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Multidimensional systemic risk measures are constructed based on dynamic risk spillover networks to quantify the level, transmission speed, and transmission breadth. To investigate the significance, direction, magnitude, and persistence of the impacts of systemic risks on future real economic distribution, we combine the quantile regression model and Bootstrap quantile t test method. Finally, the heterogeneity of the impacts of systemic risks and SIFIs (systemically important financial institutions) risks is analysed. Our empirical results find that 1) most bank companies take the role of risk drivers in the financial system, while most security, insurance, trust, and real estate companies take the role of risk distributors and risk receivers. 2) the total spillover index, average shortest path length, and average clustering coefficient have significant impacts on the left tail and central tendency of future real economy, and the latter two measures also have significant impacts on the right tail. 3) SIFIs risks have earlier and greater impacts than Non-SIFIs (non-systemically important financial institutions) risks. Multidimensional systemic risks contain additional information to identify financial risks earlier than single institutions risks. 4) the impacts of financial risks on the real economy are persistent. The superimposition of impacts may trigger extreme risks. [ABSTRACT FROM AUTHOR]

Purpose: Effective knowledge management has played a crucial role in propelling the green transformation of organisations and industries. Nevertheless, its underutilisation in the real estate sector has impeded the progress of green transformation. Therefore, the purpose of this paper is to offer a theoretical and practical analysis of the green transformation of the real estate industry through the lens of knowledge management and to provide a valuable reference to facilitate the industry's green transformation. Design/methodology/approach: This study entailed applying induction and deduction method, using China's real estate industry as a typical case, and collecting and analysing the public data, corporate reports and literature of China's real estate industry. On this basis, the authors conducted an in-depth analysis of the mechanisms through which the green transformation has empowered the sustainable development of China's real estate industry, as well as the critical role of knowledge management. Findings: The study has revealed that the primary challenges encountered by China's real estate industry during the green transformation have stemmed from significant disparities in the knowledge base among different industry entities, the complexities related to knowledge integration and the "difficulty" of applying green knowledge across the entire life cycle. To address these issues, the authors recommend several strategic actions, including creating a dedicated green knowledge platform for the real estate industry, establishing a knowledge-sharing mechanism, enhancing knowledge acquisition on both the supply and demand sides and intensifying the focus on the application of green knowledge within the real estate industry. Research limitations/implications: This research holds considerable theoretical and practical significance concerning the comprehension and promotion of knowledge management's role in the green transformation of China's real estate industry. These insights can be applied to significantly enhance the theoretical framework of knowledge management, and the research outcomes provide substantial support for propelling the green transformation in China's real estate industry and contributing to the sustainable development of the overall economy in China. Originality/value: From a knowledge management perspective, this study introduces a series of solutions and recommendations, presenting new research ideas and pathways for advancing the green transformation of the real estate industry. In addition to guiding the industry's sustainable development, it also significantly contributes to enhancing the theoretical framework of knowledge management. [ABSTRACT FROM AUTHOR]

Real estate investment companies direct substantial capital flows into built environments and are significant urban place‐makers. Geographers have long been interested in the ‘urbanisation of capital’ but more recently attention has been directed towards the activities of specific property actors. Employing a firm‐level analysis, this paper presents a case study of Kiwi Property, a large‐scale property company with an investment portfolio exceeding $3 billion. The study charts its corporate and financial dynamics and examines examples of its speculative real estate developments. Employing a firm‐level analysis offers insights into complex and contingent investment processes shaping urban placemaking. [ABSTRACT FROM AUTHOR]

Problems of legal regulation of requisitioned property of business entities. The article focuses on the problematic aspects of the practical side of property requisition from business entities. The authors define the legal grounds for the procedure of alienation of selected objects. According to the current legislation, the author outlines the rights of the owner and possible alternatives for obtaining compensation in monetary equivalent, property in exchange for similar functional purposes or return of the alienated property. The list of entities of state authorities and local self-government bodies which are authorized to make decisions on the alienation of property for defense needs is specified. The authors analyse the moment when requisitioned property becomes the property of the State and consider the expediency of real estate appraisal of alienated property in terms of mandatory, timely and objective assessment in proportion to the real market value. Based on the research conducted, in particular, the analysis of court practice, authors provide the grounds for owners of requisitioned property to apply to courts to protect their violated rights and legal interests. Among them: making a decision on requisitioning by an entity that did not have legal grounds for it, in particular, this applies to local military administrations. It is noted that at the stage of applying to court, the problem of determining the jurisdiction of the dispute arises, since there is both an element of a public law dispute (appeal against actions or inaction of public authorities) and a private law aspect (the dispute concerns property owned by a business entity). Authors focus on the fact that in the context of the introduction of the legal status of martial law, it is imperatively determined that only the military command is authorized to make decisions on the requisition of certain property. Specific features of making relevant decisions (orders, instructions), which certainly depends on the territory where such property is located are considered. The research analyzes the legal positions of the Supreme Court regarding the jurisdiction of these disputes and proposes to define the relevant rules at the legislative level, inter alia, by the legal status of the owner of the requisitioned property. [ABSTRACT FROM AUTHOR]

Private renting increasingly comprises a complex ecosystem of actors who assemble housing within the market, and collect rental income and data from tenants, and data on the material assets themselves. Our analysis – at the intersection of rentier and platform capitalism – focuses on landed (material real estate) and technological (digital infrastructure and data) property in Australia's private rental system. Drawing out relationships between the various actors – landlords, rental property managers and real estate agencies, software developers and providers, property developers and investors – and both their properties and their uses of Proptech (property technology), we show how housing and technology are being leveraged for profit in new ways. In Australia, landed property retains its precedence for established (individual and institutional) landlords, whose interest in Proptech relates to enhancing or value-adding to rental housing assets. For Proptech and institutional real estate players seeking to consolidate both landed and technology property, capturing the tech landscape is increasingly important; indeed, securing control and/or consolidation of technology property is a key motivation for building and/or using Proptech among the largest property developers. Our findings show how rent extraction operates across and between different types and scales of property and market actors, and in new ways that differentiate the figure of the rentier while upholding the dynamics of the rentier model. [ABSTRACT FROM AUTHOR]

