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Currently, there is limited discourse surrounding the safe operational planning of UAVs within complex multi-stakeholder urban environments. This paper conceptualises a methodology for prototyping a decision support system for urban UAV flight operations planning. The proposition is based on integrating urban 3-dimensional data with the physical factors of UAV flight operations. A simulated, holistic understanding of UAV usage in urban space emerges, enabling better informed decisions by planners around safe flight operations. The feasibility, applicability and benefits of the decision support system and associated policy implications for urban planners and UAV users are discussed scoping further development of this approach. [ABSTRACT FROM AUTHOR]

This paper begins by identifying the growth in female-headed households in Australia. Despite this increase, it is argued that females still lag males in terms of home ownership rates (HORs) with women in Australia facing similar ownership challenges as those experienced in the UK and the USA. In seeking to establish any dynamic change, the study analyses female home ownership rates in Australia for two points in time, 1998 and 2008. Logit models are used to predict HORs. The results indicate that factors such as household type, income and source of income have an impact on rates of ownership. The paper concludes that female-headed households in Australia show an increasing propensity to purchase which match, or even exceed, those of male-headed households. [ABSTRACT FROM PUBLISHER]

The last two decades have experienced important and far-reaching changes to the retail landscape. In Australia, retail planning and management policies have sought to attract key players to particular sectors of the city thought to be most at risk of retail decline including CBD (central business district) locations. This study seeks to highlight the difficulty such strategies may face by quantifying the levels of retail investment into different locations. By mapping the direction retail investment has taken over time, the study explores the dichotomy which exists between the spatial dynamic of retail planning and retail investment in Australia. In conclusion, the analysis shows that, from an investment perspective, city centre locations are a much higher priced option and do not provide an excess return to justify the higher entry price. Should investment flows continue to be channelled away from these locations, the potential cycle of decline will be difficult to arrest and will pose major challenges for city planning authorities regarding the future vitality of city centres. [ABSTRACT FROM PUBLISHER]

This paper seeks to examine global infrastructure investment performance compared with other global asset classes such as stocks, bonds, real estate investment trusts, property, hedge funds and private equity. The paper examines the level of correlation of infrastructure with the other assets classes largely reflecting the diversification potential of infrastructure within a mixed asset portfolio. Monthly return indices obtained from Thomson Reuters DataStream over a 10-year period (2001–2010) facilitated the examination of listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe index, mean variance portfolio and maximum return portfolio. Efficient portfolio frontiers were computed using risk solver platform version 11. From a global perspective, investments in infrastructure show a robust comparative performance over the 10-year timeframe (2001–2010). The study is supportive of the argument that the inclusion of infrastructure in a mixed asset portfolio enhances investment performance. The role of global infrastructure in a multi-asset portfolio is shown to be more risk reduction rather than enhancement of return. From a practical viewpoint, the systematic allocation of between 10 and 17.63% of infrastructure into a global investment portfolio can significantly enhance diversification benefits for investors. [ABSTRACT FROM AUTHOR]

Since the mid-1990s real estate experts have posited that so-called 24-hour cities would provide investors with superior risk-adjusted returns compared to 9-to-5 cities. This hypothesis, reportedly im-plemented by institutional investors, has not been ex-amined rigorously until now. Hypothesized groupings of 24-hour and 9-to-5 cities (drawn from industry litera-ture) are studied, against the background of the remain-ing 25 largest metro areas of the United States, and those groupings subjected to evaluation. Superior commercial real estate performance is observed in inflation-adjusted office rents, occupancy, and risk-adjusted return on office investment for the period 1987-2009, at the 0.01 level of statistical significance. [ABSTRACT FROM AUTHOR]

Theoretical models of the house selling process have shown the number of bidders involved to be an important factor in explaining sales price; however, empirical models have not included specific variables capturing the dynamic process that occurs during time on the market (TOM). This paper addresses this gap by including explicit bidding variables, as well as TOM in a hedonic pricing model. The results confirm the importance of the number of bidders in understanding the direction of the relationship between price and TOM, identifying that the outcome of multiple bidder sales are more predictable than properties sold with a single bidder. [ABSTRACT FROM AUTHOR]

