The sustainable urban real estate agenda: there is more to it than the "green" thing -- Economic sustainability considerations in a local real estate context (with post-bubble hindsight) -- Assessment criteria for sustainable local price development -- Some diagnostic issues -- Quasi-dynamic som analysis of affordability in Trondheim 1993-2008 -- Quasi-dynamic SOM-LVQ analysis of quality in Amsterdam 1986-2002 -- Sustainability of urban renewal areas: cases of Budapest and Amsterdam -- Concluding discussion: identifiable socioeconomic sustainability elements in a real estate context
Sustainable development is defined in environmental, social and economic terms. In the post-socialist countries the sustainability of urban property developments has experienced various destinies amid changing institutional circumstances. Since the regime changes of 1990 the tendency of the land use and real estate economy in Hungary has been an extreme variant of neoliberal, opportunistic and large-scale developments together with project planning. As a result of this, urban regeneration in metropolitan Budapest is almost exclusively based on private investment, with the possible exception of 'mega-projects' where government has an interest in securing the provision of infrastructure. In this contribution, first the proposition of flexible and context dependent government intervention in the property development is outlined. After that a description of urban regeneration and other property development in the Budapest region is provided. A brief review of comparable post-socialist cities is also provided. The paper concludes with an evaluation of sustainability and a critical comment on the state of affairs in this context. Santrauka Darni plėtra apibrėžiama aplinkosaugos, socialiniais ir ekonominiais aspektais. Kintant institucinėms aplinkybėms, miestų NT plėtros darna posocialistinėse šalyse buvo įvairi. 1990 m. pasikeitus režimui Vengrijoje, žemės naudojimas ir NT ekonomika paprastai buvo kraštutinis neoliberalaus, oportunistiško ir plataus masto plėtros bei projektų planavimo variantas. Dėl to miesto atnaujinimas Budapešto priemiesčiuose beveik išskirtinai remiasi privačiomis investicijomis, galbūt išskyrus ,,stambius projektus", kai vyriausybė suinteresuota užtikrinti aprūpinimą infrastrūktua. Šiame darbe pirmiausia pasiūloma, kaip lanksčiai ir atsižvelgdama į kontekstą vryriausybė turi prisidėti prie NT vystymo. Pateikiamas miesto atnaujinimo ir kitokio NT vystymo aprašymas Budapešto apylinkėse, trumpai apžvelgiami panašūs posocialistiniai miestai. Darbas baigiamas darnos įvertinimu ir kritiniu komentaru apie padėtį šiame kontekste.
Whenever real estate investments are considered in a more sustainable development framework, the issue is about finding the appropriate criteria of physical, social and economic sustainability. While this topic has business and social policy relevance, academic work on defining the relevant indicators is yet speculative, due to a shortage of standard definitions and relevant data. The general concept of economic sustainability of the property market comprises a variety of more particular measures. In order to design a valid methodology for assessment purposes, in this study a property value stability trend is determined for specific residential areas. This indicator is composed of property sales prices and the quality level of the existing stock in a given area. The findings from a selected demonstration of the development of price‐to‐quality ratios in an urban context have implications for further research as well as for practice. Santruka Intensyvejant pasaulines klimato kaitos darbotvarkei, investicijos i nekilnojamaji turta daugelyje miesto teritoriju jau traktuojamos atsižvelgiant i darnesne pletros sistema. Keliamas klausimas del fizines, socialines ir ekonomines investiciju darnos. Galimybe statyti naujus pastatus arba atnaujinti senus, šios veiklos igyvendinimo galimybes ir būtinybe priklauso nuo miesto rajono ir nuo paties miesto pobūdžio, nuo institucines sarangos ten, kur investuojama. Be to, svarbi būstuose gyvenančiu žmoniu gyvenimo kokybe ir ju kasdiene gyvenamoji aplinka. Nors ši tema aktuali verslui ir socialinei politikai, mokslinis darbas nustatant aktualius ekonominius, fizinius ir socialinius vertinimo kriterijus tebera spekuliatyvus, kai trūksta standartiniu apibrežimu ir reikiamu duomenu. Šiame straipsnyje aptariami keli būdingi klausimai ir siūlomos kelios perspektyvios veiklos kryptys su netiesioginiais siūlymais kurti tyrimu metodika, taip pat praktines kryptys. First Published Online: 09 Jun 2011
It is well‐known from the literature that locational externalities influence the price formation of residential property. This effect is usually studied empirically with the hedonic price models, by including various neighbourhood and proximity variables in the model. These regression based techniques have, however, been criticised for a number of reasons. The arguments pertain partly to technical issues such as model flexibility, functional discontinuity and nonlinearity, and data quality, and partly to more fundamental problems regarding the nature of the value formation process. The criticism has attracted experiments with new modelling approaches, each of which adds something substantial to the hedonic approach. The study comprises two parts: it first highlights the rationale behind each broad approach composed of specific modelling techniques currently available, and then demonstrates an improvement of the demand side analysis by applying the analytic hierarchy process. This method enables quantification of qualitative expert judgements, and may lead to conclusions that go beyond the purely economic value framework.
In: Kauko , T J 2017 , ' Evaluation of urban regeneration areas using target group analysis : an update of the situation in Budapest districts IX and VIII ' Urbanism Arhitectura Constructii , vol 8 , no. 2 , pp. 107-118 .
This paper continues prior work with the aim of evaluating the success of urban regeneration areas based on changes in property prices when compared with changes in quality. The main idea is to distinguish between cases where price is affected, either negatively or positively, by a government intervention in a situation when the price trend is confirmed to be caused by scarcity (or abundance), quality improvement (reduction) or something more oriented towards changes in the relevant institutional circumstances. The evidence comprises price and neighbourhood quality changes in residential areas undergoing urban regeneration, based on target vs. comparative group analysis and site visits in downtown Budapest (Hungary). The findings add detail to the corresponding results from the prior study where price developments rather neatly could be related to either scarcity or quality upgrade. However, the present study only partially shows same results. As the data and methods are the same, the reasons have to be related to a change in urban and neighbourhood change processes taking place in the area of study. Another issue is that the price development in this study has covered an economic downturn in property prices caused by the global financial crisis, which generates further research questions.
Urban sustainability has become a political and social agenda of global significance, of which real estate is an integral dimension. Sustainable urban development includes much more than 'green building' standards, yet in practice, other aspects such land use plans and locations are often overlooked. This book demonstrates that the issue of sustainable development stretches far beyond the hitherto dominating agenda based on 'green' (i.e. environmentally and ecologically sustainable) buildings. In doing so, it presents a novel framework based on the concept of economic sustainability of real estate locations, drawing connections with the global financial crisis and housing price bubble discourse. It argues for the need to better integrate social, cultural and economic dimensions into the real estate sustainability agenda. It also explores the role of location, and especially the image aspect therein. Trends in consumer choice are important to the way these dimensions are appreciated in decisions about investment, development, valuation and other activities of the production, consumption and governance of the built environment. This book will be of interest to private and public sector practitioners of real estate valuation as well as scholars of urban studies, geography, economics, urban planning and environmental studies.
