File Name: journal of property valuation and investment .zip
- The Reliability of Fair Value in Investment Property. a study on Swedish real estate companies
- Journal of Property Valuation and Investment Transport investment and house prices John Henneberry
- The Global Determinants of Direct Office Real Estate Returns
The Reliability of Fair Value in Investment Property. a study on Swedish real estate companies
So, R. Tse, S. Chau, F. Ng, ,"The effects of improvement in public transportation capacity on residential price gradient in Hong Kong", Journal of Property Valuation and Investment, Vol. Please visit www. About Emerald www. The company manages a portfolio of more than journals and over 2, books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services. Urban transport systems influence both property features.
Accessibility is a key aspect of location. Physical accessibility is determined by the time and cost of travel to other locations. It depends on the presence, efficiency and effectiveness of transport modes. Value changes, when substantial enough, will trigger property investment and development decisions, resulting in intensification or change in land use.
Thus the property market acts as the conduit through which the economic and social impacts of changes in accessibility are transmitted to the built environment. The linkages between accessibility, property values and land use patterns preoccupied early theorists. Travel costs, it was suggested, were traded-off against rents Alonso, and population densities Muth, , from the CBD to the suburbs of a monocentric city.
This model may have been a valid approximation of city structure earlier this century but it has had decreasing applicability since then Yeates, The CBD has declined as the predominant location of employment and services in the modern city. Peripheral centres of activity have grown.
Trips are made for employment and for a range of consumption purposes. Accessibility has become a more complicated phenomenon requiring more complex treatment Snow and Steinnes, Within this context, there is strong historical evidence illustrating the importance of transport infrastructure in shaping the pattern of urban development see, for example, Knight, and Knight and Trygg, Victorian railway building produced substantial land value increases and subsequent residential, industrial and commercial development Kellet, But diminishing returns to transport infrastructure investment soon set in: This publication is based on a research programme funded by the Economic and Social Research Council Ref.
Opinions expressed do not necessarily Press, reflect those held by the funding bodies. In areas already supplied with a number of transit lines, addition of another one will have only Transport a mild stimulative effect compared with the effect it would have in an area not already supplied with transit Damm et al.
Such modes must compete with existing transport facilities for users and are imposed on urban built environments whose form was influenced by the earlier transport systems. The Supertram routes and stops were planned to link areas of current activity in the city and follow existing transport — primarily road — corridors.
It represents a major investment in new transport infrastructure and offers a significant opportunity to examine the links between transport and property values in a mature urban economy. Changes in accessibility induced by new transport infrastructure are not the only influence on property values.
Long-run social, technological and economic trends can change fundamentally the physical and locational attributes necessary to the efficient and effective functioning of accommodated activities.
Their effect on property values will be equally profound. That is, limitations on the effective demand for given property types are imposed by the financial performance of actual or potential occupiers. Such influences on value typically predominate. The identification of the discrete impact on property values of a particular investment in new transport infrastructure is, therefore, problematic.
Hedonic analysis Hedonic analysis can be used to attack this problem. It is a well-established technique which lends itself to the identification of the influence on price of one factor among many. Property is conceptualised as a bundle of individual attributes each of which contributes to the full enjoyment of the accommodation. It follows, therefore, that the price paid for a particular property is the sum of the implicit prices that the market ascribes to the various attributes contained in the bundle Rosen, With information on the prices of properties and their varying attributes, it is possible to derive through analysis the implicit equilibrium market price — the hedonic price — of each attribute.
More formally, suppose a property is composed of n attributes, z1 … zn. Empirically, the exercise involves obtaining information on the theoretical variables that enable estimation of the hedonic equation. These are price measures, P Zk , and the corresponding descriptors of the various attributes, the zis for the kth property.
Note that m is the total number of properties in the sample and n is the number of attributes included for each property. Equation 3 is a general equation for linear and non- linear representations of 1 , so the zis could be mathematically transformed versions of the empirical data. Previous studies of transport investment and property values Property is an archetypical differentiated product. Its price structure has been much subjected to hedonic analysis.
The use of the technique to examine the relationship between transport investment — particularly in non-highway infrastructure — and property values is not uncommon. A review of experience in the field was undertaken to assist in the research design. Work by Bajic , Cervero , Damm et al. The character and quality of the data which underpinned the hedonic analyses varied markedly.
To give an indication: So et al. Washington Metro R2s from 0. Manchester Metro Link R2 of 0. Some studies identified negative externalities arising from pollution and congestion affecting the immediate vicinity of transport infrastructure. These either reduced positive price effects Laakso, or, where such effects were negligible, acted to reduce house prices Cervero, These points raise significant issues for the study of the relationship between transport investment and property values.