Like many countries in the OECD, Aotearoa NZ does not comprehensively regulate or enforce the safety of rental housing, despite evidence that the significant scale of home injury can be reduced through cost-effective home modifications. We examine the framing of home injury in media, political, and organisational discourse to identify barriers to creating and enforcing laws for safer rental homes. We find progress in addressing safety via rental housing regulations is stymied, in part, by institutional arrangements that favour the framing of home injury as a product of individual behaviour and culpability rather than environmental risk, and the prioritisation of education and awareness-raising over regulatory and systemic interventions framed politically, as overreaching 'nanny state' policies. We propose opportunities to address the incidence of injury and inequities in outcomes and argue that effective regulation and enforcement will address the inherent power inequities in the rental sector between owner and occupier, which can influence the presence of injury hazards. [ABSTRACT FROM AUTHOR]

Additive manufacturing (AM) is increasingly viable for the high-volume production of complex parts due to material and time savings, weight reduction, design optimization, and the development of new materials. Laser metal deposition (LMD), a specific AM process, offers high build rates and larger deposition volumes, making it cost-effective for industries such as aerospace and defense, which benefit from increased productivity and the ability to repair large components. Martensitic stainless steels are valued for their mechanical properties in these sectors, despite the challenges of maintaining these properties during LMD deposition. The purpose of this study was to evaluate the deposition parameters for laser cladding using LMD with AISI 431 martensitic stainless steel powder and to analyze the morphological aspects. Microstructural evolution was assessed using optical and electron microscopy, with samples produced by varying laser power (800, 1000, 1400, 1600 W) and scanning speed (9, 14, 16 mm/s). The results showed dilution values between 10 and 27% for power values of 1400 and 1600 W for all laser beam velocities tested. Microstructural characterization revealed martensite and ferrite phases in the deposits. Increasing the scanning speed resulted in higher dilution and wettability and decreased the height/width ratio of the deposits. The laser deposition parameters also affected the solidification parameters (G/R) and the cooling rate (G × R), which are critical for understanding the resulting microstructure and hardness of the deposits. This study highlights the importance of considering geometric and microstructural aspects in LMD for AISI 431 steel to ensure high productivity and optimal performance and demonstrates the potential of the LMD process for the deposition of martensitic stainless steel. [ABSTRACT FROM AUTHOR]

Purpose: This real estate insight provides a comprehensive analysis of the current state and future potential of tokenization in the real estate industry mentioning several challenges to overcome to take advantage of this technology. We highlight potential benefits, including enhanced liquidity, increased security and improved accessibility. Additionally, the real estate insight critically discusses potential drawbacks, such as regulatory challenges and technological risks, and explores the impact of tokenization on real estate prices. Design/methodology/approach: This real estate insight employs a comprehensive literature review alongside a qualitative analysis of various case studies to explore current implementations of tokenization within the real estate industry. Multiple applications of tokenization in the real estate industry are examined, including fractional ownership, property management and transaction processes. The study investigates the optimization potential of tokenization for asset liquidity in the real estate area, transaction transparency and security. It also critically discusses potential challenges, such as regulatory compliance, security vulnerabilities and market adoption. Findings: The future of real estate tokenization, driven by blockchain technology and smart contracts, offers significant potential for growth, enhancing liquidity and accessibility through fractional ownership. Smart contracts automate and secure transactions, while evolving standards and regulatory frameworks in regions like North America, Europe and Asia support market expansion. Since its initial implementation with the St. Regis Aspen Resort STO, a stream of successful projects has highlighted the viability of tokenization. However, challenges remain, including the need for regulatory clarity, industry and customer education, displacements of market participants and jobs and environmental impacts. Integrating advanced technologies like AI and IoT can further streamline property management and investment decisions. Practical implications: The real estate insight's practical implications extend to industry professionals, policymakers and technology developers. Professionals gain insights into how tokenization can enhance liquidity and security in the real estate sector, guiding strategic decision-making. For policymakers, understanding potential challenges like regulatory compliance and technological risks informs the development of supportive regulations. Technology developers can also benefit from understanding the sector-specific applications and concerns raised. Highlighting the need for robust security measures and regulatory compliance in tokenization systems may foster better design practices. Therefore, the real estate insight's findings could significantly shape the future development of tokenization integration in the real estate industry. Originality/value: This real estate insight offers original value through a comprehensive analysis of the current and future impacts of tokenization in the real estate industry. It examines various applications of tokenization and critically discusses the potential challenges. The focus on informing strategic decisions for professionals and policymakers enhances its utility as a resource. Additionally, by addressing both the benefits and drawbacks, this study contributes to the broader discourse on the societal implications of tokenization. In the context of rapid technological advancement, such thorough studies are rare, further underscoring the real estate insight's originality. [ABSTRACT FROM AUTHOR]