This paper is concerned with assessing how valuations for mortgage purposes reflect market evidence. Differences between the value obtained through the analysis of comparables and the final assigned value are analysed. The study is undertaken for the Spanish housing market at the peak of the house price boom. High levels of accuracy are apparent but with a tendency to over- rather than undervalue properties. Physical housing variables are shown to have a relatively homogeneous effect, whereas factors relating to the environment and location lead to wider differences between valuations. The effect of characteristics is shown to vary substantially between cities. There is no evidence from the analysis that the property bubble in Spain was driven by inaccuracy in valuations. [ABSTRACT FROM AUTHOR]

Urban regeneration has been an integral focus of central government policy in the UK for more than three decades and has played a pivotal role in enhancing the competitiveness of the UK economy, repositioning cities and city regions as the mainstays of economic growth. Utilising IPD data, this study confirms the capacity of regeneration property to match or outperform the wider real estate market in terms of total return over the medium-long term. Significantly, optimal portfolio analysis demonstrates that urban regeneration property replaces mainstream real estate within a multi-asset portfolio based on the total returns performance of equities, bonds, mainstream property and regeneration property over the 28-year time series 1981-2008. [ABSTRACT FROM AUTHOR]

The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K.) metropolitan area. Three distinctive characteristics of the market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time-on-the-market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion. [ABSTRACT FROM AUTHOR]

This study constructs sixteen mean-variance optimal portfolios of private real estate using returns from the United States and the United Kingdom. First, the analysis uses total returns by property type (retail, office, and industrial). Second, the returns are separated into their two components: returns from income and returns from appreciation. Third, optimal portfolios are constructed by type of return and again by property type. Finally, all returns are considered together. Several non-obvious and non-trivial results emerge. For example, the high risk portfolios using total returns are 100% UK for all three property types and when the three property types are combined, offices, generally regarded as the most popular type of institutional real estate investment, never enter the optimal portfolio for either the US. or the UK. [ABSTRACT FROM AUTHOR]

This study analyzes the relationship between Corporate Real Estate (CRE) strategy and the financial performance of major companies in the UK for two time periods, 1998 and 2003. The identification of specific CRE strategies is based on the seminal work of Nourse and Roulac (1993). The results indicate that more than 75% of the companies examined had a CRE strategy that could be mapped to the Nourse and Roulac framework and that certain CRE strategies made a contribution in enhancing the financial performance of companies. The relationship was stronger for companies in 2003 than for 1998. This was tested for both share price and profit margin as the dependent variable. This study concludes that CRE strategy can make a limited contribution to company financial performance. [ABSTRACT FROM AUTHOR]

This study explores the investment style characteristics of unlisted property funds investing in urban renewal/regeneration property in the United Kingdom. The unlisted property funds sector has experienced significant growth and is increasingly utilized by major financial institutions as their preferred route into the real estate market, allowing them to overcome the lack of liquidity and management costs associated with direct investment. Since institutional investors have traditionally considered urban renewal/ regeneration property a high-risk investment option, it was hypothesized that funds investing in regeneration were likely to pursue either value added (top end) or opportunistic investment styles. The findings emphasize inconsistencies in investment style classification and identify how investment style designation impacts on decision making with respect to investment in regeneration property. [ABSTRACT FROM AUTHOR]

Before institutional real estate investors will consider investing in a country other than the domestic economy, they usually require information about expected risks and returns. In recent years the Investment Property Databank (IPD) has begun assembling return data for over twenty countries. This study discusses the data for each country, by property type, and summarizes the returns, risks (standard deviation), and coefficient of variation (risk per unit of return). The results indicate that there are significant diversification benefits from combining real estate investments from certain countries. However, other combinations provide no significant benefits. [ABSTRACT FROM AUTHOR]

This study analyses the relationships between corporate real estate (CRE) strategy and financial performance of companies in Malaysia during 1998 and 2003. The identification of CRE strategies is based on the work of Nourse and Roulac (1993) and maps these strategies to the financial performance of companies through multivariate models. The results indicate that 80% of the companies had a dominant CRE strategy that matched the Nourse and Roulac framework in both periods. For the 1998 analysis, there was no apparent link between CRE strategy and share performance. Indeed those companies not having a strategy had better share performance. In contrast, there was evidence of a CRE strategy making a contribution to share price in 2003. In particular, the strategy to facilitate managerial process and knowledge framework is shown to enhance financial performance, compared to other CRE strategies or the no strategy alternative. This study concludes that CRE strategy can make a positive contribution to financial performance, but needs more attention from management in order to maximize its potential. [ABSTRACT FROM AUTHOR]

