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Article
Publication date: 16 April 2018

Hanna Augustyniak, Jacek Laszek, Krzysztof Olszewski and Joanna Waszczuk

The purpose of this paper is to describe the property valuation methods that are applied in Poland. It shows that they base on international standards and are a reliable source of…

490

Abstract

Purpose

The purpose of this paper is to describe the property valuation methods that are applied in Poland. It shows that they base on international standards and are a reliable source of information for international investors and banks.

Design/methodology/approach

The valuation methods are described and critically assessed, potential problems are pointed out. The analysis of lending risk is analysed on data about non-performing loans (NPL).

Findings

Polish valuation methods are in line with international methods, but there are some risks, like small number of transactions, subjective behaviour of valuers. The low NPL ratios indicate that the valuation works correctly.

Practical implications

The Polish valuation methods are trustworthy, non-performing mortgage ratios are low, however, banks and investors should ask whether there is a local zoning plan. Moreover, they should look critically at the comparables that were used during the valuation process, if in their opinion the valuation is overly low or high.

Originality/value

This paper focusses on valuation from a financial stability perspective. It uses Polish literature and data on NPLs to give an insight on valuation of property and mortgage risk in Poland. Besides the review of the methods it points out the problems related to valuation uncertainty, such as the risk of subjective behaviour of valuers and the low number of transactions in some regions, which are used for valuations.

Details

Property Management, vol. 36 no. 2
Type: Research Article
ISSN: 0263-7472

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Available. Content available
Article
Publication date: 16 April 2018

Clive M.J. Warren

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Abstract

Details

Property Management, vol. 36 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 12 August 2024

Woei-Chyi Chai, Kuen-Wei Tham, Chin Tiong Cheng, Kim Wing Chong and Kai Yun Yeoh

The COVID-19 pandemic has profoundly impacted the global economy, disrupting supply chains, causing job losses and altering consumer demand. In Malaysia, the real estate sector…

137

Abstract

Purpose

The COVID-19 pandemic has profoundly impacted the global economy, disrupting supply chains, causing job losses and altering consumer demand. In Malaysia, the real estate sector has been notably affected, with increased property impairments and overhang due to unprecedented uncertainty. Understanding these effects is crucial for policymakers and investors to prevent real estate and banking crises. This study aims to analyse the relationships between macroeconomic factors during the pandemic on property impairments and overhang, providing insights for maintaining macroeconomic stability. The findings will inform strategies for mitigating economic shocks, identifying opportunities, and guiding real estate policies in Malaysia and potentially globally.

Design/methodology/approach

This research article uses a time series ARDL regression analysis to examine pivotal macroeconomic factors including income, housing process, interest rates and unemployment on property loan impairments and property supply overhang in Malaysia. ARDL is effective to measure and analyse time series data, especially to understand the lagged impacts of macroeconomic factors. This can be seen by various economists in analysing macroeconomic factors affecting non-performing loans or the real estate finance using regression analyses both in Malaysia and other regions. The observations are gathered before, during and after the COVID-19 pandemic, spanning a five-year period with monthly frequency from 2018 to 2022.

Findings

The study emphasizes the critical importance of effectively managing unemployment and implementing policy interventions, such as moratoriums, to stabilize the economy and reduce the risk of loan impairments during crises like the COVID-19 pandemic. Additionally, this study highlights a significant inverse relationship between income per capita and loan impairments, underscoring the necessity for policies that promote economic growth and income equality. Initiatives targeting job creation, education and skills development can elevate income levels, thereby decreasing loan impairments. Lower lending interest rates during the pandemic also help mitigate the risk of loan impairments by facilitating borrowing, stimulating economic activity and enhancing financial well-being. Furthermore, the study suggests that while lower interest rates incentivize property developers and investors, understanding the intricate interaction between housing prices and supply is crucial for policymakers and stakeholders to effectively manage the housing market and ensure adequate housing supply, especially during crises.

Research limitations/implications

This paper provides insight for policymakers, regulators, investors and property consultants into the dynamic effects of key macroeconomic factors amidst a global recession in how they impact the real estate market with regards specifically to all types of property loan impairments and property supply overhang. The observations are limited to the COVID-19 period, spanning five years with monthly data from 2018 to 2022. This understanding can facilitate the development of targeted strategic monetary policies and investment decisions in case of future recessions.

Practical implications

Policymakers should prioritize initiatives such as moratoriums and job creation programs to mitigate economic downturns. Additionally, financial institutions need to adjust lending practices in response to lower interest rates, while stakeholders in the housing market must understand the complex dynamics between housing prices and supply to ensure a balanced market. Overall, addressing underlying economic factors and implementing targeted policies are essential for building resilience and promoting sustainable economic growth amidst challenging circumstances.