On the one hand, the relationship is city-specific. On the other hand, the character and quality of the detailed analyses adopted in the reviewed research vary widely. The results of completed studies can be used to inform and guide subsequent research. However, their applicability to other urban areas will be limited by the differences in context and approach.
As the number of studies increases, so will our ability to assess possible impacts of new transport infrastructure on house prices. The South Yorkshire Supertram and the structure of house prices in Sheffield Overall approach Supertram is a light rail system. The bulk of its mileage consists of a single line linking the north-west and south-east of a single sub-regional urban centre. It will not offer particularly significant gains in accessibility to the population it serves. Therefore, little effect on house prices should be expected.
Conversely, it is a new mode of transport, employing new technology, so it may be more influential for these reasons. Parsimony was therefore sought from the estimation of the equations without undue loss of explanatory power.
These opposing influences resulted in a focus on a comparative approach utilising a large set of easily accessible basic data which were cheap to acquire. Before and after Supertram analyses of the whole of the Sheffield housing market were conducted.
This enables the scale of any anticipatory price shifts — hypothesised by Laakso and identified by Damm et al. Data and variables Table I describes the data set used in the Supertram study. Information on house prices is considered first. There are several measures of P Z. Transaction prices, values based on valuations by professional valuers and advertised asking prices are examples. Each measure has its particular advantages and disadvantages.
Overwhelmingly, previous studies have used transaction prices see above. If sufficient data are to be assembled then transaction prices spanning significant periods have to be used. Typically, deflaters are employed to express prices in constant terms. Estate agents publish asking prices of properties which they are contracted to sell in the open market.
These asking prices tend to differ from subsequently achieved transaction prices. Cheshire and Sheppard , for example, found a mean divergence of 5 per cent between asking and actual prices for houses in their study areas in Because the analysis was cross-sectional, no indication was given as to whether the difference between asking and actual prices differs over time with changes in housing market conditions. Asking prices ASKPRICE were used in this study, as they have been elsewhere see, for example, Cheshire and Shepherd, because, despite the shortcoming noted above, they offer compensating advantages.
The asking prices of the houses offered for sale by all the estate agents in Sheffield are published monthly C. Business Services. The same source also gives the main physical characteristics and address of each house see below.
The large volume of potential transactions involved in an urban housing market the size of Sheffield means that advertised prices for one month can be used as a proxy measure of P Z. This obviates the need to apply a price deflater to the data supporting the individual hedonic analyses. Data relating to 1, houses for April , 1, for April and 1, for April were obtained.
Journal of Property Valuation and Investment Transport investment and house prices John Henneberry
Category: Built Environment. This paper considers the impact of the recent minimum funding legislation on UK Pension Funds and how this may change the way in which property investment is regarded. Commercial property is regarded by many as functioning in a relatively inefficient market, so that opportunities exist to earn abnormal gains through the exploitation of…. This is…. The potential application of data mining techniques in the extraction of information from property data sets is discussed. Particular interest is focused upon neural…. This work shows that it is possible to link various economic and property attributes to the value of a commercial property over time in a particular market, and arrive at….
We investigate the determinants of direct office real estate returns by analyzing rents, capital appraisals, and total returns. A recently compiled global database of major cities in Asia, Europe, and the United States provides a unique opportunity to give a macro-view on the effects of economic growth and supply and demand factors on nominal real estate returns. The global database provides quarterly observations from to To address the smoothness problem of appraisal-based price data and regulated rents, we employ the Generalized Method of Moments to estimate a dynamic panel-data model. The model allows us to combine the cross-sectional and time-series dimension in our quarterly data. We find that gross domestic product, inflation, unemployment, vacancy rate, and the available stock all have an effect on real estate returns.
The Global Determinants of Direct Office Real Estate Returns
Category: Built Environment. States that the issue of contamination can have a substantial impact on land and property values. Notes an increasing interest in valuation of publicly owned real estate, and also controversy about the relevance of different concepts of value, especially for special…. Focuses on the effect of both proximity and size of shopping centres on surrounding residential property values, using hedonic modelling.
Category: Built Environment. The comparative method of valuation is based on valuers interpreting prices agreed in the open market to arrive at an opinion of value. This requires the consideration of….
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Management of capital assets by local governments: an assessment and benchmarking survey
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Разумеется, не единственный. Но сегодня в шесть часов утра события стали разворачиваться стремительно. Дэвид говорит по-испански, он умен, ему можно доверять, к тому же я подумал, что оказываю ему услугу. - Услугу? - бурно отреагировала Сьюзан.
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