| 1. |
- Andersson, R., et al.
(författare)
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How can regional differences in the risk-of-foreclosure be explained? : Evidence from Swedish single family housing markets
- 2008
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 25:3, s. 179-202
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Tidskriftsartikel (refereegranskat)abstract
- In Sweden, quite large differences in the risk-of-foreclosure for single-family housing exist between regions. The aim of this paper is to explain such differences, using data on foreclosures for all Swedish regions. In an option-based model, the risk-of-foreclosure is a function of such things as housing prices and incomes, as well as interest rate and housing price volatility. Instead of using housing prices and incomes to explain the risk of foreclosure, we use explaining variables in the labor market model. The main results indicate that the option-based model explains the variation in foreclosure rates. Specifically, interest rate - together with price volatility, price changes, price and rent level, income, and employment - explains around one-third of the total regional variation. Our extended option-based model explains slightly more. Specialization within the industrial sector seems to have a positive effect on foreclosure risk in that it, together with the educational level of the workforce, reduces the risk. Specifically, mortgage lenders and banks can reduce their risk by concentrating their business on dense regions with a high degree of employment within the manufacturing industry and with a higher educational level of the workforce.
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| 2. |
- Bellman, Lina, 1971-
(författare)
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High-impact information types on market value : Property appraisers’ information sources and assessment confidence
- 2018
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 35:2, s. 139-163
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Tidskriftsartikel (refereegranskat)abstract
- This explanatory paper describes and analyses which types of information professional property appraisers perceive to have the most impact on a commercial property’s estimated market value, which information sources they primarily use, and how reliable they perceive the information sources to be. The paper also investigates whether appraisers’ perceptions differ depending on the location of the business. A sample of 67 authorised property appraisers in Sweden was surveyed using the repertory grid technique as a questionnaire tool (to investigate unconscious behaviour), and non-parametric statistics. Analyses of the data show that four types of information have the greatest impact on estimated market value: the local environment and location are perceived as reliable, and property appraisers have confidence in those assessments; rental income seems problematic, because the property owner is the major source of information; and property appraisers are not confident in assessments based on discount rates. This pattern holds for various geographical locations.High-impact information types on market value: Property appraisers’ information sources and assessment confidence
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| 3. |
- Clapham, Eric
(författare)
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Leases with Upward Only Characteristics
- 2004
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Ingår i: Journal of Property Research. - : Taylor & Francis (Routledge): SSH Titles. - 1466-4453 .- 0959-9916. ; 21:1, s. 31-49
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- This paper considers a class of leases with indexed rents subject to a floor. Such leases have an upward-only flavour to them, although not in exactly the same sense as in the traditional upward-only institutional lease. After deriving a general result, three empirically important cases are considered: a modified upward-only lease, the Swedish standard contract for commercial leases and the percentage lease. Analytical results and numerical examples are used to illustrate how the leases relate to other contract types.
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| 4. |
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| 5. |
- Mandell, Svante, 1970-
(författare)
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Local Property Taxes and Moral Hazard
- 2003
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Ingår i: Journal of Property Research. - 0959-9916 .- 1466-4453. ; 20:2, s. 157-172
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Tidskriftsartikel (refereegranskat)
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| 6. |
- Netzell, Olof
(författare)
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A study of micro-level variation in appraisal-based capitalisation rates
- 2009
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 26:3, s. 235-263
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores how appraisal-based going-in and exit capitalisation (cap) rates vary on the micro-level, i.e. how they differ from property to property. The studied database consists of 3022 discounted cash flow market valuations of office properties in Stockholm, Gothenburg and Malmö during 1998-2004. The purpose of the paper is to test the 'rationality' of Swedish office property valuations. By rationality is meant the extent to which appraisals, in particular appraisal cap rates, follow from economic theory. This is an important issue since commercial property markets rely heavily on valuations. Cap rates are regressed on characteristics of the property, other valuer assumptions regarding the property (i.e. the property's market rent) and variables that capture broad time series variation in cap rates. For the most part the studied appraisals follow the expected pattern. They do not exhibit major evidence of irrationality in the above mentioned sense though some of the findings point to the need for further research.