Social implications

Initiatives aimed at fostering income equality, creating employment opportunities and ensuring housing accessibility contribute to greater social cohesion and well-being. By promoting financial inclusion and building resilience to crises, societies can mitigate the adverse social impacts of economic challenges such as unemployment and housing affordability. Overall, addressing socioeconomic disparities and promoting inclusive growth are essential for fostering a more equitable and resilient society.

Originality/value

The originality and uniqueness of this study lie in its comprehensive analysis of the impact of COVID-19 on loan impairments and housing supply. While previous studies have focused on the pandemic’s effects on specific segments of the real estate market or property prices, this study provides a broad overview of its impact on property loan impairments and housing supply overhang. Finally, this study highlights the social and practical implications. Overall, this study offers a distinctive analysis of COVID-19’s impact on the real estate market and its implications for policymakers, real estate professionals and investors.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 8 August 2019

Timo Dietrich, Sharyn Rundle-Thiele, Krzysztof Kubacki, James Durl, Matthew J. Gullo, Denni Arli and Jason P. Connor

The purpose of this paper is to present an innovative reflexive process evaluation method for a social marketing programme featuring an innovative virtual reality (VR) simulation…

1921

Abstract

Purpose

The purpose of this paper is to present an innovative reflexive process evaluation method for a social marketing programme featuring an innovative virtual reality (VR) simulation experience for adolescents.

Design/methodology/approach

A process evaluation framework focusing on three key elements – context, implementation and mechanisms of impact – was followed in this study. In total, 374 participants (mean age: 15.2 years, 58 per cent female) completed outcome evaluation surveys before and after the programme delivery, and 300 participants completed qualitative feedback forms following their participation in the VR component of the programme.

Findings

A process evaluation delivers insights beyond those attained in outcome evaluations, enhancing the understanding of factors contributing to programme success or failure that can be used to improve future programme iterations. The VR experience demonstrated high satisfaction scores with users, and the findings demonstrate the importance of a multi-disciplinary and industry partnered programme approach to support VR implementation and delivery.

Research limitations/implications

This research demonstrates that additional learnings are obtained from a process evaluation. The findings are limited to one specific research programme, and the outcome effects of the VR simulation have not been assessed in isolation.

Practical implications

The methods outlined in this paper offer a process evaluation tool that can be used by marketers and other practitioners to reflect on programme success or failure to enhance core offerings.

Originality/value

The application of Moore et al.’s (2015) process evaluation framework delivers a reflexive research tool that can be applied to critically consider three key elements: context, implementation and mechanisms of impact of developed programmes. VR’s capacity to provide a satisfying and highly valued programme resource that participants value for its realistic, novel and immersive experiential learning experience was demonstrated.

Details

Marketing Intelligence & Planning, vol. 37 no. 7
Type: Research Article
ISSN: 0263-4503

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Article
Publication date: 1 February 1994

Ralph Gabbard

Since publication of an earlier hypertext/hyper‐media bibliography in Library Hi Tech Bibliography, two trends have experienced accelerated growth. The first is the explosion of…

57

Abstract

Since publication of an earlier hypertext/hyper‐media bibliography in Library Hi Tech Bibliography, two trends have experienced accelerated growth. The first is the explosion of hypermedia and hypermedia tools in both quantity and quality. Movies, pictures, and sound are now commonly linked with hypertext in ever‐more complex presentations. This trend will continue as costs begin to decrease.

Details

Reference Services Review, vol. 22 no. 2
Type: Research Article
ISSN: 0090-7324

Available. Open Access. Open Access
Article
Publication date: 12 May 2020

Tomasz Matusiak, Krzysztof Swiderski, Jan Macioszczyk, Piotr Jamroz, Pawel Pohl and Leszek Golonka

The purpose of this paper is to present a study on miniaturized instruments for analytical chemistry with a microplasma as the excitation source.

816

Abstract

Purpose

The purpose of this paper is to present a study on miniaturized instruments for analytical chemistry with a microplasma as the excitation source.

Design/methodology/approach

The atmospheric pressure glow microdischarge could be ignited inside a ceramic structure between a solid anode and a liquid cathode. As a result of the cathode sputtering of the solution, it was possible to determine its chemical composition by analyzing the emission spectra of the discharge. Cathodes with microfluidic channels and two types of anodes were constructed. Both types were tested through experimentation. Impact of the electrodes geometry on the discharge was established. A cathode aperture of various sizes and anodes made from different materials were used.

Findings

The spectroscopic properties of the discharge and its usefulness in the analysis depended on the ceramic structure. The surface area of the cathode aperture and the flow rate of the solution influence on the detection limits (DLs) of Zn and Cd.

Originality/value

Constructed ceramic structures were able to excite elements and their laboratory-size systems. During the experiments, Zn and Cd were detected with DLs 0.024 and 0.053 mg/L, respectively.

Details

Sensor Review, vol. 40 no. 4
Type: Research Article
ISSN: 0260-2288

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