Purpose: Our aim in this study is to investigate the relative importance of the economic policy uncertainty and of the geopolitical risk on U.S. REITs (Real Estate Investment Trusts) returns with a special focus on the different real estate sectors. Design/methodology/approach: We use an augmented Fama-French (1993)'s asset pricing model, including economic policy uncertainty indices (EPU), introduced by Baker et al. (2016), and geopolitical risk indices (GPR) recently developed by Caldara and Iacoviello (2022), to price the potential risk factors for U.S. Nareit indices returns. To obtain robust economic results, we correct for the problems of errors-in-variables in linear asset pricing models; we advocate the use of higher moments estimators as instruments in a generalized method of moments (GMM) framework. Findings: Our results report that economic policy uncertainty (EPU), and geopolitical risk (GPR) are priced for the different Nareit sectors for the last three decades. The GPR index stands as a relevant risk factor. The coefficient estimates are low compared to Fama-French risk factors. They are higher for Shopping Centers, Retail and Region Malls and lower for Health Care and Lodging/Resorts. EPU indices are also priced and less statistically significant. Health Care sector, followed by Shopping Centers and Retail are the most policy-sensitive sectors. Practical implications: In their "2023–2024 Top Ten Issues Affecting Real Estate" "political unrest and global economic health" is ranked 1 issue by the Counselors of Real Estate. Our results report that economic policy uncertainty and geopolitical risk are priced for the different Nareit sectors. They suggest implications for investors, insurers, bankers, policymakers and other stakeholders. The geopolitical risk index (GPR) stands as a relevant and significant risk factor for REITs returns. Originality/value: Based on parsimonious robust asset pricing models, the results shed a new light on the relative importance of geopolitical risk and economic policy uncertainty in the real estate sector, with a special focus on the different U.S. REITs sectors. They suggest possible implications for investors, insurers, bankers, policymakers and other stakeholders in a context marked by higher uncertainty shocks and geopolitical risks. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this briefing is to highlight the critical importance of negotiation skills in the everyday lives of real estate professionals. It delves into how negotiators must improve their negotiations skills given the negotiation-intensive nature of real estate. It also helps to handle common pitfalls and challenges in negotiations, particularly in the increasingly volatile, uncertain, complex and ambiguous (VUCA) reality of the real estate industry. The briefing offers strategic insights for preparation and negotiation aimed at improving any real estate negotiator's average performance. Design/methodology/approach: The expert opinion piece combines a literature review on negotiation strategies with practical insights. It addresses the observed under appreciation of negotiation theory and skill, reflecting on real-world real estate negotiations. The goal is to enhance the use and recognition of negotiation theory in the real estate industry. The approach merges theoretical analysis with practical application, offering actionable recommendations to improve negotiation outcomes. Findings: The negotiation-intensive real estate industry and the transformative impact of VUCA challenges on real estate professionals' ability to adapt and continuously negotiate successful deals clashes with many real estate's professional or fixed mind-set over negotiation historically being an art or a talent and mostly being stuck with win-lose strategies. Instead, negotiation is a science that can be learned and deliberately improved to counter stress-induced or fear-based responses that lead negotiators toward suboptimal negotiation strategies, such as win-lose or naive win-win. However, these dynamics are preventable. Well-equipped and well-prepared value win-win negotiators can adopt a growth mind-set, study modern negotiation advice and frameworks to thrive in the negotiation-rich real estate industry and convert even VUCA challenges into an amazing source of value. Practical implications: Real estate professionals can become more aware of which and how current obstacles and poor choices negatively contribute to their negotiation performance. It contrasts win-lose and win-win strategic frameworks to enable real estate professionals to become more sophisticated when choosing their negotiation strategies. The briefing also helps real estate professionals expand their negotiation repertoire towards improved strategic flexibility when managing the evolving real estate profession reality and challenges. Originality/value: The originality and value of the briefing lie in its comprehensive approach to addressing the negotiation challenges faced by real estate professionals. It offers a holistic view of real estate negotiation, advocating for a paradigm shift from traditional win-lose tactics to a collaborative, value win-win approach. The briefing integrates modern negotiation theory and emphasises ethical practices, providing practical strategies and best practices for professionals to improve their skills and adapt to industry changes. By empowering real estate professionals with knowledge and tools to navigate negotiations effectively, the briefing contributes to the overall success and professionalism of the industry. [ABSTRACT FROM AUTHOR]

Copyright of New Architecture is the property of New Architecture Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

To examine the resource utilization in different phases such as development and sales within China's real estate industry, this paper employs a two-stage Data Envelopment Analysis (DEA) model to measure the production efficiency of the real estate industry across 31 provinces, municipalities, and autonomous regions of China from 2014 to 2022. By examining both overall and phase-specific trends, the study utilizes a panel Tobit model to explore the factors affecting efficiency. Empirical results indicate that the leverage ratio of companies, per capita GDP of regions, and real estate regulatory policies significantly impact production efficiency. Further analysis of regional heterogeneity and its effect on production efficiency revealed that the per capita residential building area, which reflects the housing stock configuration in different regions, exhibits a significant single threshold effect. This not only objectively assesses the utilization of real estate resources in different areas but also delves deeper into the principal factors and their mechanisms affecting the production efficiency of the real estate industry, thus providing theoretical support and policy recommendations for effectively enhancing production efficiency. [ABSTRACT FROM AUTHOR]

The real estate sector is significantly impacted by climate change, with effects ranging from increasing risks of flooding and wildfires to shifting demand for certain types of property. These impacts influence insurance prices, property maintenance procedures, and the overall desirability of specific homes. While climate risk is acknowledged in the financial industry, its implications for the commercial and residential real estate sector are mostly studied in developed countries, with limited research in developing countries like Nigeria. This study attempts to fill this gap by exploring the potential impacts of climate change on residential properties in Lagos State, Nigeria, using Wemabod properties as a case study. The methodology involved analyzing primary data collected from residents of Wemabod Estate, Ikeja, Lagos, Nigeria, with purposive sampling used to recruit 100 participants due to absence of reliable census data. Data analysis was conducted using mean rank, t-test, and analysis of variance (ANOVA). Findings showed that most respondents demonstrated a good level of awareness about climate change. Analysis revealed that residential characteristics such as age, gender, level of education, and knowledge level of climate risk significantly influenced residents' climate change coping and adaptation strategies, with notable mean differences in knowledge and perception based on these factors. The major perceived effects of climate change included extreme heat and flooding, followed by strong winds and irregular rainfall, leading to property impacts such as peeling paint, wall cracks, roof leakage, foundation shake, and burst pipes. These findings indicate that extreme heat and flooding are the primary climate change manifestations affecting residential properties in Lagos State. Property owners should implement measures to protect against these effects, regularly inspect and maintain their properties, consider climate risk in their insurance and maintenance plans, and stay informed about climate change impacts. This study underscores the need for further research on climate change's impact on real estate in developing countries to better understand and mitigate these risks. [ABSTRACT FROM AUTHOR]

