房地产市场供给与需求对房价的影响

文章初始估计回归模型并在此基础上对残差多次进行自相关和异方差的检验,最终确定回归方程,该方程体现了房地产市场供给和需求与房地产价格之间的动态关系。研究表明:需求对房地产市场是正的影响,供给对房地产市场是负的影响,而且需求对房地产的影响程度要大于供给的影响。根据以上从房地产市场供给和需求的角度来分析其对房价的影响。

论促进我国房地产市场价格回归理性的策略

目前我国房地场市场价格过高且增长速度过快,已经给社会带来了种种新的矛盾,本文首先列举了部分城市的房价,分析了引起我国房地产市场价格偏离价值的原因,并提出了促进房地场价格回归理性的方法。

我国涉外房地产市场存在的问题及发展对策

涉外房地产市场是指境外资本参与国内房地产的开发、转让、出租、抵押及房屋买卖等经营活动,是随着我国对外开放的不断深入而产生、发展的。 一、目前我国涉外房地产市场的特点 1.利用外资额稳步增长。由于意识到中国的庞大市场已从潜在变为现实,外商投资也纷纷由试探性的变为实质性的。在近几年房地产开发实际完成的投资额中,1992年外资达7亿美元,1993年则大幅增至22.65亿美元,1994年为41.4亿美元,1995年为53亿美元,1996年为62.2亿美元。

Hedonic price analysis of urban housing:An empirical research on Hangzhou,China

The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts: Lancaster’s partiality theory and Rosen’s characteristic market equilibrium analysis. This paper chose 18 characteristics as independent variables and set up a linear hedonic price model for Hangzhou City. The model was tested with 2473 housing samples and field survey data of 290 housing commu-nities. This research found that 14 out of 18 characteristics had significant influence on housing price. They were classified into 5 groups according to their impact degree.

Fair Valuation Issues and the Subprime Mortgage Debacle： Could Generally Accepted Accounting Principles Underlying the Historical Cost Method Have Prevented the Crisis？

There are three primary methodologies employed to determine real estate value in the appraisal industry： the cost approach, the sales approach and the income approach. The definition of market value is defined as： ＂a type of value, stated as an opinion that includes a set of assumptions concerning the market＂. Unfortunately, untrained and unlicensed appraisers provided opinions using primarily the sales approach or market data approach and virtually ignored the other two methodologies. The ensuing game of ＂Can You Top This＂ resulted in creating an out-of-control real estate market driven by unregulated fiduciaries as appraisers.

Study on the roles and acting mechanism of the real estate brokerage in China second-hand housing market

As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.

Mass Valuation and the Implementation Necessity of GIS （Geographic Information System） in Albania

In the last decade, mass valuation system is applied in Albania in addition to individual valuation system for real estate valuation. This system is used for compiling the land value map and apartments value map. Due to the lack of experience in the compilation of these maps, the methodology of valuation is based on the experiences of other countries with similar development of real estate market. The mass assessment, which is applied in determining the values for specific purposes, such as expropriation, compensation and taxes for property transfer through the methodology adopted for this aim, is analyzed in the light of the finding of issues that accompany this application. The aim of this research is to highlight the problems to provide the ways of overcoming them in order to approximate the values of map values with market values. The mass appraisal process requires effective valuation models and proper management of resources. Its accuracy depends upon the extent and quality of property data available. Because of this reason, it is recommended the usage of the GIS （geographic information system）, an automated system for collection and processing of the data necessary for valuation, as the first point of integration between two process of valuation, individual and mass valuation.

The comparison and analysis of real estate operation in China

This paper raises the comparison method of operational stages of the real estate market. In order to select similar operational stages, we established an analysis model by applying fuzzy grade-of-membership clustering in this paper. Firstly, we select the materials information of the real estate market in America, Germany and Japan. Secondly, the real estate markets of America, Germany and Japan are divided into several different stages. Lastly, we apply the method of fuzzy grade-of-membership clustering to select comparable stages. The result of analysis indicates that the real estate market of Japan and Germany (1960-1980) are similar to the market in China.

