Real estate market activity in Slovenia in 2000-2006

This paper examines a particular aspect of Slovenian real estate market that is still developing -real estate market activity. Only two decades ago, Slovenia still had a socialist, planned economy, so there is a lack of tradition in the fields of both the real estate market and analysis of that market. The former only started to develop with the transition to the market-oriented economy in the beginning of the 1990s. Significant progress was observed in the second half of the 1990s, due to the favourable economic development of the country. In our research, we focused on the real estate market development in the 2000-2006 period, which was marked by major changes in legislation and other institutional backgrounds, directly or indirectly referring to the field of real estate and real property. The development of the real estate market in Slovenia was examined for a given period on the basis of the available market data, which have been acquired from the Tax Administration of the Republic of Slovenia; the real estate market activity development is analysed by statistical regions and types of real estate. The results show general developments in the Slovenian real estate market for the given period and, in particular, the influence of institutional and legal factors on real estate market activity

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

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

Some Time Serial Properties of the Swedish Real Estate Stock Market, 1939-1998

This paper investigates the information in monthly nominal Swedish real estate stock market returns from 1939-1998. Thus we test the weak form efficient market hypothesis. Our results contradict previous findings from the general Swedish stock market as we find very little evidence of seasonal effects and time varying volatility. Further we find no evidence of mean reversion in the real estate stock market. The overall conclusion is that the nominal real estate stock market returns follow a random walk. Our result suggests in context of previous studies that the irregularities found in the Swedish stock market originate from other industries.real estate; real estate stocks; market efficiency; seasonal effects; mean reversion

Analysing Uk Real Estate Market Forecast Disagreement

Given the significance of forecasting in real estate investment decisions, this paper investigates forecast uncertainty and disagreement in real estate market forecasts.  Using the Investment Property Forum (IPF) quarterly survey amongst UK independent real estate forecasters, these real estate forecasts are compared with actual real estate performance to assess a number of real estate forecasting issues in the UK over 1999-2004, including real estate forecast error, bias and consensus. The results suggest that real estate forecasts are biased, less volatile compared to market returns and inefficient in that forecast errors tend to persist.    The strongest finding is that real estate forecasters display the characteristics associated with a consensus indicating herding.Real Estate Forecasting, Forecast Accuracy, Forecast Disagreement, Consensus.

An evaluation of the performance of UK real estate forecasters

Given the significance of forecasting in real estate investment decisions, this paper investigates forecast uncertainty and disagreement in real estate market forecasts. It compares the performance of real estate forecasters with non-real estate forecasters. Using the Investment Property Forum (IPF) quarterly survey amongst UK independent real estate forecasters and a similar survey of macro-economic and capital market forecasters, these forecasts are compared with actual performance to assess a number of forecasting issues in the UK over 1999-2004, including forecast error, bias and consensus. The results suggest that both groups are biased, less volatile compared to market returns and inefficient in that forecast errors tend to persist. The strongest finding is that forecasters display the characteristics associated with a consensus indicating herding

Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis

This paper studies the connection between the capital market and the real estate market. Empirically, we find that positive real house price shocks lower the external finance premium and stimulate nonresidential investment and real GDP. Our theoretical framework is able to mimic the volatility of the external finance premium, the relative price of real estate and capital, and the investment in real estate and capital. It also captures the cyclicality of the external finance premium and of real estate prices. The contribution of real estate price fluctuations to the variability of the external finance premium and the GDP is confirmed to be significant.External Finance Premium, Residential and Corporate Real Estate, Capital Market Imperfections, Equilibrium Default, Real Estate Price Volatility.

Real Estate Market Efficiency: A Survey of Literature

In this paper, we discuss the question whether or not the real estate market is efficient. We define market efficiency and the efficient market hypothesis as it had been developed in the literature on financial markets. Then, we discuss the empirical evidence that exists concerning the efficiency or inefficiency of financial markets, usually seen as the reference markets as far as market efficiency is concerned. In a separate section, we turn to the real estate market. There, we define the real estate market and discuss various aspects that are decisive for the efficiency of that market. As it turns out, the result found in the literature is inconclusive. Majority of studies provide evidence supporting inefficiency of the real estate market while several studies maintain the notion of real estate market efficiency.

Information Systems-based Real Estate Macrocontrol Systems

With the continuous increase of marketization and normalization in the Chinese real estate market, the market mechanism now plays an important role in market regulation. The existing macro-control system for the real estate market, however, appears to lack the ability to regulate it. Thus, an effective and efficient information-oriented tool is needed to guide the development of China’s real estate market. The research reported herein constructs a new macro-control system for this market that is based on information systems, specifically, a real estate warning system, a confidence index system, and a simulation system. This paper first presents the framework of the new information systems-based macro-control system, and its functions are analyzed. The methods of constructing the system are then discussed. Based on these methods, the index systems of the respective information systems are established, and the main models are presented. Finally, a case study that is based on survey data from the Shenzhen real estate market is described to demonstrate the applicability of the new macrocontrol system.Real estate; Macro-control system; Warning system; Confidence index; System simulation

Hedging Effectiveness of Total Returns Swaps: Application to the Japanese Market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability.

REAL ESTATE PROFESSIONALS AND THE IMMOVABLE PROPERTY MARKET IN ALBANIA

The experience of other Eastern and Central European countries would suggest that in Albania, as the market for real property develops, there should also be developments in services that support real property transactions. A competitive and transparent market is usually facilitated by the presence of real estate professionals who bring buyers and sellers together to maximize the opportunities of both. These specialists work primarily through the collection and management of market information relating to real estate and profit through the administration of the process of submitting offers, acceptances, and contracts of sale. The appearance of such real estate professionals began in Albania in 1991, immediately following legal reforms allowing individuals and groups of individuals in society to own real property. This report examines the development of the real estate profession in Albania from 1991 to 1996 and is based on interviews and meetings with representatives of the key actors in any real property market: realtors, builders, urban planners, architects, lawyers and notaries, appraisers, and construction companies. The study was sponsored by the Land Market Development Project for the combined purpose of (a) providing insight on the evolution of Albania's urban real property market prior to full implementation of the Immovable Property Registration System and (b) assisting with the establishment of an Association of Real Estate Professionals, which could improve the professional expertise of realtors and encourage nongovernmental legal and policy research relating to real estate market development.Real estate business--Albania, Real estate development--Albania, Land markets--Albania, Land Economics/Use,