Despite the danger presented to communities, there is still a notable lack of knowledge on how the locations of tornadoes and tornado tracks, especially for violent tornadoes (VTs), vary on small spatial scales, such as in counties or cities. Certain cities like Moore, Oklahoma, have seen an abnormal number of VTs (three) compared to neighboring towns since the beginning of the historic record in 1950. The primary goal of this research was to determine if the atypical pattern of tornadoes seen in Moore and other selected cities can be replicated by random chance. This was done by generating Monte Carlo–style simulations of random tornado initial points and comparing the results with the actual number of tornadoes to determine the likelihood of the actual number of tornadoes occurring in these cities by random chance. Results show that it is difficult to replicate actual tornado patterns in the selected cities, indicating an unlikelihood of the cities’ historic tornado patterns occurring by random chance alone. The model was unable to replicate or overestimate the actual number of tornadoes greater than Enhanced Fujita 0 (>EF0) for Birmingham and Tuscaloosa, Alabama, or Wichita, Kansas. Additionally, the model could not replicate or overestimate Moore’s actual number of VTs at a rate exceeding 1 percent in any trial. The actual VT rates for Birmingham, Tuscaloosa, and Tanner, Alabama, were also notably difficult to replicate. One-sample t tests revealed that the average number of simulated total tornadoes > EF0 and VTs were significantly lower than what the cities have experienced. Furthermore, t tests show that the model was more capable of replicating the number of tornadoes from each category in cities adjacent to the primary cities, suggesting that the number of tornadoes hitting the latter is significantly greater than what would occur randomly. Possible meteorological and nonmeteorological explanations are discussed. Future research will require more cities to be analyzed to improve our understanding of small-scale tornado track variability and the degree of randomness involved. Potential findings from such study would be beneficial for emergency managers, urban planners, and the real estate and insurance industries. [ABSTRACT FROM AUTHOR]

The demand of 4-hydroxybenzoic acid (4-HBA) has increased due to their promising properties in the various industries such as pharmaceutical, cosmetic, and plastic sectors. Mostly 0.005 to 0.035 mol/liter of 4-HBA was observed in the waste stream or fermentation broth. Hence, this work presents a schematic study of 4-HBA separation from the aqueous phase by physical extraction method using conventional and natural solvents (CANS). The harmless and eco-friendly green solvents such as alsi (flaxseed) oil, castor oil, and conventional solvents such as diethyl carbonate, diethyl succinate, and xylene are employed in the extraction experiments. Several parameters, such as the KDHBA, %EHBA, PHBA, and the DHBA, were examined. The parameters were examined to evaluate the equilibrium for this physical extraction experiment. The obtained results showed the following trend of KDHBA and %EHBA, respectively, diethyl carbonate (0.951, 48.75%) > alsi oil (0.565, 36.12%) > diethyl succinate (0.504, 33.51%) > castor oil (0.457, 31.35%). > xylene (0.283, 22.06%). [ABSTRACT FROM AUTHOR]

Auxiliary information is an essential component in the field of survey sampling since it enables precise estimation of population parameters like mean, variance, distribution function, and so on, which in turn guarantees the best possible outcomes. In order to estimate the population mean of a study variable, this study makes use of auxiliary information in a two-fold approach. Through a stratified random sampling scheme, we introduce a novel class of estimators that utilize auxiliary information and their corresponding ranks. By conducting a thorough evaluation based on metrics such as mean square error and percentage relative efficiency, these proposed estimators have been shown to be effective in the estimation process. Empirical validation is conducted using a real dataset sourced from the domain of real estate. Exploring the relationship between Assessed Value (X) and Sale Amount (Y) during a five-year period extending from 2017 to 2021 is the primary emphasis of the empirical validation process, which is carried out with the assistance of a real dataset of real estate data. Furthermore, in order to demonstrate that our suggested estimator is superior to conventional unbiased estimators, as well as traditional regression estimators and other estimators that have been considered in the literature, a full simulation analysis is carried out. Our proposed estimator appears to be the most effective choice after being subjected to a comparison study against a variety of preexisting approaches. The findings of this study not only make a significant contribution to the development of the methodology of survey sampling but also offer vital insights for predictive modeling within the real estate sector. [ABSTRACT FROM AUTHOR]

The research is aimed at developing a prototype of a decision support information system for managers of a company operating in the real estate rental industry. The system provides tools for data analysis, the use of mathematical models and expert knowledge to solve complex problems. The work analyzes the practical aspects of the design and use of decision support systems and formulates the requirements for the functionality of the system being developed. The Python programming language was used for implementation. The prototype includes machine learning models, expert systems, user interface and reports. Linear regression, data clustering density-based spatial clustering of applications with noise (DBSCAN) and backpropagation methods were implemented to train the classifying perceptron. The developed tool represents a significant contribution to the field of decision support, providing unique analysis and forecasting capabilities in the dynamic real estate rental environment. This prototype is an innovative solution that promotes effective management and strategic decision making in complex real estate business scenarios. [ABSTRACT FROM AUTHOR]

A domain specific language (DSL) ties the business and technical models, by letting technical developers write programs with the business domain properties. Yet, DSLs are not used due to the cost of developing them. Such cost stems from the needed expertise within both the domain knowledge and language development technicalities for any DSL engineer who would design such a language. This paper proposes a semantic-based DSL development approach that utilizes an ontology as a formal way for domain representation. The domain ontology is semi-automatically transformed into a DSL. Then, an ontology reasoning algorithm provides reasoning services on the DSL structure and the programs developed using such DSL by application developers. Such reasoning services can automatically detect flaws in the DSL design like possible inconsistency or the presence of unsatisfiable or redundant classes thus serving the DSL engineer. The reasoning services can also discover inconsistency or redundant classes in programs built using the designed DSL, thus serving the application developer. The proposed approach was implemented within a language workbench using projectional-editing and was evaluated on two different ontologies from varied domains. The results show correct transformation of the input ontology, valid instantiation of designed application, and efficient reasoning services. [ABSTRACT FROM AUTHOR]

Over the past four decades, China's real estate industry has experienced rapid growth, accompanied by frequent regulatory interventions. These shifts present an ideal context for examining the characteristics of private equity placements (PEPs) under varying industrial policy environments. This study examines the PEPs of Chinese real estate firms from 2006 to 2023, calculating the cumulative abnormal returns during announcement periods and the transaction discounts across various regulatory phases. The analysis reveals significant positive announcement effects, even in times of policy tightening, with these effects becoming more pronounced during periods of policy relaxation. However, regression analyses suggest that the policy environment does not significantly impact the announcement effects. Contrary to traditional views, PEP discounts tend to be shallower during policy tightening and deeper during policy loosening. Further analysis indicates that investors are willing to accept smaller discounts in exchange for more valuable investment opportunities. [ABSTRACT FROM AUTHOR]

