - 72

Resumen

Abstract

The economic problems of mortgage takers, especially in light of the global financial crisis, is a very important issue, both from the point of view of housing policy and the stability of the banking sector. The analysis of the situation of mortgagors is usually limited to determining the percentage of mortgages in default. We compared the revealed mortgage repayment problems among Poles (arrears) with the unrevealed ones (such as high housing cost burden, inability to bear unexpected expenses), which we defined as housing cost stress. Next, we compared these problems with those of tenants at market rates. We found that, although we observe only a small percentage of mortgagors who are in arrears with their housing costs in Poland (about 3%), a large proportion of borrowers (about half of them) are in a difficult financial situation. At the same time, we noticed that their situation is still better than that of market rent tenants, because only one in five renters did not experience problems with covering housing costs. Among tenants, singles were much more likely to suffer from housing cost stress.

Palabras clave

  • mortgage
  • housing cost
  • ownership
  • tenants
  • housing cost overburden

JEL Classification

  • G21
  • G51
  • R21
Acceso abierto

The Impact of Covid-19 on the Use of Modern Technologies By Real Estate Brokers

Publicado en línea: 18 Jun 2022
Páginas: 73 - 83

Resumen

Abstract

Real estate brokerage is the activity of matching parties to a real estate transaction. Due to the increasing ease of access to offers posted by sellers and landlords, various challenges in finding solutions that will attract potential customers have appeared before real estate brokers. Given the complexity of the processes in which brokers can participate, the use of modern technologies in real estate brokerage seems to be one way of maintaining and developing the broker industry. The COVID-19 pandemic has caused significant changes in the way brokers operate, forcing them to implement or accelerate the use of modern technologies in customer service.

Therefore, the main goal of this article is an attempt to diagnose the use of modern technologies and the types of technologies used in customer service by real estate brokers as a result of the COVID-19 pandemic.

The research was conducted in the form of a survey among representatives of the real estate brokerage industry. The answers obtained from the respondents have allowed us to state that real estate agencies use new technologies to a large extent. Over 40% of the interviewees stated that the real estate market has enormous potential for the application of modern technologies. Furthermore, over 70% of the respondents indicated a large or rather large impact of the COVID-19 on the application of modern technologies in the real estate industry. The restrictions related to the epidemic have forced companies to use modern technologies to replace direct contact between the seller and the customer.

The research was conducted among real estate brokers in the period between June and October 2020.

Palabras clave

  • real estate
  • modern technologies
  • real estate broker
  • real estate transaction

JEL Classification

  • B41
  • L85
  • R00
Acceso abierto

The Aging of a Building Versus Its Life Cycle with Regards to Real Estate Appraisal

Publicado en línea: 18 Jun 2022
Páginas: 84 - 95

Resumen

Abstract

Construction objects are subjected to aging processes and other changes and influences during their life cycle. The paper focuses on one of the stages of the life cycle of a developed property - the final part of the service life phase, which is referred to by the author as “the autumn years”. The paper analyses the problem of classifying a building object to an appropriate life cycle when conducting a real estate valuation. The author searched for the answers to the question of when the liquidation phase begins, because the decommissioning of a building affects the landscape and spatial heterogeneity. The reasons for demolishing buildings were analyzed, and are as follows: the poor technical condition of building objects; functional wear; difficulties in carrying out renovation or reconstruction works; and financial unprofitability, which takes into account the life phases of buildings. This paper aims to prove the following theses:

knowledge of the life cycle is the basis for the correct identification of a property’s condition,

the age of the elements of a building is not a fundamental quantity that determines the course of its physical depreciation,

the liquidation of a building has a big impact on ecological awareness.

Palabras clave

  • real estate market
  • life cycle
  • wear of a building object

JEL Classification

  • C13
  • D46
  • E32
  • R00
  • R30

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