The urban land use system in China

The obstacles to urban land development caused by Chinese immature land use system are explored. Key features of the dual land use system are analyzed on base of the constructing model of the dual land market in Chinese cities, in which market-based allocation including negotiation, tender and auction conveyance and non-market administrative allocation coexist. Some suggestions for solving the problems are brought forward after illustrating by facts problems existing in Chongqing抯 land market that the administratively allocated land is difficult to be collocated optimally and the black market is harmful to urban land development. In conclusion the land use system reformation is a complicated systems engineering involving interactions among various factors. Government to institute and execute corresponding policies is important to establish a uniform land market system.

Real estate market efficiency: Evidence from Chinese cities

The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.

Interest Rate, Unemployment Rate, and Housing Market in U.S.

The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index （HM1） in the U.S.. We construct vector autoregression （VAR） model with variables such as unemployment rate （UMR）, consumer confidence index （CCI）, the Dow Jones industrial index （DJI）, and interest rate, etc., to forecast the HMI. Our model and analysis show that U.S. HMI very sensitive to unemployment and interest rates. Every 1% moves in unemployment and interest rates will result in HMI to move in the opposite direction by 11.7% and 11.4% respectively. However, changes in CCI and stock mark index have only minor impacts on HMI--0.49% and 0.3%, changes for 1% fluctuation in CCI and DJI. Our research also shows that relationships among these variables associated with housing market are very stable in the long run.

Prices of Apartments in Relation to Noise Level in Poland

Acoustic climate of a given area ought to be a factor of considerable significance in investment processes in an urbanized area, especially in a residential real estate market, due to its extensive influence on the living standards of its inhabitants. In the following article, the authors have given an analysis of the residential market of housing units located in areas of acceptable and excessive noise levels in preselected regions of Poland. With this end in view, an entirely new source of information has been used in the research--an acoustic map which has been defined and applied to produce the outcome of the analysis. It allowed for the recognition of whether or not the noise level influences decisions made by investors existing in a local residential real estate market.

A Need to Innovate the Dutch Building Regulation

In 2008, two governmental committees presented their conclusions on strengthening the role of the private building sector in building control. In 2011, three new studies were commissioned by the government to address perceived problems. One of them was an integral study, executed by ERB （Foundation Expertcentre Regulations in Building）, RIGO （Research Institute for Real Estate） and TNO （Research Institute for Applied Technologies）, to innovate the whole building regulations system. It led to proposals to redefine responsibility and liability for all parties. This study states that by an effort of yearly ￡100 million, unnecessary costs up to ￡l billion can be avoided and a real quality push will take place in the building and real estate markets. The goals to reach are to minimize the administrative burden for the building owner and to enforce the construction industry to build conforming to the regulations. This paper discusses the ERB study and the given proposals. The ERB study demonstrated that a quality push is needed which potential will lead to less costs for building owners. It also shows that proven solutions, part of the regulations, might be of help for all parties involved.

Study of the relationship between average prices of residential properties and selected economic factors in the years 2000-2002 in Szczecin

The article presents the development unemployment and interest rates against the average of important economic variables such as GDP dynamics, transaction prices in one of the local property markets in Poland in the years 2000-2002. The strength, direction and time delay of the relationships between these variables and transaction prices have been considered during the only period of decline in property prices in the years 2000-2002. The specified relationships have been described using linear regression equations.

The Relationship Between the Real Estate Market and the Stock Market and Its Impact on the Strategic Planning Process in the Jordanian Organizations

This study aims at the relationship between the real estate market and Amman Stock Exchange, through the impact of three macroeconomic factors （GDP, inflation rate, and the population growth rate） and another three factors from the microeconomic indicators （interest rate, remittances of Jordanian expatriates, and the loans provided by the Jordanian banks）. The results show that the stock market is more sensitive to the microeconomic indicators than the real estate market, and responds more rapidly than the real estate market for the changes in the microeconomic indicators. The study presents some recommendations for the Jordanian companies who own or manage any investment portfolio to be aware for the existing relationship between the two markets, and to reflect this awareness in their strategic Plans, Particularly in the regression atmosphere that causes by global crisis.