Purpose: Research on corporate social responsibility (CSR) within the real estate sector is limited, and the precise workings of its impact are still unclear. Under the premise that real estate enterprises face environmental uncertainty in China, this study explored the impact of CSR on real estate enterprise value. Design/methodology/approach: To investigate the impact of CSR on enterprise value, we studied 111 real estate enterprises with A-shares listed on Shanghai and Shenzhen stock exchanges from 2010 to 2020, and performed empirical tests to determine the moderating effect of environmental uncertainty on this relationship. Findings: (1) The fulfillment of corporate social responsibility (CSR) significantly influences the value of real estate enterprises. A sub-dimensional analysis reveals that fulfilling stakeholder and social welfare responsibilities within CSR positively impacts enterprise value, whereas environmental responsibility does not exert a notable effect. (2) The uncertainty associated with environmental changes profoundly affects the relationship between CSR and the value of real estate enterprises. More precisely, as environmental uncertainty increases, it amplifies the beneficial impact of CSR on enterprise value. Practical implications: These findings are valuable for real estate enterprises as they navigate the transition towards sustainable development, and they also provide insight for the government in formulating policies aimed at regulating the real estate sector. Originality/value: This study complements the existing discussion and research on corporate social responsibility (CSR) and enterprise value in the real estate industry, while elucidating the underlying mechanism of how environmental uncertainty mediates the relationship between the two. [ABSTRACT FROM AUTHOR]

This paper opens the black box of the role of the state when regulating the process of financialization of a national economy. For this purpose, we firstly study two recent Spanish executives' closeness and similarity to financial, insurance and real estate sectors – usually identified as the 'FIRE sector'. We secondly study how the process of specific law production and regulation during two different political terms has significant effects in the finance, insurance, and real estate complex. Our research explains that this specific regulation is related to the evolution of the FIRE sector in Spain, something that reflects the role of state agencies to favour financialization dynamics. [ABSTRACT FROM AUTHOR]

Purpose: Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio. Design/methodology/approach: Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland. Findings: Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies. Originality/value: This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors. [ABSTRACT FROM AUTHOR]

Purpose: Foreign direct investment in the real estate (FDIRE) sector is required to bridge the gap between investment needed and domestic funds. Further, foreign direct investment is gaining importance because other sources of raising finance such as External Commercial Borrowing and foreign currency convertible bonds have been banned in the Indian real estate sector. Therefore, the objective of the study is to explore the determinants attracting foreign direct investment in real estate and to assess the impact of those variables on foreign direct investments in real estate. Design/methodology/approach: Johansen cointegration test, vector error correction model along with variance decomposition and impulse response function are employed to understand the nexus of the relationship between various macroeconomic variables and foreign direct investment in real estate. Findings: The results indicate that infrastructure, GDP and tourism act as drivers of foreign direct investment in real estate. However, interest rates act as a barrier. Originality/value: This article aimed at exploring factors attracting FDIRE along with estimating the impact of identified variables on FDI in real estate. Unlike other studies, this study considers FDI in real estate instead of foreign real estate investments. [ABSTRACT FROM AUTHOR]

In recent years, high-end apartments have been chosen by an increasing more customers due to their advantageous features and consumer trends. Therefore, investigating the elements that influence the decision to select a luxury apartment is crucial in providing real estate companies with recommendations, concepts for new projects and strategies to draw in clients. This research analyzes the factors that influence the decision to choose a high-end apartment. This study is based on the psychological makeup and personal preferences influencing the standards for selecting a high-end apartment. The author used exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and second-order linear structural equation modeling (SEM) on the research sample surveyed in Hanoi, the capital of Vietnam. This research studied over 300 observations through quantitative analysis using SPSS software. The research results showed five groups of factors that positively impact the decision to choose a high-end apartment: (1) Lifestyle (2) quality of apartment 3) financial factors 4) social environment 5) amenity. This study also offers some suggestions to bring the supply and the demand of luxury apartments in Vietnam closer together thereby helping the Vietnamese real estate market develop sustainably. [ABSTRACT FROM AUTHOR]

Copyright of Tourism Tribune / Lvyou Xuekan is the property of Tourism Institute of Beijing Union University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the agriculture and real estate industries, land lot shapes have mostly been classified by visual inspection or hard-crafted rules. These conventional methods are time-consuming, resource-intensive, and subject to human bias. This study aims to fill this gap and alleviate problems inherent in traditional lot classification approaches. This study attempts to classify lot shapes automatically, using a convolutional neural network. A study area was chosen, image data of the lots in the area were collected and preprocessed, and an Xception neural network was specified to classify land lots according to their shapes. The test applied to a different area adjacent to the study area achieved an accuracy of 90.1% and area under the curve (AUC) of 0.96. Additionally, this study demonstrated that shape regularity can be quantified using the output scores from the neural network analysis. This is the first attempt to employ a deep learning algorithm for land management on a micro-spatial scale. The classification approach proposed in this study is expected to encourage the rapid and accurate classification of various lot shapes. [ABSTRACT FROM AUTHOR]

Seismic isolation structures have excellent seismic mitigation effects, but implementing isolation measures may increase the initial cost of the structure. This paper presents a method to calculate the seismic loss and assess the life-cycle cost of isolated structures, which is convenient for owners to make decisions. The life-cycle cost assessment model is divided into two parts: initial cost assessment and seismic loss assessment over life-cycle period. Among them, the assessment method of the isolation layer is proposed, including the cost assessment of isolation bearings and dampers. The assessment method of seismic loss considers direct loss, indirect loss, casualties and integrating casualties into a unified assessment system. Direct loss includes building loss, indirect loss includes rental loss, relocation loss, income loss, personal property loss and business inventory loss. The seismic loss model is associated with seismic damage probability, which is obtained through seismic vulnerability and seismic probability risk assessment. The 8-story base-isolated-reinforced concrete structure illustrates the feasibility of the life-cycle-cost assessment model. The example shows that the initial cost of the isolated structure exceeds that of the nonisolated structure, however, the rental loss, income loss, personal property loss and casualties are much lower than those of nonisolated structures. The income loss of the isolated structure is the maximum proportion in life-cycle cost, and the casualty loss is the minimum proportion in the seismic loss, due to its excellent seismic mitigation effects. [ABSTRACT FROM AUTHOR]