This paper is a review of key issues that have emerged in the development of corporate real estate (CRE) over the past two decades and in particular considers how real estate asset holdings and activities support business objectives. The themes explored include definitions of CRE; the roles, contributions and functions of CRE; the paradigm shift in real estate from being a space provider to a strategic resource; and the strategic management context and strategy formulation. [ABSTRACT FROM AUTHOR]

At an international level, governments are increasingly seeking to ensure greater involvement of the private sector in the financing and delivery of regeneration and sustainable communities. In order to attract more private finance, the public sector, in its more strategic role, seeks to create confidence for the private sector to invest. However, the success of such an approach depends on meaningful engagement between the public and private sectors and, in particular, with the financial institutions. The aim of the paper is to understand the needs of investing institutions and to identify the likely constituents of a working model suitable for encouraging institutional investment and bank finance into regeneration schemes. A cross-asset perspective (property, bonds/fixed income, equities, private equity, hedge funds) is adopted, enabling an understanding of both the asset allocation decision-making process and the criteria used in the investment selection procedure. Interviews with fund managers explored the investment decision-making process, provided insights into risk/return criteria and mapped these across to the characteristics that define different stages of the regeneration process. The factors and inputs necessary in designing a regeneration investment vehicle that spans the varying regeneration stages are parameterized and options are forwarded. [ABSTRACT FROM AUTHOR]

Regional spatial planning in Northern Ireland is directly linked to the transition from conflict to peace, as identified in the Belfast Agreement of 1998. Political consensus, a rare commodity, was secured in the Northern Ireland Assembly for a regional development strategy (RDS), the first spatial planning document of its kind in the UK. This paper explores the deployment of collaborative planning in creating the RDS. Given Northern Ireland's divided socio-political context, the paper seeks to ascertain the influence on meaningful policy debate and strategy-making arising from the collaborative planning approach. The paper investigates the application of collaborative planning measures in Northern Ireland through an analysis of spatial policy relating to economic development. Evidence presented in this paper suggests that socio-political cohesion was given primacy above potentially contentious physical growth patterns necessary for regional economic development, the result of an inability by institutions to grapple with troublesome issues. [ABSTRACT FROM AUTHOR]

This study examines the attitudes and perceptions of institutional real estate investors towards real estate investment opportunities in Central/South America and Africa. This research included a survey sent to 1,068 institutional investors (250 investment managers, 601 pension funds, and 217 REITs) who were asked about the characteristics of investors in these markets and the factors influencing their decision-making process. The results indicate that these investors are sensitive to higher returns and political stability and that exposure to real estate in Central/South America and Africa is currently extremely limited, although there are some interested investors. It is surprising how little attention has been given to real estate in these areas, despite the relatively high levels of funds flowing into real estate around the world. [ABSTRACT FROM AUTHOR]

This study uses annual data from 1975 through 2003 to construct mean-variance optimal portfolios for the United Kingdom. Real estate return data for all UK properties from the Investment Property Databank (IPD), for UK pooled property funds, and for UK property shares are used, in addition to UK common stocks (equities) and gilts (government bonds). The different mixed-asset portfolio allocations using the different real estate return series are compared/contrasted. Finally, the return series are unbundled for UK IPD real estate, UK common stocks, and UK gilts into income and appreciation returns and additional optimal mean-variance portfolios, which are constructed for income returns, appreciation returns, and total returns (income and appreciation returns). [ABSTRACT FROM AUTHOR]

The extent to which subjective influences impact on assessed valuations is an under‐researched area. Valuation practice within Spain is seemingly less developed than in the UK and other western European countries and explicitly allows for subjective adjustments in deriving the value of a property. This study, using a three stage modelling approach, seeks to quantify the impact of this effect on the valuation of retail property. The analysis uses data from a major valuation company within Spain and examines evidence from five cities. The results show that subjectivity corrects the model by as much as 12%. The study demonstrates that the variables with the greatest impact are age of property and construction quality rather than economic/market factors. This outcome highlights that valuation in Spain is still a more technical rather than a financial discipline. [ABSTRACT FROM AUTHOR]

