Suchergebnisse

Cover -- EXECUTIVE EDITORIAL BOARD -- Guest editorial -- Liquidity, interest rates and house prices in the euro area: a DSGE analysis -- House price return volatility patterns in Turkey, Istanbul, Ankara and Izmir -- Modeling property bubble dynamics in Greece, Ireland, Portugal and Spain -- The housing market channel of monetary policy transmission in the Euro area -- The sources of house price change: identifying liquidity shocks to the housing market

Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country

The cities of the Pacific Rim are in one of the most dynamic spheres of the global economy. In the twenty first century the focus of global affairs is destined to shift from the West to the East. These cities offer a wide range of different responses to the demands that rapid growth puts on planning and infrastructure : from the laxity that has lead to the urban sprawl of Bangkok to the regulation that is characteristic of Singapore. This book considers the interactive relationships between the operation of the planning system and the role and performance of property development and real e

The adoption of statistical methods of analysis by British valuers has been, at the best, rather piece‐meal. This paper highlights the contrasting application of multiple regression analysis (MRA) within valuation practice in the USA relative to that in the UK and emphasises the need for suitable databases. Historically the valuer in the UK has lacked access to databases. The analyses presented in this paper indicate that, even if databases exist, factors such as statistical variability, heterogeneity, geographical scale and sample size may influence both the explanatory and predictive powers of the MRA model. Nevertheless the estimation of value from the objectivity of the MRA model can assist the valuer by supporting opinion or highlighting circumstances where re‐appraisal is necessary.

The problem of obtaining suitable comparables has been recognised as the principal weakness in the direct comparison method of valuation. This paper utilising a data‐base derived for Northern Ireland highlights the degree of statistical variability that exists in residential property values. It is shown that knowledge of variability can aid the valuer in looking wider for comparables in certain property types while also bringing attention to situations in which spurious comparables are statistically more probable. In conclusion the case is forwarded for a 'pooled' data base in which the level of information available for the valuer could be greatly enhanced.

Urban regeneration has increasingly emphasised long-term policy objectives and public—private partnership arrangements where risk and profits are more equitably distributed between the parties. Similarly, successive governments have endorsed area-based regeneration vehicles with increasing importance placed on enterprise zones, business improvement districts (BIDs), tax incremental finance, and other local asset backed vehicles. Each regeneration vehicle necessitates a clear policy direction and performance measurement of its policy outputs to ensure that funding is targeted at initiatives delivering sustainability impacts. This paper presents a 'market' and 'nonmarket' appraisal of the financial impact of BIDs as an area-based regeneration vehicle. It utilises data from a UK-wide survey to demonstrate the potential of BIDs in generating direct income and indirect investment and how the output capacity of the BID model increases over time. The paper concludes that BIDs have significant leverage potential whilst acting as a key conduit for coordinating wider area-based regeneration.

Outlines the case for the harmonisation of European investment valuation standards. Specific attention focuses upon the national valuation standards within Sweden, The Netherlands, Germany and France with a view to assessing the prospects for uniformly accepted European investment valuation standards. Current practice and perceptions from interviews with 110 valuers are analysed. Educational background and professional training are shown to be influential in decisions upon whether to use national standards, TEGOVA standards or the RICS Red Book. The advent of property performance index series is shown to be a major factor influencing the harmonisation of valuation methods and standards. Conclusions reflect upon the variation between the four countries and the limited progress on the adoption of harmonised standards in Europe.

In recent years there has been a growing debate on price, value and worth, particularly in the UK, but increasingly taking on a European perspective as a result of the Single European Act and subsequent Maastricht Treaty. European integration facilitates cross‐border investment and the globalization of business activities. Consequently, there is increasing pressure on valuers to work towards the development of common investment valuation standards within Europe. Furthermore, there is a need to appraise the investment worth of properties, as well as understand local pricing methods, together with greater transparency of investment valuation methodologies and practices. This paper discusses the theoretical arguments surrounding the valuation standards prevalent in the UK and looks towards the potential for uniformly accepted valuation standards across European Union countries.

This paper utilises cluster analytical techniques to examine the relationship between store space requirements, micro‐style property selection and retail function. Analysis of survey data infers that retail function is the most important dimension in determining retailers' behaviour with respect to store space requirements. Suggests that variation across a range of factors pertinent to the valuation of shop premises cannot be explained by store space requirements. Concludes that application of unit area values derived from the comparison of properties of different size and layout in any assessment of retail rental values is potentially flawed.