This article examines and makes explicit the co-constitutive relationship between density techniques, their depoliticization effects, and heightened land commodification in Taiwan's acceleration to a real estate–oriented economy. TDR (transfer of development rights) and density bonusing are two almost omnipresent practices in urban land development in Taiwan. We ask how their technocratic approach—using predetermined formulas to bracket density use while almost entirely foreclosing community negotiation—has played a formative role in accelerating land commodification. Using mixed research methods, the case study of Central North in New Taipei City helps lay bare how formulaic density rules enable planners to embed their epistemic assumptions about what constitutes a good city within intensified property development. Mimicking the calculative practices performed by the real estate sector, we use residual valuation methods to estimate the maximum price-lifting effects of 18 real estate development projects. We show that formulaic rules allow density to enter cost–benefit analysis spreadsheets as a profit booster in advance of actual granting of extra density, emboldening aggressive land brokering, buying, and selling, which churn up land prices. We argue that the technical depoliticization generated by TDR and density bonusing has become the most effective catalyst in creating a politically less contested and financially more calculable urban world in which capital's acquisitive appetite for land's monetary value is intensified. We conclude by discussing the implications for how to move density from a domain of technical rules and real estate finance to a politics of land. [ABSTRACT FROM AUTHOR]

In order to launder large amounts of money, (drug) criminals can seek help from financial facilitators. According to the FATF, these facilitators are operating increasingly business-like and even participate in professional money laundering networks. This study examines the extent to which financial facilitators in the Netherlands exhibit business-like characteristics and the extent to which they organize themselves in money laundering networks. We further examine the relationship between business-like behavior and individual money launderers' position in the social network. Using police intelligence data, we were able to analyze the contacts of 198 financial facilitators who were active in the Netherlands in the period 2016–2020, all having worked for drug criminals. Based on social network analysis, this research shows that financial facilitators in the Netherlands can be linked in extensive money laundering networks. Based on the facilitators' area of expertise, roughly two main types of professional money laundering networks can be discerned. Some subnetworks operate in the real estate sector, while others primarily engage in underground banking. Furthermore, the application of regression models to predict business-like behavior using individual network measures shows that facilitators with more central positions in the network and those who collaborate with financial facilitators from varying expertise groups tend to behave more business-like than other financial facilitators. [ABSTRACT FROM AUTHOR]

The growing appreciation of the critical importance of domestic industry in national security resilience has led to the recent issue of the Defence Industry Development Strategy (DIDS). This article outlines the DIDS strategy and discusses the seven priority areas for industry development and several topical policy areas, notably naval shipbuilding and autonomous systems. Throughout this discussion the development of skilled workforce is an important challenge with no clear resolution in sight. [ABSTRACT FROM AUTHOR]

This document is a correction notice for an article titled "DIS3 ribonuclease is essential for spermatogenesis and male fertility in mice." The correction addresses errors in the supplementary file of the article, specifically in the legends and figures. The corrected versions of the legends and figures are provided. The errors do not affect the results and conclusions of the paper. [Extracted from the article]

In many areas of life, uncertainties exist, and decisions under these uncertainties require mathematical data. This study evaluates the investment suitability of real estate companies listed on Borsa Istanbul (BIST) by integrating neutrosophic sets with AHP and TOPSIS methods. The aim is to help investors minimize risks and make optimal decisions in highly uncertain environments. The study defines neutrosophic sets and presents an integrated neutrosophic AHP and TOPSIS model. The past performance of BIST-listed real estate companies was analyzed for investment suitability. Three stock market analysts indicated the importance of various criteria and expressed company statuses using verbal terms, which were converted into neutrosophic scores. Criteria importance weights were calculated with neutrosophic AHP, and company statuses were evaluated with neutrosophic TOPSIS, resulting in a ranking of companies. The study's uniqueness lies in significantly accounting for uncertainty to minimize risks, allowing decision-makers to use unrestricted verbal expressions for uncertainty. This method considers external factors crucial to the stock market, offering a new approach to minimize risks from uncertainties. [ABSTRACT FROM AUTHOR]

The paper analyses three photographic bodies of work — Edgar Martins' This Is Not a House, Daniel Shea's 43-35 10th Street, and Lewis Bush's Metropole — looking at various aspects of the real estate market: real estate collapse and the 2008 financial crisis in the USA, as well as real estate boom and gentrification in New York City and London. The case studies depict the real estate industry as an example of how invisible and abstract market processes shape visible and concrete domains of everyday life, such as, income inequalities, social relationships, or public space aesthetics. The artists in question use photography as a tool to deconstruct the abstractions of neoliberal capitalism through an attempt to visualise the invisible. By examining the three case studies in the light of economic theory on the real estate market, the paper defines links between neoliberal capitalism and the medium of photography using the idea of abstraction, and shows how photography is used to dissect the complexity of economic processes taking place within the realm of neoliberal capitalism. [ABSTRACT FROM AUTHOR]

• The spillover transmission among sectors in China fluctuates between 55% and 90%. • Real estate acts as a net transmitter of shocks to other sectors until April 2006. • Real estate acts as a net receiver of shocks from May 2006 onwards. • Real estate transmitted shocks to the telecom services, financial, and energy sectors. • Real estate predominantly received shocks from the remaining sectors. The real estate sector in China has strong connections with other sectors. By employing forecast error variance decompositions from least absolute shrinkage and selection operator vector autoregression (LASSO-VAR) model, this study explores the real estate sector's role in China's sectoral network between January 1, 2000, and June 30, 2023. Our analysis reveals that the total sectoral connectedness ranged between 80% and 90% before 2016, but fluctuated between 55% and 90% from 2016 to June 2023. We also identify that shocks primarily spread from the real estate sector to the financial sector from 2014 to 2019. However, this pattern was reversed, with shocks spreading from the financial sector to the real estate sector from early 2020 to June 2023. Furthermore, we observe that the government's long-term mechanisms for the real estate sector have a significant impact on the connection between the real estate sector and the other sectors. [ABSTRACT FROM AUTHOR]

Copyright of Arab Journal for Scientific Publishing is the property of Research & Development of Human Recourses Center (REMAH) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

