Volume 29 (2021): Issue 2 (June 2021)

Most of the cities in Iran have experienced very rapid development. The urban population in the last decade has been increased by migration, and cities in Iran are faced with many problems. Housing is becoming one of the major problems, and standard housing indices have taken an important place in urban planning to provide good conditions for better urban planning. Region 6 of Tehran municipality is home to a large portion of upper-middle social class people for whom owning a house is more than merely a place to live. The aim of the research was to analyze qualitative and quantitative indices for Region 6 of Tehran municipality. The study is based on analytical and descriptive methods. The secondary data collected from the latest Iran census report in 2016 and composite methods used to measure the special effects of changes in population size, growth rate, and indices of quantitative and qualitative assessment are wide-ranging housing which was analyzed based on the t-test, correlation test and regression with SPSS and GIS software. GIS software is used as an effective tool for generating maps to better understanding the behaviors of residents in a neighborhood. The result shows that Region 6 of Tehran is among the areas of serious urban decline and neighborhoods in the neighboring regions are influenced by the activities of other bordering neighborhoods.

The improvement of property price modelling accuracy using property market segmentation approaches is well documented in the housing market. However, that cannot be said of the commercial property market which is adjudged to be volatile, heterogeneous and thinly traded. This study, therefore, determines if the commercial property market in Malaysia is spatially segmented into submarkets and whether accounting for the submarkets improves the accuracy of price modelling. Using a 11,460 shop-offices transaction dataset, the commercial property submarkets are delineated by using submarket binary dummies in the market-wide model and estimating a separate hedonic model for each submarket. The former method improves the model fit and reduces error by 5.6% and 6.5% respectively. The commercial property submarkets are better delineated by estimating a separate hedonic model for each submarket as it improves the model fit by about 7% and reduces models’ error by more than 10%. This study concludes that the Malaysian commercial property market is spatially segmented into submarkets. Modelling the submarkets improves the accuracy and correctness of price modelling.

The analytical part of the article describes the situation after 1990s, when the residential housing stock in most Central and Eastern European countries was privatized, in poor condition, and required costly major repairs at the expense of new owners, which was impossible in terms of finance. In this situation the building maintenance and operation functions are transferred to private or municipal management companies, or remain executed directly by owners’ organizations.

The article examines existing services proposed to customers as residents, not taking account the functions of residents as building co-owners. The authors studied the relevant theories and legislation, comparing the current building maintenance and facility management functions to strategic functions of asset and property management. It was shown that the different interests of consumers and owners should be covered by different functions of professional managers.

The obstacle is that the structure of residential housing management companies mixes them in a dual customer and owner body. This creates contradictions between the aim to minimize customer’s expenses and the need to preserve assets and property.

A conclusion was reached to separate the ownership and property management of houses.

It is important to study and to know the determining factors of the housing purchase business, as this is often the greatest business deal in a family’s life. The purpose of this study is to identify the profile of the Portuguese regarding the determining factors when searching for apartments to acquire. The methodology used is based on a questionnaire that analyzes the determining factors in the choice of apartments to acquire and the sociodemographic profile of Portuguese people looking for an apartment. The sample consisted of 646 individuals who were looking for an apartment in different regions of Continental Portugal. The determining factors in the choice of apartments have quite adequate levels of validity and reliability, and four dimensions are obtained: negative externalities, positive externalities, a business located on the ground floor and rational interest in proximity to public services. Cluster analysis results show the formation of five clusters, classifying individuals into a generic cluster, urban business cluster, urban services cluster, urban citizens cluster and elitist cluster. This study is expected to contribute to increasing scientific knowledge on the topic and to help real estate developers better match their clients’ preferences.

While the use of simple deterministic models to calculate rental value growth (RVGrowth) rate of reversionary freeholds across epochs prior to upward rent review appears illusive, literature evidence of the synthesis between short-cut DCF valuation and Solver tools in a spreadsheet does not constitute an exhaustive list of solutions. This study examined alternative spreadsheet and iteration tools that can determine RVGrowth rate of freehold investment properties across rent review epochs. With recourse to a hypothetical case of a freehold investment property, this experimental study identified the mathematical composition of RVGrowth in an explicit DCF framework, performed short-cut DCF Valuation and equivalent yield calculation at specific epochs prior to and including the full reversion; as well as using Goal Seek to calculate RVGrowth across all epochs prior to- and including the full reversion. Excel^® Solver and Goal Seek, as well as the graphing/root-solving tool in Kyplot^® were found to feasibly produce identical results for RVGrowth rate. This is among the limited studies that identified and researched the veracity of alternative tools for RVGrowth rate iteration. The value of this study is the awareness of alternative analytical tools avail freehold investors who desire knowledge of RVGrowth rate when making purchase-, hold-, and sales decisions.

The housing rental market in Poland is underdeveloped and tilted towards temporary tenants, usually students and immigrants. To explore the flaws in the functioning of this market, we conduct a survey among 315 students from two Polish universities. We find that renting is not only perceived as a more expensive form of satisfying housing needs, but decreases satisfaction from utilizing the occupied house due to non-financial factors. Moreover, the perception of the relative advantages of owning versus renting is, to some extent, affected by flawed economic reasoning. Building on the above results, we discuss what policies could increase the demand for residential rental housing.

Sustainability has been advocated in the housing sector in developing nations but its adoption is hampered with myriads of barriers. This study investigates the critical impediments to sustainable housing delivery.

To achieve this, 18 commonly used barriers in existing literature were selected for investigation in this study. Structured questionnaires were administered to 91 housing developers within metropolitan Lagos, Nigeria and analyzed using both weighted mean and factor analysis.

The ranking and normalization analysis showed that out of these investigated barriers, deficiency in government motivations for sustainable housing, non-existence of sustainability enforcement and the absence of information on the sustainable building technologies database were the topmost three critical challenges to sustainable housing delivery. The factor analysis also showed that the underlying factor groupings of the critical barriers can be classified into technology and cost, knowledge and awareness, policy implementation, client and economic related barriers.

These research findings have added to the sustainable housing literature within the context of Nigeria. They also create a reliable blueprint which would assist all stakeholders in taking the sustainable approach to ameliorate these impediments, thus promoting sustainability attainment in housing delivery.

The paper deals with business valuation in unstable conditions of the external environment. Economic recession and the need for digital transformation is coming to the fore in Russia. As a result of this, the valuation of assets and business acquires additional complexity and issues related to effective risk assessment become relevant. The main objective of this paper is to offer non-traditional methods of risk assessment for business valuation at the moment. The qualitative and quantitative risk analysis will help to improve the quality of the assessment reports of the property in an unstable period. The paper focuses on the non-traditional methods of risk assessment (Monte Carlo method, game theory) which must be used in determining the market value of the object of assessment in the current time. A practical example of using the simulation modeling method is given in detail. Summarizing, the use of the simulation modeling method for calculating the market value of the appraisal object will provide additional (compared to the standard method) information and increase the reliability of the results. Moreover, in the period of the coronavirus pandemic, this paper becomes even more relevant and important, seeing as how uncertainty is becoming inherent in countries around the world. Thus, this study is of value to researchers in the field of economic modeling and appraisers across the globe.