306,607 research outputs found

    Differentiation of Real Estate Market in Istanbul between 1995, 2005

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    Due to migration and rapidly increasing urban population settlement in urban land, lacking any planning or infrastructure, in addition to the destruction of the 17th August 1999 earthquake, it is necessary to examine uncertainty of housing demand and supply in Istanbul. After the 17th August earthquake, Istanbul has been adversely affected economically and socially. Significant differentiation in urban housing demand and supply has been observed. In the paper, this differentiation will be scrutinized for the 1995-2005 period before the earthquake, and the period after the earthquake until present. The distribution of real estate agencies will be examined with the help of GIS and the changes in the real estate market with questionnaires. The purpose of the research is to analyse; Housing production in the housing market in Istanbul; Differentiation of housing demand and supply; Distribution of real estate agencies; Differentiation of housing value and land value in neighbourhoods before and after the earthquake. The study provides an insight into the housing and real estate market in Istanbul, results and proposals of which will be presented.

    The real estate industry in the Netherlands

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    The real estate industry in the Netherlands is one of the most sophisticated in Europe. In fact, some Dutch real estate companies are among the most active in the international arena, and are major players in the ongoing integration in European markets. The paper describes the sectors of the real estate industry, i.e. residential and commercial (offices, retail and industrial), social housing policies, and the characteristics of the major companies. Individualized descriptions of listed real estate firms and funds are included, in addition to information on the volume and functioning of the mortgage market. Also included is a detailed bibliography, which could be of interest to academics and practitioners wishing to study real estate industry topics in depth.Real estate; mortgage; investment fund; housing;

    Bypassing the bust: the stability of upstate New York's housing markets during the recession

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    Over the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester, and Syracuse even registering home price increases during the recession. An analysis of upstate housing markets over the most recent residential real estate cycle indicates that the region's relatively low incidence of nonprime mortgages and the better-than-average performance of these loans contributed to this stability.Recessions ; Real estate investment ; Subprime mortgage ; Housing - Finance ; Mortgage loans

    Croatian Accession to the European Union: Facing the Challenges of Negotiations

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    This paper investigates how one particular aspect of the freedom of movement of capital – the right of EU residents to acquire real estate in EU member states – might shape Croatia’s EU accession negotiations and affect its real estate market, the tourism industry and the national economy. It identifies potential benefits and risks of unrestricted foreign investment in Croatian real estate, and attendant dilemmas for economic policies. The main conclusion is that Croatia stands to benefit in the long run from foreign investment in the property sector. However, a gradual approach to the opening-up of the real estate market to non-residents can be justified on a number of grounds. These include inadequate legislation limiting property speculation; potential spillovers of price increases from the market for secondary residences onto the local housing market (of which there is already some evidence); costs of the adjustment in the housing market and construction industry to a sudden large increase in demand for secondary residences; loss of competitiveness in the tourism industry if there should be violations of building regulations and the resulting overdevelopment of coastal areas; and macroeconomic pressures arising from large and sudden capital inflows.Croatian economy, European Union accession negotiations, new member states, free movement of capital, real estate market, housing prices, housing finance, secondary residences, travel and tourism, protection of public coastal domains, local government, capital inflows

    Forecasting Dynamic Investment Timing under the Cyclic Behavior in Real Estate

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    This paper applies the Hodrck-Prescott (HP) filter to forecast short-term residential real estate prices under cyclical movements. We separate the trend component from the cyclical component. We show that each regional residential market reacts not only to previous price movements, but also that these regional markets react to previous shocks under Auto Regressive Integrated Moving Average (ARIMA) modeling. Using the S&P Case-Shiller Home Price Index, we compare our forecast to index values from the Chicago Mercantile Exchange (CME) Housing Futures and Options. Our study identifies possible systematic errors from the different price adjustments reflecting current market situations.Real estate investment; Real estate cycle; residential housing futures contract; Real estate risk hedging