As the world navigates or faces the challenges of global warming and climate change, the real estate industry/sector is poised to playing a crucial role aimed at mitigating its impacts while creating sustainable wealth. In order to help investors, developers, and governments tackle the issues with climate change and global warming, this papers looks at the relationship between sustainable real estate investment and wealth generation. This paper looks at the emerging trends as well as innovations in sustainable real estate and green building technologies. In addition are designs that are energy-efficient as well as climate-resilient construction. The paper also addressed the issues pertaining to regulatory and policy frameworks that is necessary in the support of sustained real estate practices while it highlighted successful best practices. This paper no doubt provided a comprehensive framework for sustainable real estate investment and wealth creation while it contributed to a more resilient and environmentally conscious built environment. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: Sustainability has become an integral part of the real estate industry, alongside advancing globalization and demographic development. Due to real estate's influence on greenhouse gas emissions throughout its life cycle, both the regulatory and legal requirements concerning the sustainability of real estate are growing and, as a result of social responsibility, the interest of tenants and investors in sustainable real estate. However, criteria for measuring the ecological sustainability of a real estate investment in the purchase process in order to reduce the risk of including "stranded assets" in the portfolio are missing. This paper aims to address the need to integrate the issue of carbon stranding into existing sustainability rating tools. Design/methodology/approach: Existing tools are examined based on defined criteria to determine whether they are suitable for purchasing a property before suitable tools for purchase are compared. Strengths and weaknesses are identified, which are to be remedied with the scoring tool. Taxonomy regulation is integrated into the existing valuation basis as a legal regulation. Findings: The result is a scoring tool that enables real estate companies to measure and evaluate the ecological sustainability performance of a property during the acquisition process, taking into account the three aspects of sustainability and considering them when determining an appropriate purchase price in line with market conditions. Moreover, the developed tool helps to minimize the risk of acquiring a stranding asset. Research limitations/implications: The environmental, social and governance (ESG) framework employed in this study does not incorporate governance considerations. While the analysis extensively evaluates the building's environmental and social aspects, it does not extend to examining the governance practices of the companies involved. Thus, the assessment is confined solely to the physical attributes of the property without accounting for broader corporate governance factors. Practical implications: The developed scoring tool represents a valuable tool for the real estate industry, offering insights into sustainability performance during property acquisitions and providing a structured framework for decision-making. By addressing both certification and taxonomy regulation requirements, the tool contributes to the industry's evolution toward more sustainable and environmentally responsible real estate practices. Originality/value: In response to the growing importance of sustainability in the real estate industry, this paper introduces a novel scoring tool for evaluating the sustainability of real estate investments during the acquisition process. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators. Design/methodology/approach: With data sourced from over 680 publicly listed real estate companies, the research employs a fixed effects regression model to analyze the findings. By utilizing this method, the study can assess the impact of governance, environmental and social factors on both the accounting and market performance of real estate companies. Findings: The outcomes of this study underscore a link between sustainability, particularly environmental aspects and financial performance. However, the study also reveals a contrasting result: governance factors are associated with adverse financial outcomes. Nevertheless, it is important to highlight the limitations as the results present a mixed picture with limited significant findings. Practical implications: Companies should prioritize improvements in environment to boost profitability, while they should carefully consider the costs and benefits associated with enhancing their governance structure. Originality/value: By focusing on this industry and adopting a global perspective, the study addresses a gap in the literature. The research's innovative approach to utilizing ESG ratings and pillar scores as proxies for ESG performance enhances its originality. Furthermore, the research's identification of the differing impacts of environmental and governance factors on financial outcomes add novel perspectives to the discourse. [ABSTRACT FROM AUTHOR]

Purpose: ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real estate space. This paper proposes a new metric to be used in the S space to assess improvements in aspects such as gender equality and cultural diversity in real estate. It adds to the S metrics currently available to see the more effective delivery of the S dimension into real estate investment decision-making. Design/methodology/approach: A new S metric in ESG is proposed and validated. Using this metric, examples regarding gender equality and cultural diversity are assessed among leading real estate players in Australia. This S metric is assessed over a number of time periods to demonstrate the improvements in gender equality and cultural diversity in these major real estate players. Findings: This new S metric is seen to be highly effective and robust in capturing the changes in various aspects of the S dimension in ESG in the real estate space today; particularly concerning gender equality and cultural diversity. It is clearly able to demonstrate the significant changes in increased participation of women at the more senior leadership levels by leading players in the real estate space. Practical implications: With ESG becoming a critical issue in the real estate sector, issues involved in the S space will take on increased significance going forward. This is critical, as the elements of the S dimension such as gender equality and cultural diversity are important aspects for an effectively functioning real estate industry. The S metric developed in this paper can be used for benchmarking purposes over time, as well as between real estate players, between sub-sections within a real estate organisation, and comparing against other industry sectors. It is also relevant in all organisations, and is not just limited to the real estate sector. Additional metrics in the S space are an important development to further empirically assess the effective delivery of the S dimension of ESG in the real estate sector and more broadly. Originality/value: This paper specifically proposes this new S metric in ESG in the real estate industry. This is a key issue for the real estate industry going forward at all levels, as it will facilitate a more diverse real estate industry and more effective real estate investment decision-making. This S metric is applicable in all organisational sectors where the S dimension of ESG is important. [ABSTRACT FROM AUTHOR]

Purpose: The proliferation of environmental rating tools over the past two decades has endeavoured to assist the industry in measuring sustainability. Recent changes to the International Valuation Standards (IVS) have directed valuers to consider ESG. The purpose of this study aims to examine how commonly utilized sustainability tools, which have been employed to communicate building sustainability credentials, align with the IVS categories of ESG. Design/methodology/approach: The research utilises the IVS categorisation of ESG and maps sustainability tools adopted at scale by the Australian Commercial Real Estate market. The approach identifies the various attributes within the commonly utilised rating tools that align with IVS defined ESG criteria. Findings: The mapping provides insights into the coverage of the IVS ESG criteria in the mainstream tools used in Australia. Further, the research identifies existing sustainability criteria that are relevant to the built environment, that have not been clearly identified by the IVS, but have an important role in evaluating the sustainability of commercial real estate. Practical implications: For investors, occupiers and valuers, this research provides insights on how the current, commonly utilised sustainability rating tools align with the IVS-defined ESG metrics. This research assists in providing greater clarity regarding the relationship between ESG criteria and existing rating tools, which have been recently identified as key considerations in valuation practice and help to provide transparency and understanding for property stakeholders. Originality/value: The importance of monitoring, reporting and enhancing transparency in ESG disclosures has emerged as a central issue with significant implications for the property industry. This research provides the first evaluation of how existing sustainability rating tools map against ESG criteria as directed in the IVS. [ABSTRACT FROM AUTHOR]

