Economic perspectives on the structure of local housing systems

Maclennan, Duncan; Tu, Yong

doi:10.1080/02673039608720864

Cited by 170 publications

(163 citation statements)

References 11 publications

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“…D'autres chercheurs ont privilégié des méthodes statistiques afi n de défi nir les sous-marchés. Maclennan et Tu (1996) ont appliqué l'analyse de regroupement (cluster analysis) à l'identifi cation des sous-marchés. Récemment, Tu et al (2007) …”

Section: La Question Des Découpages Spatiauxunclassified

Les découpages administratifs sont-ils pertinents en analyse immobilière?

Voisin

Dubé

Thériault

et al. 2011

cgq

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RésuméLa ville de Québec offre une mosaïque d'espaces de vie qui correspondent à autant de sous-marchés résidentiels. Quatre cent ans d'histoire ont produit une agglomération diversifi ée, depuis sa fondation en 1608. Toutefois, on peut remettre en question la pertinence des découpages administratifs pour réaliser des études urbaines. S'il n'y a pas de découpage spatial idéal, des approches permettent néanmoins de délimiter des ensembles géographiques relativement homogènes, eu égard à une problématique donnée. Cet article présente une segmentation spatiale du territoire, basée sur des critères historiques, sociologiques et morphologiques, comme alternative aux partitions administratives pour réaliser des études du marché résidentiel. Des analyses discriminantes ont permis de comparer la performance de trois découpages : celui proposé -l'historico-morphologique (HM) et deux administratifs, celui avant et celui après les fusions municipales. L'étude porte sur le marché unifamilial de Québec et utilise des données multidimensionnelles. Enfi n, les trois découpages sont intégrés dans des modèles de prix hédoniques afi n de tester leur pertinence pour mesurer les variations des prix implicites. Les résultats suggèrent que la partition HM est plus effi cace que les découpages administratifs, tout en étant perfectible.

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Section: La Question Des Découpages Spatiauxunclassified

Les découpages administratifs sont-ils pertinents en analyse immobilière?

Voisin

Dubé

Thériault

et al. 2011

cgq

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“…This approach would have the potential to capture the variation in impact of earthquake risk between submarkets. This, however, can be difficult to operationalize in event studies, given that it is possible that submarket boundaries might have altered between study periods (Maclennan and Tu, 1996).…”

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Modelling the impact of earthquake activity on real estate values: a multi-level approach

Keskin

Dunning

Watkins

2017

JERER

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Purpose This paper aims to explore the impact of a recent earthquake activity on house prices and their spatial distribution in the Istanbul housing market. Design/methodology/approach The paper uses a multi-level approach within an event study framework to model changes in the pattern of house prices in Istanbul. The model allows the isolation of the effects of earthquake risk and explores the differential impact in different submarkets in two study periods – one before (2007) and one after (2012) recent earthquake activity in the Van region, which although in Eastern Turkey served to alter the perceptions of risk through the wider geographic region. Findings The analysis shows that there are variations in the size of price discounts in submarkets resulting from the differential influence of a recent earthquake activity on perceived risk of damage. The model results show that the spatial impacts of these changes are not transmitted evenly across the study area. Rather it is clear that submarkets at the cheaper end of the market have proportionately larger negative impacts on real estate values. Research limitations/implications The robustness of the models would be enhanced by the addition of further spatial levels and larger data sets. Practical implications The methods introduced in this study can be used by real estate agents, valuers and insurance companies to help them more accurately assess the likely impacts of changes in the perceived risk of earthquake activity (or other environmental events such as flooding) on the formation of house prices in different market segments. Social implications The application of these methods is intended to inform a fairer approach to setting insurance premiums and a better basis for determining policy interventions and public investment designed to mitigate potential earthquake risk. Originality/value The paper represents an attempt to develop a novel extension of the standard use of hedonic models in event studies to investigate the impact of natural disasters on real estate values. The value of the approach is that it is able to better capture the granularity of the spatial effects of environmental events than the standard approach.

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“…When considering the applicability of evolutionary economics to real estate it is also worth noting that Maclennan and Tu (1996) see the link in housing market research, whereas RICS, since the late noughties, see the link in research on the built environment more widely, incorporating sustainability aspects as well as ICT (Macintosh, 2010;Ratcliffe et al, 2010).…”

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confidence: 99%

“…This is due to the intuitive assumptions of dwelling being socio-cultural and behavioural. Within housing economics, Maclennan and Tu (1996), who first lament the lack of "disaggregated economic models of the evolution of local [housing] systems" before themselves setting out 5 For example, in Manhattan Google recently bought a building site for 1.4 Billion USD, the most expensive real estate deal ever, in the middle of the deepest economic recession for ca. 80 years!…”

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Innovation in real estate and evolutionary agendas

Kauko¹,

Rebelo²

2014

Proceedings of the 21st Annual European Real Estate Society Conference

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Structured Abstract: Ideally, the notion of innovation enables paving the avenue of research towards evaluation of sustainability in all research areas dealing with the built environment, also real estate. While innovativeness can be understood as an extension of the current paradigm in urban real estate economics, it can also be understood as an alternative paradigm involving more evolutionary perspectives. What happens in the mother discipline of general economics is a reasonable prediction of what eventually will happen in applied disciplines such as real estate economics. However, given the vast differences between physical and asset-oriented views of real estate, it is realistic to assume inertia among real estate economists trained in neoclassical economics in adapting new concepts such as evolutionary dynamics, in which case some other discipline (economic geography, for instance) must set the cross-disciplinary agenda. This paper reviews various literatures involved in this adaption of the innovation-concept and seeks to make connections across them. It argues for the need for real estate economists to open up horizons for dialogue with other disciplines.

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Economic perspectives on the structure of local housing systems

Cited by 170 publications

References 11 publications

Les découpages administratifs sont-ils pertinents en analyse immobilière?

Les découpages administratifs sont-ils pertinents en analyse immobilière?

Modelling the impact of earthquake activity on real estate values: a multi-level approach

Innovation in real estate and evolutionary agendas

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