International Journal of Sustainable Real Estate and Construction Economics
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International Journal of Sustainable Real Estate and Construction Economics (5 papers in press)
Short Review on Factors Influencing Real Estate and Hedonic Pricing Module by Lingfei Sun Abstract: Population urbanization is the narrow measurement for urbanization level. By identifying the connections among industrialization, urbanization and population migration, this paper reveals that industrialization is an essential cause for urbanization and population migration, followed by expanding requirement of accommodation, which generated the motivation for real estate development. Thus, the real estate development is the result of urbanization. Higher urbanization level usually lead to higher real estate price based on the supply and demand relationships in marketing theory. Besides the macro factors stimulating real estate price, this paper reviewed several micro factors studied by previous researchers like location or accessibility, external and internal facilities. Location is normally calculated by distance to the city center or other facilities. Broadly used for evaluating and predicting real estate pricing since 1980s, Hedonic module is a multiple linear regression module especially used for exploring the effectiveness of various factors influence on real estate price. This paper reviewed several researches used Hedonic pricing module and the variables used to measure that influence. With the comparison of Artificial Neural Network, this paper summarized the comments from other scholars for Hedonic, contrasting the advantage and disadvantage of Hedonic method. Keywords: Real Estate; Urbanization; Migration; Hedonic.
Why Spicy Measures Fail to Cool Down Hong Kong's Housing Market? by Jing, Victor Li, Wui Wing, Andy Cheng, Kam Hung, David Chui Abstract: A notable feature of Hong Kong's current housing market is that despite various restrictive policies on home buyers, housing prices maintain unrelenting increases. This paper explores why the so-called Spicy Measures, a series of stamp duties and charges on non-local and local home buyers, fail to prevent housing price escalations in Hong Kong. Based on Granger Causality Test of monthly data from 2008 to 2016, we unravel this puzzle from two aspects: overflow of liquidity and low interest rate environment. Granger causality test results reveal that the impact of low interest rate is short-termed, while the impact of excess monetary supply is long-lasting. The findings challenge the prevalent view that Hong Kong government has little to do with housing market exuberance, as spicy measures increased the transaction costs of home buyers according to the Coase Theorem. The major policy implication is that charging tax may be ineffective to cool down housing prices if market demand is robust. The paper sheds light on understanding the housing price dynamics with varying market demand over time, an academic void not adequately filled in so far. Keywords: spicy measures; housing price; whose city; Hong Kong.
Implications of Real Estate Regulatory Authority and Goods and Services Tax on the Indian Real Estate Sector by Mahadeo Ranadive, Pranoti Dare Abstract: Every country has its own real estate sector and taxation policy, hence the rules and regulations governing the same differ. In India, the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Goods and Services Act, 2017 were passed which came into effect from 2017. The real estate sector being one of the major sectors contributing towards the gross domestic product of a country has been affected to a great extent because of these two bills. An effort has been made to draw out changes which have been brought out by the two laws on the real estate sector. Real estate regulatory authority will curb the malpractices which were followed in the real estate sector due to lack of regulation. The prices of real estate projects have incremented post implementation of goods and services tax (GST). The study is based on a questionnaire survey. The statistical analysis is performed by Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). Keywords: RERA; GST; MOFA; Real estate; TOPSIS.
Evaluation and Identification of factors affecting the growth of Real Estate Market in India by Sankalp Srivastava, Charu Bisaria Abstract: Purpose- The objective of this research paper was to find out the various critical factors which would be responsible for the real growth of real estate market in India. The purpose of this article was to evaluate and identify the various factors and also know the effect of critical factors on the growth of real estate market in India. Design/methodology/approach- In this research paper we have applied the exploratory research design to know the new facts, in-depth knowledge about the real estate market and formulate the null hypothesis and also used the descriptive research design to test the null hypothesis on the basis of using the regression analysis and for this we have used the SPSS 23.0 software package for analysis of statistical data. We have also designed a proposed model comprises the Builders Commitment, Builders Transparency, Builders Behaviour, Investment Capacity, RERA Regulations, Early Possession, Demonetization and Real Estate Market Growth which would be tested through the appropriate statistical tools and techniques. Findings- After analysing the above case we would be in a position to know the effect of the various critical factors on the growth of real estate market in India. Research limitations- The limitation of this study was the time of the data collection and for this purpose we have used a technique of Google form and set a time limit from 25.12.2018 to 25.01.2019 for the data collection from all the geographical area of India. The sample size for this study was 260. Practical implications- The practical implication of this research paper would be to know the exact situation of the real estate market growth in India and it will be beneficial not only for the investors who want to invest in real estate market but also for the property dealers who are engaged in the real estate market since long time and understand the strength and weakness of the real estate after the demonetization. Originality/value-Since this research was conducted pure on the basis of the primary data which was collection through the Google form and form the every corner for the India and there was no limitation of geographical boundary, hence we are sure for the originality of this research paper and also this type of work has not been done ever before. Keywords: Real Estate Market; RERA; Demonetization.
High Fatalities Risk Found in Gulf Construction by Tariq Umar Abstract: It is predicted that the construction industry will be growing in the future, and that could lead to an increase in risks in work safety and accidents. This paper presents the current status of occupational safety and health in the Gulf region by providing a comparison with those of some of the most advanced countries in the world. According to our data, the Gulf countries have a poor record of work safety and health. Therefore, this research aimed to identify the main factors and provide some solutions for key areas, so that the construction industry could improve its safety performance. Our findings from the literature and from the semi-structured interviews held with the selected professionals suggest that the major areas are: lack of awareness of the importance of safety and costs resulting from accidents; environmental and climatic factors; implementation of rules for developing a culture of harmless working conditions. Keywords: Project Management; Construction Management; Safety & hazards; Management; Health & Safety; Heat Stress; Safety Climate; Health Factors; Systematic Review; GCC Countries.