    The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions

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    The paper summarizes the main ideas suggested in OECD-IMF Workshop on Real Estate Price Indexes which was held in Paris, November 6-7, 2006. The paper discusses possible uses and target indexes for real estate price indexes and notes that a major problem is that it is not possible to exactly match the quality of dwelling units over time due to the fact that the housing stock changes in quality due to renovations and depreciation. Four alternative methods for constructing real estate price indexes are discussed: the repeat sales model; the use of assessment information along with property sale information; stratification methods and hedonic methods. The paper notes that the typical hedonic regression method may suffer from specification bias and suggests a way forward. Problems with the user cost method for pricing the services of owner occupied housing are also discussed.Real estate price indexes; housing, index number theory; hedonic regression techniques; repeat sales method; system of national accounts; user costs;

    Reforming land and real estate markets

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    Land and real estate reforms have not been effective at achieving their objectives, in part because of how they have been designed and implemented. To be successful, reforms must become comprehensive in design, argue the authors, although implementation may be phased over time and take local conditions into account. Reform must include three elements: 1) Institutional reforms that better define property rights, reduce information asymmetry, and improve contract enforcement. 2) Capital market reforms that make mortgage finance available at reasonable rates, especially for the poor. 3) Market reforms that reduce or eliminate the main distortions in the prices of goods and services produced by land and real estate assets. In their review of land and real estate reforms supported by the World Bank, the authors find that such reforms receive less attention at the conceptual stage than they should, considering their great impact on poverty, growth, and stability. They base their conclusion on the limited coverage of land and real estate issues in country assistance strategies, the main vehicle for identifying priority areas for reform. Most Bank-supported projects do not address all three elements critical for reform. And most provide no justification for excluding them, and no plan for follow-up. The Bank's Operations Evaluation Department rates Bank-supported land and real estate projects relatively well on outcome and sustainability but not on institutional development. But land and real estate reform is institutional by nature. The authors urge the Bank and policymakers to change course. After a comprehensive assessment of the status of real estate institutions and markets, all actors in this sector should be pulled together to develop a comprehensive approach to land and real estate reform.Banks&Banking Reform,Environmental Economics&Policies,Land and Real Estate Development,Municipal Housing and Land,Real Estate Development,Environmental Economics&Policies,Banks&Banking Reform,Municipal Housing and Land,Land and Real Estate Development,Real Estate Development

    Opening remarks

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    Opening remarks at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002.Housing - Finance ; Housing policy

    Preserving Multifamily Workforce and Affordable Housing

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    Affordable housing units are increasingly lost or at risk of losing government subsidies, and naturally-occurring affordable housing untis are likely to be used to serve higher-income households. This report highlights 16 leading efforts and innovative approaches to preserve affordable housing, including below-market debt funds, private equity vehicles, and real estate investment trusts

    An Analysis of the Strenghts and Weaknesses of the Turkish Real Estate Market

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    Real estate is one of the foremost and traditional investments for Turkish household. In addition to this traditional demand, it has also observed that Turkish real estate market becomes one of the popular investment destination for foreign investors. 2003-2007 period would be accepted as the boom period for Turkish economy in general and real estate sector in specific. Although there are considerable opportunities in the market, both Turkish economy and real estate sector suffer important structural problems. Hence, the objective assesment for the Turkish real estate market requires a costbenefit analysis. In this paper, the author is attempting to reach an objective approach presenting both strong and also weak sides of market. The critical point is current deficiencies of the market may result negative impacts on further development. As a solution, we suggest that Real Estate Regulation and Supervision Agency should be established as a new government agency. To our view, primary expectation of this agency is to issue regulations/standards for real estate brokerage/ marketing/appraisal,and also housing finance to enhance consumer protection, public interest and market efficiency.Turkish real estate market, consumer protection in real estate, real estate appraisal, Real Estate Regulation and Supervision Agency
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