This research aims to analyze the influence of service quality, facilities and location on purchasing decisions for CitraRaya Tangerang housing. Through a quantitative approach that is causal in nature, it is carried out to obtain a research model according to the procedure. This requires a sample that has been observed and determined based on the criteria of respondent characteristics using purposive sampling and 190 samples were found to ensure the sample was appropriate. This reason makes this research use the PLS analysis method approach which is the right step for analyzing research data. The results of this research are that service quality, facilities and location have a positive and significant effect on the decision to purchase CitraRaya housing. Finally, the findings of this research provide knowledge that can be relied upon in the future, especially for property business actors as an important reference in making effective marketing management strategic decisions in achieving competitive advantage. [ABSTRACT FROM AUTHOR]

This study investigates the impact of significant wildfires from 2019 to 2022 on nine sectors within the US capital markets, utilizing a dataset encompassing 161 wildfires. Employing a combination of parametric and nonparametric tests, alongside regression analysis, the research scrutinizes how capital markets in distinct sectors respond to wildfire events, revealing nuanced effects. In sectors directly impacted, the insurance industry displays sensitivity to fire costs, with explicit country or event mentions correlating with sustained returns. Conversely, the real estate sector experiences diminished returns during prolonged wildfires, while the forestry and timber industry exhibits heightened sensitivity to fire costs, especially when ignited by lightning. Within indirect impact sectors, the health industry shows vulnerability to fire-related fatalities, with subsequent negative correlations with country mentions. In the food industry, fire costs contribute positively to returns, while duration and size yield negative effects. The transportation industry witnesses a gradual decline in returns, escalating with the number of fire days or associated costs. In resilience and mitigation sectors, utilities demonstrate recovery post-wildfires, contrasting with consistent declines in the energy sector. Among interconnected sectors, the travel and tourism industry sees increased returns tied to the number of victims, with events caused by human actions having a more pronounced impact. This research underscores the significance of tailored risk assessment and mitigation strategies, offering valuable insights for investors and policymakers navigating the intricate relationship between environmental events and financial markets. [ABSTRACT FROM AUTHOR]

In the rapidly evolving real estate industry, integrating automated valuation models (AVMs) has become critical for improving property assessment accuracy and transparency. Although there is some research on the subject, no thorough qualitative systematic review has been done in this field. This paper aims to provide an up-to-date and systematic understanding of the strategic applications of AVMs across various real estate subsectors (i.e., real estate development, real estate investment, land administration, and taxation), shedding light on their broad contributions to value enhancement, decision-making, and market insights. The systematic review is based on 97 papers selected out of 652 search results with an application of the PRISMAbased method. The findings highlight the transformative role of AVMs approaches in streamlining valuation processes, enhancing market efficiency, and supporting data-driven decision-making in the real estate industry, along with developing an original conceptual framework. Key areas of future research, including data integration, ethical implications, and the development of hybrid AVMs approaches are identified to advance the field and address emerging challenges. Ultimately, stakeholders can create new avenues for real estate valuation efficiency, accuracy, and transparency by judiciously utilizing AVMs approaches, leading to more educated real estate investment decisions. [ABSTRACT FROM AUTHOR]

This study fills a significant research gap in Malaysian government-led homeownership and affordability. Centered on crucial market attributes influencing these initiatives, insights from low-income groups were obtained. The primary aim of this study was to assess the importance of various market attributes on government homeownership initiatives in Malaysia. The data were collected from low-income groups using a structured questionnaire, providing valuable insights into the unique challenges faced by this demographic. A Relative Importance Index (RII) was employed to analyze the data, revealing that Financial Market Factors, Household Financial Capacity, Housing Affordability and Accessibility, and Government Housing Policies were the market attributes of the highest importance in shaping government homeownership efforts. The results of the exploratory factor analysis demonstrated that the Financial Market Factor was the most influential component, as indicated by its mean rank. This study sought to incorporate the valuable perspectives of respondents regarding integrating future value into financing models. Respondents' opinions reflected a significant level of support for such innovative approaches. This study examines the crucial market attributes influencing government homeownership initiatives in Malaysia. The findings underline the potential of incorporating future value into financing models to enhance housing affordability for low-income groups and promote broader homeownership objectives.

With the rapid spread of telecommuting since the COVID-19 pandemic, companies have been relocating to high-end business centers, thereby enhancing the workplace experience for employees, a phenomenon called the "flight to quality." However, this trend’s impact on rents and vacancy rates in individual office buildings has not been extensively studied. To determine the effects of the flight-to-quality phenomenon on individual buildings, we examine the impact of modern amenities, which directly influence employee lifestyles, on rents and vacancy rates in the Tokyo office market. Using a propensity score-based quasi-experimental method, we find that commercial properties with such modern amenities command higher rents and experience lower vacancy rates than those without. The difference in vacancy rates has increased since 2020. However, the significance of these amenities diminishes for properties less competitive in age, size, and location. The results indicate that the "flight to quality" may further polarize the office real estate market into two categories: one for high-end buildings experiencing increasing demand, and another for those with modest amenities experiencing decreasing demand. The findings have implications for office building owners/investors and the government, make educated decisions as to whether to invest in modern amenities, join the quality competition, or encourage urban restructuring.

The article applies the method of historical research, using a temporal perspective dating back to 1985, to trace the evolution of market valuation principles for real estate in Poland. These principles evolved similarly to those in many other post-socialist countries, influenced by political and socio-economic transformations and the resulting list of objectives for which these values became essential. The changing legal regulations allowing for the emergence and development of a free real estate market played a decisive role in this process. It was also a period of preparing real estate valuation professionals to meet these requirements. Today, the methodology of valuation, under increasing pressure from various real estate market entities and the rapid advancement of intelligent data collection and processing technologies, is undergoing further evolution. In many countries, including Poland, lively discussions and disputes are ongoing regarding the legal authorization of statistical tools and automated valuation models in valuation practice. These possibilities are being considered particularly in the context of mass property valuations for tax purposes. The methodology involves the analysis of Polish legal provisions, foreign literature, and documents proving the gradual marketization of valuation principles.

The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.