The Empirical Estimation of the Influence of Credit Risk Determinants in Baltic States＇ Banking Sector

There have been investigated empirically the influence of macroeconomic and real estate market variables on the level of non-performing loans in the Baltic States. A secondary goal was to analyze the effect of constant loan portfolio growth on the level of non-performing loans in mentioned countries and to define the type of influence of the variables （i.e., long-term or short-term）. The research indicates that all variables except the growth rate of the real estate market （RRE） have long-term influence on the level of non-performing loans. RRE has short-term influence and variables influence is associated with the development of another variables. The influence of RRE played an important role, but it was not as crucial as it has been previously assumed. If a respective credit risk management is applied, the influence of RRE is to be eliminated. The research results indicate that the most significant reason for the growth of non-performing loans for the Baltic States presented by rapid growth of aggregated loan portfolio and unemployment rate. The increasing influence of rapid loan portfolio growth proves the assumption that banks＇ credit risk management policies underestimated the changes in the macroeconomic variables during the analyzed period. The changes in the real GDP had initial influence on the economic situation deterioration for Baltic States.

A Theoretical Examination of Untaxed Entities and Taxed Entities in the Market for Commercial Real Estate

This paper is a theoretical examination of untaxed and taxed entities that invest in real estate. The standard advice to real estate investors is to avoid using entities that are subject to taxation （such as C corporations） and employ entities that are not subject to taxation （such as limited liability companies, S corporations, and real estate investment trusts） in order to avoid double taxation of income. This paper shows that, in most situations, untaxed entities place a greater value on a given real estate property than a taxed entity does, which implies that taxed entities are at a distinct disadvantage at competing in the market for property. However, this conclusion is reversed if untaxed entities use a large amount of financial leverage compared to taxed entities and the borrowing rate for both is greater than the risk-free rate.

Development of the Urban Periphery and Issues Related to Urban Landscape Due to Gated Communities

Due to the industrialisation and rapid urbanisation after 1950＇s, housing demand has increased together with an insufficient housing production to meet the need in Turkey. As a consequence of the large deficit between the annual housing demand and supply, squatter housing construction was the major means for shelter of low income families who can not have their place in the housing market as buyers. Squatter houses are located either on the peripheries of the cities or mostly outside of the urban boundaries on public land or illegally subdivided land by creating many physical, social and environmental problems. After 1990＇s, depending on the globalisation wind and neo-liberal policies that enriched the new elites who have new life styles, the housing capital focused on these group. After 1999 earthquake in Turkey, the fear of possible earthquake has also changed the housing preference as from the high-rise apartment buildings to the lower detached houses. As a consequence of this supply-demand chain, the private housing investment was directed to the gated communities which are isolated settlements with restricted access, so that public spaces are privatised or their use is prohibited or controlled on the edge of the metropoliten cities. These settlements also have physical and social problems. This paper will analyze the change of urban periphery, location and relation with the natural thresholds and the main transportation system of these settlements of Turkey in the light of literature review and some development plans and interview with real estate developers and users.

Stock Performance of the Property Sector in Malaysia

Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.

The analysis of the influence factors of China＇s real estate prices

The real estate market is an ilnportant part of China＇s socialist market economy. Real estate price xs not only a profound role on the level of consumption of the residents, but a profound role on the steady development of the banking sector-based financial sector. Real estate price have a significant impact not only on the development ofmacroeconomic stability, but on the safety of financial system. Chinese economy is currently on the period of transition from investment and export promotion of economic growth mode to a demand-led growth, it is an important role to China＇s economic growth for sustained and healthy development of real estate market.