Multisector partnerships have become the central tenet of contemporary urban regeneration policy facilitating a new form of local participative governance. Consequently, neighbourhood renewal and the importance of ‘people’ and ‘places’ have encouraged the emergence of a new form of ‘community leader’ who is more in touch with the problems of local disadvantaged groups. This paper explores the issue of leadership within multisectoral urban regeneration partnerships, focusing on the formation of social capital, power relations and partnership synergy. Conclusions point to the synergistic and social capital benefits of partnerships and the role played by urban leadership in generating a collaborative network capable of achieving more than performance targets. [ABSTRACT FROM AUTHOR]

This study addresses the issue of investment returns and risk within urban renewal locations in major metropolitan areas in the United Kingdom. The research indicates that investment performance in regeneration areas has matched, and in the retail sector, exceeded national and local city benchmarks. Returns for regeneration property are analyzed at aggregate and disaggregated levels over a 22-year time period. Separation of the returns highlights the highly risky nature of the appreciating capital return and the low risk bond-like income returns. Optimal mean-variance port- folios are also constructed and analyzed. The results indicate that properties within urban renewal areas can potentially increase portfolio diversification in all but one instance. [ABSTRACT FROM AUTHOR]

The harmonization of valuation standards in Europe is attracting increasing interest from several sources, but little empirical research has been undertaken on the subject. This study reports the findings of an investigation across four European countries. The focus is placed upon arguments relating to the possible implementation of harmonized standards, a comparison of national standards and an evaluation of The European Group of Valuation Associations (TEGOVA) standards. The findings show that the harmonization of valuation standards has been limited by lack of awareness and the reluctance of valuers to use standards other than their own national standards. The importance of the harmonization process is discussed along with the need for TEGOVA to take a more proactive role of promoting the use of common standards. [ABSTRACT FROM AUTHOR]

This study examines the returns and risks of private real estate investment in the major regional centers of Ireland and Great Britain for the 1981 through 2000 period. Returns for office and retail properties are analyzed at the disaggregate level (income returns and appreciation returns separately), as well as the aggregate level (total returns). Real estate returns are also compared with common stocks, gilts, T-bills and inflation. The results show that real estate in several U.K. regions, but especially in Ireland, offer very competitive returns with compelling risk / return ratios. The analysis indicates that real estate investments in several regions could supply significant diversification in a mixed-asset portfolio context as well as real estate only portfolios. [ABSTRACT FROM AUTHOR]

This paper examines the sustainability of current urban regeneration practice, through the application of weighted indicators and a points scoring framework. The analysis applies the hierarchical model discussed in the preceding paper of this journal issue to case studies of waterfront areas and cultural quarters in three European cities: Belfast, Dublin and Barcelona. The evaluation permits performance comparisons to be made between the case studies regarding the sustainability of regeneration areas and projects, variations on an indicator set basis and the sensitivity of scores. Conclusions are drawn concerning regeneration practice, the extent to which sustainability principles are adhered to, potential policy benefits and the applicability of the model. [ABSTRACT FROM AUTHOR]

This paper evaluates the use of indicators as a means of measuring the performance of regeneration against sustainability criteria. The merits of sustainability indicators are explored with a discussion of the indicator selection process and the derivation of a points scoring framework. The extent to which the sustainability performance of regeneration projects can be evaluated and subsequently benchmarked is examined. Conclusions are drawn on the robustness of the indicators selected, the versatility of the points scoring framework in capturing the sustainability performance of regeneration projects and the potential to identify 'best' practice. The application of the model and associated indicators is the subject of the subsequent paper in this journal issue. [ABSTRACT FROM AUTHOR]

Investors need to have confidence in the maturity of the market in terms of transparency of returns and risks. Information on property returns is normally available for prime markets whereas urban regeneration locations to varying degrees are characterized by an opaque rather than a transparent market, inadequate information on returns and risks, barriers to the availability of finance and uncertainty regarding the liquidity of assets. This paper presents findings of an empirical investigation into the development of a total returns index designed to measure investment performance of property in regeneration areas. Results show that over the long-term returns for regeneration property exceed national and local benchmarks. This finding has important policy considerations for regeneration and messages for the property investment sector. [ABSTRACT FROM AUTHOR]

