Gambling on Real Estate: Limited Rationality in the Global Economy

1991 ◽  
Vol 34 (4) ◽  
pp. 391-401 ◽  
Author(s):  
John R. Logan
Keyword(s):  
Real Estate ◽  
Global Economy ◽  
Causal Power ◽  
Local Level ◽  
Economic Restructuring ◽  
Interorganizational Network ◽  
Urban Theory ◽  
Real Estate Markets ◽  
Theoretical Approaches ◽  
Development Organizations

Urbanization is taking on a more global character, with increasing scale of development organizations and new linkages between developers and financial institutions. These changes bring into question the way sociologists think about urbanization processes. This paper argues that the reshaping of real estate markets under the influence of global restructuring is not a one-way process, nor is it necessarily rational or functional. One should be skeptical of theoretical approaches from either an ecological or Marxist perspective that attribute autonomous causal power to “globalization” or “economic restructuring.” Deal-making, politics, mistakes, and miscalculations are as essential to the interorganizational network at the global level as at the local level. The challenge for urban theory is not to shift from local to global explanations, but rather to examine how processes at both levels intersect and collide with one another.

Canadian foreign homebuyer taxes may backfire

2016 ◽  
Keyword(s):  
Real Estate ◽  
Foreign Investment ◽  
Global Economy ◽  
Property Tax ◽  
Provincial Government ◽  
Content Type ◽  
Real Estate Markets ◽  
Metro Vancouver ◽  
Local Residents ◽  
International Investors

Subject British Columbia's property tax for foreign homebuyers. Significance The provincial government of British Columbia introduced a 15% tax on foreign buyers of domestic property that came into effect on August 2, in an effort to lower prices in the Metro Vancouver region, with foreign investment widely perceived to be driving unaffordability. Canadian real estate has developed a reputation as a safe asset among international investors seeking to diversify their portfolios and hedge against uncertainty in the global economy. The tax is being studied by other subnational Canadian jurisdictions, such as Toronto, where local residents are priced out of overheated real estate markets. Impacts Governments in Australia, Hong Kong, New Zealand and Singapore are considering or have pursued similar levies. Tax-driven obfuscation of purchase records for real estate may have negative implications for broader global anti-corruption efforts. If the benefits of British Columbia's initiative prove to outweigh the costs, Ontario may consider such a foreign homebuyer tax.

Comparative Analysis of Urban Condition the Residential Market Area with the Use of GIS Tools

2017 ◽  
Author(s):  
Małgorzata Renigier-Biłozor ◽  
Andrzej Biłozor
Keyword(s):  
Comparative Analysis ◽  
Real Estate ◽  
Global Economy ◽  
Complex Nature ◽  
Market Area ◽  
Investment Planning ◽  
Real Estate Markets ◽  
Gis Tools ◽  
The Social ◽  
Residential Market

Analysis of the significance of structural and spatial similarities aims to identify homogeneous categories of real estate markets on the basis of the urban features of the area. Real estate markets play an increasingly important role in the global economy and investment, which is why the reliable view of residential market area became an essential tool in the process of investment planning. The positions of particular cities that will be developed by themselves according to established criteria can be crucial when choosing an investment location, and can affect the range of influence of the central site for the entire region. The aim of the research is to conduct the comparative analysis of the condition of residential market area in relation to their urban features. The social, spatial, economic and residential factors will be analysed taking into consideration their exogenous structure. The assessments of coherence and diversification of esidential markets similarities in terms of their mutual location will be shown in the article. The developed methodology will be presented on the example of the largest residential markets centers in Poland. Due to the dynamic and complex nature of the information related to real estate (in various residential regions), and increase the objectivity of the results, the assumptions of data mining analysis and GiS tools will be used.

scholarly journals Real Estate Markets and Lending: Does Local Growth Fuel Risk?

2021 ◽  
Author(s):  
Maximilian Zurek
Keyword(s):  
Real Estate ◽  
Local Level ◽  
Portfolio Risk ◽  
Real Estate Markets ◽  
Savings Banks ◽  
Price Growth ◽  
Real Estate Prices ◽  
Using Data ◽  
Credit Portfolio ◽  
Economic Forecasts

AbstractReal estate price growth affects credit risk for several reasons: it provides input for economic forecasts as it’s closely tied to economic growth; when used as collateral by banks, rising real estate prices may decrease both expected and actual losses; and banks may become less risk averse in lending practices in the presence of rising property prices. Therefore, we analyze these effects on loan portfolios’ estimated and realized risks on a local level. Using data of 390 German savings banks, however, we find that real estate prices have little or no impact on savings banks’ credit portfolio risk or risk precautions.

scholarly journals Novos produtos imobiliários e reestruturação urbana

Finisterra ◽  
2012 ◽  
Vol 29 (57) ◽  
Author(s):  
Teresa Barata Salgueiro
Keyword(s):  
Real Estate ◽  
Urban Landscape ◽  
New Products ◽  
Urban Restructuring ◽  
Economic Changes ◽  
Real Estate Markets ◽  
The Real Estate ◽  
Theoretical Approaches ◽  
Wide Scale

REAL ESTATE NEW PRODUCTS AND URBAN RESTRUCTURING - In the first part of the paper we present the new products of Lisbon urban landscape (luxury housing and office buildings). We point out that the new buildings break the traditional form of the city production in several ways, from their scale to the use and the location pattern they present. Besides, they also contribute to the creation of new centralities in the urban space.In the second part we try to understand the new trends identified. After reviewing the main theoretical approaches to the process of urban transformation, we look at the economic changes more relevant to explain the recent development of a busy market for office space and high standing housing that woks in a world-wide scale. They seem to be the tertiarization trend and the new role of estate investment in capital valuation combined with increased facilities in the circulation of the capital. We finish with the question of the position of the cities under this internationalization of the real estate markets.

scholarly journals The Complex Neural Network Model for Mass Appraisal and Scenario Forecasting of the Urban Real Estate Market Value That Adapts Itself to Space and Time

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-17
Author(s):  
Leonid N. Yasnitsky ◽  
Vitaly L. Yasnitsky ◽  
Aleksander O. Alekseev
Keyword(s):  
Neural Network ◽  
Real Estate ◽  
Global Economy ◽  
Dynamic Models ◽  
Real Estate Market ◽  
Complex Model ◽  
Economic Situation ◽  
Neural Network Models ◽  
Real Estate Markets ◽  
Operational Characteristics

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and need frequent updates. In addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes.

Digitalization Real Estate on American Real Estate Society 2018: A Dramatic and Irreversible Shift in Real Estate Systems

2019 ◽  
Vol 10 (5) ◽  
pp. 380-386
Author(s):  
Jan Veuger ◽  
Keyword(s):  
Real Estate ◽  
Capital Flows ◽  
Global Economy ◽  
Real Estate Market ◽  
Educational Models ◽  
Annual Congress ◽  
Real Estate Education ◽  
Demographic Effects

The 34th annual congress of April 10-14 this year took place in Bonita Springs (Florida) where the professionals in real-estate education and research discussed six themes: global economy and capital flows, real estate market cycles, demographic effects, future-proof real estate, disruption in technology and future educational models.

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