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| 7. |
- Netzell, Olof, 1974-
(författare)
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The effect of accessibility on retail rents : testing integration value as a measure of geographic location
- 2013
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 30:1, s. 1-23
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Tidskriftsartikel (refereegranskat)abstract
- This article investigates cross-sectional variation in retail rents on the micro level, i.e. differences in rent for shops on street X compared to shops on street Y. Retail rents from the inner city of Stockholm are analysed. Free standing shops dominate the database (i.e. not located in malls). Differences in rent across locations is modelled with distance to the city centre, distance to sub-centres within inner city Stockholm, city part dummies and so-called integration values. Integration values have shown a strong correlation to pedestrian and other types of traffic. Loosely speaking, the integration value for a particular location in an urban area is the average number of turns a pedestrian must make to reach other locations in the city. In this study it is interpreted as a measure of accessibility. It is hypothesised that locations with high (low) integration values typically have high (low) retail rent. Integration values are found to complement the traditional location measures distance to city centre/sub-centres and city part dummies. Integration values can be calculated for urban areas that have not yet been built. They may, thus, be useful in the planning of new urban areas and for predicting retail rents.
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| 8. |
- Psilander, Kurt
(författare)
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Niching in residential development
- 2004
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 21:2, s. 161-185
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Tidskriftsartikel (refereegranskat)abstract
- The Schumpeterian process of creative destruction creates winners and destroys losers, but when it is only destructive, it loses winners. Knowledge-based information technology brings new dimensions to this process. New technology makes possible the development of complex products that exhibit an almost infinite variety of forms. Consequently, actors confront each other in a non-transparent, mostly unknown and fundamentally uncertain market. They are forced to respond to unpredictable conditions of competition. Entrepreneurs have to design and realize their projects as business experiments and test them in the market. I use the theory of the Experimentally Organized Economy and of Competence Blocs to study the presence or absence of a particular entrepreneur: the developer in the residential building industry. Based on that theory I show that to succeed the developer has to achieve a very precise niching of his product and an almost perfect matching with a selected consumer group. I then compare the vision of this entrepreneurial competence to achieve such a matching with the observable characteristics of the outsourced entrepreneur/developer in the USA. I have noted in particular that the developer uses extensive outsourcing combined with strict control of the entire realization process from early vision to final delivery to consumers. Efficient niching often means best consumer satisfaction and absence in the local market of standardized volume builders. Since this is essentially a new way of looking at things within residential development, I use mostly deductive analysis in my presentation.
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| 9. |
- Shi, Song, et al.
(författare)
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Competitive advantages and the proximity of investment : evidence from Hong Kong-listed real estate development firms in Mainland China
- 2023
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 41:1, s. 1-22
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the investment behaviour of Hong Kong-based real estate firms in Mainland China. Using a sample of individual land transactions, we find that firms with higher value of growth options, as perceived in the capital market, are more likely to invest actively and further away from their home base. However, over time, Hong Kong developers tend to decrease their level of activity in Mainland China, indicating that the ‘liability of foreignness’ becomes a significant challenge. Our findings highlight the importance of balancing strategic expansion with the inherent risks of operating in distant emerging markets.
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| 10. |
- Song, Han-Suck, 1968-, et al.
(författare)
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Improved price index for condominiums
- 2010
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Ingår i: Journal of Property Research. - : Taylor & Francis. - 0959-9916 .- 1466-4453. ; 27:1, s. 39-60
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Tidskriftsartikel (refereegranskat)abstract
- This paper proposes a hedonic apartment price index construction method that can increase the quality of price index data for condominiums in Sweden. Currently, the public condominium price index that different actors usually refer to is based on mean and median prices per square metre. With access to a unique database with the most recent transactions data from real estate agents firms, I estimate alternative hedonic price indexes, and compare them both with each other, as well as with arithmetic mean and median price indexes.
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