Business Improvement Districts (BIDs) have been widely adopted in the USA as a means of bringing about enhanced service provision and broader regeneration impacts, and interest is now turning to the use of such mechanisms in the UK. However, the fundamental differences between the administrative and social contexts of the USA and the UK mean that BIDs would have to be significantly adapted for application in the UK. Moreover, research conducted by the authors, using case studies of BIDs in Los Angeles, indicates that they can be problematic in operation. Nevertheless, BIDs offer a means of delivering limited objectives in relation to city centre renewal. [ABSTRACT FROM AUTHOR]

This paper is concerned with the role of planning enforcement. The theme is initially explored from a literature perspective examining the key developments in both the planning framework and enforcement legislation. The empirical investigation reports upon research conducted in Northern Ireland, drawing upon structured interviews with professional planners, assessing enforcement case material and investigating non-compliance with planning conditions. The results from these three strands of the research provide lessons for enforcement practice and procedure in the rest of the UK. A number of key problem areas are highlighted which should be addressed through consideration of alternative theoretical perspectives, a co-ordinated approach to enforcement practice, appropriate training programmes for personnel, and the enactment of innovative legislative mechanisms. [ABSTRACT FROM AUTHOR]

Attracting investment and finance into inner-city and other renewal areas poses particular difficulties and is frequently reliant on strong public-sector commitment through special incentives or other mechanisms to provide the conditions to lever private-sector activity. This paper initially links the concept of market failure and the rationale for regeneration and examines policy responses from UK, European and US perspectives, followed by a consideration of public- and private-sector financing approaches. International perspectives draw particularly upon the use of tax-based mechanisms in regeneration--notably, those used in the US. In the European context, the paper highlights implications for regeneration stemming from the in terpretation of State Aid rules and competition policy. Conclusions reflect upon the complexity of regeneration and the importance of the different stakeholders within the regeneration process. [ABSTRACT FROM AUTHOR]

This study compares apartment submarkets within a major European city. The price behavior of the Dublin, Ireland apartment market is tested using hedonic models and aggregate and disaggregate data. The results strongly indicate that the modeling of apartment markets at the disaggregate level does result in significant improvements in comparison to estimations undertaken at an aggregate level. This particular apartment market is especially interesting, due to the introduction of fiscal incentives. To fully understand the Dublin apartment market requires an appreciation of the role played by tax breaks for owner-occupiers and investors in urban renewal locations. The results show that different submarkets responded differently. [ABSTRACT FROM AUTHOR]

This paper is concerned with developing an effective means of weighting the key attributes of sustainable urban regeneration in accordance with their relative importance. The theme is initially explored from a literature review, highlighting the potential compatibility of urban regeneration and sustainability concepts, whilst illustrating the changes occurring in urban policy aimed at encapsulating the economic, environmental and social dimensions of sustainability. A methodology is presented setting out how hierarchical modelling, the Delphi technique and multicriteria analysis can be utilized as part of a three-stage process to dissect sustainable urban regeneration into its constituent parts, obtain expert consensus and calculate the relative importance weightings to be allocated to the key indicator groupings. Conclusions seek to relate the hierarchical model to contemporary urban policy and issues central to the sustainability debate. [ABSTRACT FROM AUTHOR]

The increasing interest in the potential use of fiscal incentives as a mechanism for stimulating urban renewal has been highlighted by a number of influential policy sources. This paper assesses the application and outcomes of tax-based incentives in urban regeneration, with particular focus upon the differing models represented by Dublin (Ireland) and Chicago (USA). Issues considered include utilisation of tax incentives, drawing-down of benefits, role of actor groups, ability to lever private-sector finance, impact on property market performance and wider economic influences. Conclusions advance the case for tax-based mechanisms as an instrument in the delivery of urban regeneration but stress the need for complementary structures to exploit fully the fiscal incentives. [ABSTRACT FROM AUTHOR]

The forces of globalization with implications for competitiveness present opportunities and challenges for the future development of cities. In central Europe the economic transformation of the 1990s has coincided with the growth of global forces; however due to their post-war history cities in this region are starting from an uncompetitive base. This paper examines the extent to which capital cities in central Europe have adapted to global forces specifically in relation to the development of commercial property markets. The research methodology is from a qualitative perspective and primarily draws upon an evaluation of expert opinion based on focus groups conducted in Budapest, Prague and Warsaw supported by evidence from market reports, survey and structured interview. Themes include the rationale for investment, factors influencing/barriers to investment and development, policy and institutional considerations, and future scenarios for each city within the region. Conclusions are drawn on the evolving property investment market. Constraints include administrative structures, planning policies, land ownership, information sources, valuation methods and the absence of effective city marketing. [ABSTRACT FROM AUTHOR]

