Glocal real estate market: evidence from European Countries

Abstract

Purpose This paper aims to analyse globalisation, localisation and glocalisation on the real estate market and define the characteristic features of a glocal real estate market (GREM). The GREM involves real estate properties and real estate products, as well as linking the local and global dimensions of real estate market. Further aims of the study were to provide a methodology for developing the glocal real estate market index (GREMI), and compare selected European markets by analysing their glocalisation potential. Design/methodology/approach A novel method of identifying and assessing the GREM was prepared in the work. The methodology provides tools for calculating the GREMI. This is an index based on a few dozen variables from various thematic scopes, describing the glocalisation potential of a selected market, calibrated to a range <0, 1>. GREMI values were calculated for 12 countries, which accessed European Union (EU) in 2004. The sample covers period from 2004 to 2017. Findings The study shows that the GREMI continues to increase in all countries over time and the results are becoming synchronised. Romania is a country with the highest number of minimum GREMI values in all years (2004–2017). The highest values of the GREMI were determined in Estonia over the period of nine years (2004–2006, 2008 and 2013–2017). Research limitations/implications The prepared index may be applied to analyse different real estate markets, though the necessity to select an identical set of variables for analysis to allow for comparing between markets is a limitation for applying the method. The actual selection of variables is also a study limitation, which was of an opening nature to research in this scope and may be disputable. Originality/value This paper provides the original methodology of the GREMI index for countries joining the EU from 2004 onwards.

An assessment of real estate cycles and their impact on property values in Gaborone, Botswana

“…The results from Table 3 below reveal that the during the first cycle, the recovery phase (a) (Remoy et al , 2019; Canepa et al , 2020; Huang, 2019; Alkali et al , 2018; Clayton, 2020; Roulac, 2020, Barras, 2007; Locurcio et al , 2020; Wang and Croucher, 2021; Wisniewski and Brzezicka, 2021; Harnos, 2018; De Stefani, 2021; Pai and Wang, 2020; Jakimowicz and Kulesza, 2017; Grum and Govekar, 2015; Bednarek et al , 2021; Duca et al , 2021; Toledano, 2019) had a total of 3,215 properties transferred, and valuing to a total of P620,708,121.6. Expansion phase (a) had a total of 3,557 properties transferred and with a total value of P2,312,546,275; oversupply phase (a) consisted of a total count of 2,261 properties transferred and a total value of P4,161,698,812.00.…”

“…It accounts for approximately 45% of total wealth in the USA and 54% worldwide (De La Cruz-Viesca et al , 2016). Wisniewski and Brzezicka (2021) stated that real estate has two functions: it is a place of residence and a capital investment hence important segment of national economies around the world. Therefore to acquire sufficient wealth in real estate one must be knowledgeable about the real estate market as well as factors affecting property values.…”

Impacts of COVID-19 on the Real Estate Market in the Czech Republic

“…These articles describe the development of the real estate market, for example [3], [2], [11]. The authors focus on the market in their home state or home city.…”