The free flow of trade and investment is an important feature of Singapore's economy. The inflow of foreign investment has contributed significantly to the rate of development, with the real estate sector playing a distinct role in enhancing Singapore's status and in attracting multi-national companies to establish their regional headquaters. Singapore's Land Sales Program has played a significant role in this process, the analysis of which provides a basis for tracking sources and volumes of investment flows into the Singapore property market. Using capital contributions from shareholders of property companies active in the Land Sales Program, this study examines the origin and magnitude of Foreign Direct Investment (FDI) flows into the Singapore real estate market. The analysis indicates that there is a low level of capital flows from Europe and North America to the Southeast Asia region whereas Asian investors play an important role in terms of foreign investment flows into the Singapore real estate market. [ABSTRACT FROM AUTHOR]

Real estate as an asset in corporate strategy is relatively under-developed in a European context compared to the experience in the United States. In particular, there is an underestimation of real estate interests and effects on property costs and shareholder value. This article reports on work in progress regarding a survey of the top 100 companies operating within Ireland in terms of their characteristics and corporate real estate strategy. Inward investment from the U.S. to Ireland is highlighted. Initial findings show that real estate performs a largely traditional role within organizations but distinctive differences are apparent between indigenous and externally parented companies notably those from the U.S. [ABSTRACT FROM AUTHOR]

This paper examines the urban development process in post-socialist cities of Budapest, Prague and Warsaw in the context of economic globalisation and societal transformation. Several factors have helped to shape the post-socialist cities of central Europe since the end of the 1980s. These include political transformation, economic change, restitution, privatisation, price liberalisation and decentralisation of local government. It is argued that local government administrative and planning structures have been ill prepared in meeting the requirements of international investment capital in a co-ordinated and effective manner. Institutional constraints has promoted an organic form of urban development primarily determined through the international demand for, and supply of, commercial and retail space. [ABSTRACT FROM AUTHOR]

This paper examines the conflicting outcomes of government intervention in the housing market with particular reference to taxation instruments. The use of fiscal policy as a demand-side measure within the Irish housing market is discussed. Outcomes include a high growth environment, unsustainable house price inflation and pressure on owner occupiers due to the activities of investors. The paper reviews policy mechanisms advocated under the Bacon Reports and the government's policy response notably in relation to stamp duty changes. The analysis seeks to assess the impact of the policy measures in relation to different housing markets and house types in Dublin. The discussion highlights that the short-term impact of legislative changes can be rapidly nullified by market influences. [ABSTRACT FROM AUTHOR]

Devolution within the UK has produced new systems of governance within Scotland and Wales and restored to Northern Ireland local accountability following three decades of direct administration. The paper reviews the different status of Northern Ireland to provide both an understanding of the context in which planning has been set and the new structures that are taking shape. Particular focus is placed upon the ambitious mechanisms underlying the Agreement between the political parties in the province. The paper discusses how planning issues and responsibilities have moved from one highly centralized government department pre-devolution to effectively three new departments thereby providing a test not only of joined-up governance but of the ability of the new devolved structures to work effectively. Challenges posed by the different competencies are debated and emerging issues are discussed in terms of coherent planning at regional, subregional and local levels. [ABSTRACT FROM AUTHOR]

Globalization of markets has created new opportunities for the development of real estate investment on a cross-border basis. Paralleling wider world processes, the collapse of communism in central and eastern Europe has led to a transformation from command to market-based economies. Poland, the Czech Republic and Hungary have been prominent in this process. This article using the results of a survey of institutions and property companies in the United Kingdom and other European Union countries assesses the extent to which these central European countries are offering investment opportunities in real estate, ten years after the transformation. [ABSTRACT FROM AUTHOR]

The debate surrounding the sustainability of urban areas and the need to reduce dependency upon the car as the primary mode of transportation has rekindled interest in the relationship between accessibility, price and location of owner occupied housing. Traditionally, attempts at quantification have used hedonic analysis employing straight-line distance measurements to focal points such as the CBD as an indicator of accessibility. This paper focuses upon factors affecting the price structure of residential property in the Belfast Urban Area, examining the relative influence of property characteristics, socio-economic factors and the impact of accessibility. The model employs an accessibility index computed for each of 182 traffic zones and uses transaction data for a sample of 2648 residential properties sold during 1996. Results indicate that accessibility is of little significance in explaining variation in house prices at a city-wide scale but at a sub-market level, particularly in lower-income areas, accessibility can be an important influence. The analysis highlights the importance of investigation at a sub-market level and draws conclusions regarding the complexity of relationships within an urban area. [ABSTRACT FROM AUTHOR]

This paper is concerned with the role of private sector finance in urban regeneration. The theme is initially explored from a literature perspective examining recent initiatives and current policy directions. The central core of the analysis investigates investment behaviour and draws upon results of two independent survey cohorts namely private sector actors who invest in urban regeneration and those not investing. Motives for holding property investment portfolios and decision-making criteria are analysed and factors facilitating the flow of private sector finance are assessed. It is shown that market factors are the primary influences on decision making with regeneration initiatives of a secondary nature. Although both cohorts identify similar factors as being important in the decision-making process, the perception of the risk/return profile associated with urban regeneration differs significantly. Institutional investors are shown to have much higher entry criteria, with quality of neighbouring environment a major factor deterring investment. In improving the flow of private sector finance into urban regeneration, non-finance based instruments emerge as key considerations. [ABSTRACT FROM AUTHOR]

The operation of the property market is constrained by an absence of information with barriers to data transparency arising from several sources. This paper reports upon research commissioned by the RICS into the concept of data sharing within the surveying profession with particular reference to the commercial property market. The research employs a range of investigative techniques comprising structured interviews, focus groups and a questionnaire survey. Issues addressed include technical, legal, competitive, commercial and other potential constraints. Trends in data sharing, potential areas for coordinated action, implications for the structure of professional practice and the role of the RICS are assessed. [ABSTRACT FROM AUTHOR]

The financing of urban regeneration and levering of private-sector investment remains a major policy issue. This article, utilising the results of a behavioural survey, analyses the motivations of investors and their participation across a range of regeneration initiatives. The pattern of investment activity over the market cycle, reasons for holding an urban regeneration portfolio, evaluative factors and perspectives concerning the attraction of private finance into urban regeneration are considered. The findings indicate that regeneration initiatives provide a significant cushioning effect but that, in terms of holding projects in a property portfolio or evaluating schemes, market-based factors relating to return and risk are core influences. [ABSTRACT FROM AUTHOR]

Initially, this paper reviews the relationship between the private housing sector and the macroeconomy. Attention focuses upon the divergent behaviour of the housing market at a regional level, using the case of Northern Ireland, relative to that for the national United Kingdom market. Econometric modelling indicates that the primary factor influencing performance within the province is disposable income, with risk arising from political instability a secondary factor. It is argued that lower price elasticities have been instrumental in producing a regional housing market which exhibits counter-cyclical tendencies relative to the national perspective. [ABSTRACT FROM AUTHOR]

Rents at review are commonly assessed by making comparisons with properties similar to the subject premises under assessment. Subjective adjustments are made where the location, physical and lease term characteristics of subject and comparable properties differ. The methods employed in such determinations have severe limitations. This paper reviews the various computer-assisted techniques employed in the valuation domain and selects a case-based reasoning approach (CBR) for the determination of retail rents at review. In exploring the application of CBR to retail property valuation five separate approaches are developed, namely; nearest neighbour, pure inductive, inductive (Q Model), inductive (Prototype) and inductive (Prototype and Q Model). The validation of the models demonstrates that CBR is an effective approach to comparable selection in the determination of retail rents. [ABSTRACT FROM AUTHOR]

Presents books on real property. 'Controlling Development: Certainty and Discretion in Europe, the USA and Hong Kong,' by Philip Booth; 'Population Density, Change and Concentration in Great Britain 1971, 1981 and 1991,' by Daniel Dorling and David Atkins; 'Property Development Appraisal and Finance,' by David Isaac; 'Steering the Housing Market: New Building and the Changing Planning System.