Studies on the Real Estate Market and Property Management in the Post-pandemic Era

A special issue of Buildings (ISSN 2075-5309). This special issue belongs to the section "Architectural Design, Urban Science, and Real Estate".

Deadline for manuscript submissions: 30 April 2024 | Viewed by 11595

Special Issue Editors

School of Built Environment, University of Technology, Sydney, NSW 2007, Australia
Interests: housing study; housing affordability; rent; property market; demand; supply; housing policy; housing finance
School of Built Environment, Faculty of Design, Architecture and Building, University of Technology Sydney, Ultimo, NSW 2007, Australia
Interests: regional and urban land use; real estate asset pricing; sustainable real estate development and finance; natural disaster and housing market; monetary policy and macroprudential tools on housing
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Housing is an essential commodity for any society and contributes directly to personal well-being, safety, physical and mental health, and community-building. Housing affordability also plays a critical role in personal and national economic development. Housing affordability research is vital to providing informed decisions for households, investors, developers, and governments in the management of scarce land resources, and to balancing the demand and supply of housing through various planning, financial, and policy mechanisms. The Covid-19 pandemic has not only changed people’s daily living habits but also altered people’s perception of the real estate market and property management. Some households have moved away from central areas and pursue quality living environments. Safety and smart buildings with technology have become essential elements of housing demand.

The goal of this Special Issue is to understand the impact that the COVID-19 pandemic has had on housing demand and affordability. The issue proposes property management measures and strategies that provide a healthy and safe built environment for households. Smart buildings and technology applied in property management will also be explored. The Special Issue also studies the issues of planning, property development and construction, housing policy, and finance that address the sustainability of the living environment for human beings. Hence, the scope of this Special Issue includes, but is not limited to, the following topics:

  • Buildings
  • Property management
  • Property market
  • Rent
  • Housing finance
  • Housing policy
  • Planning and development
  • Affordability
  • Technology and construction
  • Sustainability

Dr. Janet Ge
Dr. Song Shi
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Buildings is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • real estate market
  • property management
  • buildings
  • post COVID-19
  • rent
  • property development
  • technology and construction
  • affordability
  • sustainability
  • policies

Published Papers (8 papers)

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Research

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26 pages, 3550 KiB  
Article
Hedonic Approach to Vertical Residential Rentals in the Brazilian Amazon: The Case of Belém, Pará
by Yan Gabriel Pereira Magalhães de Freitas, Frederico Guilherme Pamplona Moreira, Alexander Hierro Ferreira de Souza and Victor Igor Monteiro dos Santos
Buildings 2024, 14(3), 728; https://doi.org/10.3390/buildings14030728 - 08 Mar 2024
Viewed by 557
Abstract
This study set out to identify and analyze the factors that influence the formation of rental prices for residential apartments in the city of Belém. The approach adopted was based on the hedonic price theory, which considers that the rental price of an [...] Read more.
This study set out to identify and analyze the factors that influence the formation of rental prices for residential apartments in the city of Belém. The approach adopted was based on the hedonic price theory, which considers that the rental price of an apartment reflects the implicit prices of its attributes—structural, locational, and neighborhood quality. The sample used consisted of 259 observations, corresponding to the rental advertisements of the representative apartments in each building. The ordinary least squares (OLS), spatial lag model (SLM), and geographically weighted regression (GWR) techniques were used in the statistical analysis in this study. The results of the OLS model showed statistical significance between the attributes analyzed and the rental price of the apartments. In turn, the SLM indicated that the structural attributes have an impact on the rental prices of neighboring apartments, configuring a contagion effect in the real estate market. The GWR model showed that there was no spatial heterogeneity in the effects of the determinants on apartment rental prices throughout the sample. Full article
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23 pages, 3574 KiB  
Article
Preparing Property Graduates for the Digital Age: Challenges and Strategies from the Perspective of Australian Property Educators
by Rotimi Boluwatife Abidoye, Albert Agbeko Ahiadu, Mustapha Bangura, Chibuikem Michael Adilieme, Tunbosun Biodun Oyedokun and Abood Khaled Alamoudi
Buildings 2024, 14(1), 159; https://doi.org/10.3390/buildings14010159 - 09 Jan 2024
Viewed by 623
Abstract
The work readiness of property graduates is the subject of global discourse and is an increasingly critical gap as employers demand professionals with competencies in their fundamental roles and digital technologies. Although these issues have been explored from the perspectives of students, graduates, [...] Read more.
The work readiness of property graduates is the subject of global discourse and is an increasingly critical gap as employers demand professionals with competencies in their fundamental roles and digital technologies. Although these issues have been explored from the perspectives of students, graduates, and employers, the insights of property academics remain unexplored. As such, this study delved into the challenges encountered by property academics in Australia concerning the training of property graduates for the digital age, as well as the efficacy of strategies used to achieve this. The opinions of 22 property academics were gathered through an online questionnaire survey and analysed through mean scores, relative importance index (RII), and exploratory factor analysis (EFA). The profile of respondents suggests that approximately half of them have no more than five years of industry experience, and only 54.5% currently engage with the industry. The most significant challenges include limited funding to procure bespoke software and insufficient time to achieve digital competency. Furthermore, academics cited limited support from the universities as a key challenge, but rated curriculum rigidity as non-pertinent. Regarding strategies, retraining academics for digital proficiency, increased technical support from universities, adopting active learning, and revising curricula to incorporate digital technology are critical. Collaboration with industry partners and increased funding for software procurement also emerged as key external factors. Variations in these perceptions also suggest that older academics are less receptive towards retraining, academics with more industry experience believe that a restructuring of the curricula is required, and smaller institutions require more funding and industry support. The core themes of the proposed strategies also indicate that holistic curricula integration is required to incorporate the perspectives of all stakeholders. Practically, these findings underscore the pivotal role of academics in bridging the skills gap and the interconnected roles of graduates, universities, and industry partners. Full article
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19 pages, 2263 KiB  
Article
Transition of Youth’s Housing Issues: A Survey in the Nanjing Metropolitan Coordinating Region, China
by Yidong Wu, Yuanyuan Zha, Lun Zhang, Jinping Zhao, Yixin Wang and Liang Fang
Buildings 2024, 14(1), 81; https://doi.org/10.3390/buildings14010081 - 27 Dec 2023
Viewed by 728
Abstract
The housing problem of young people is one of the manifestations of the imbalanced and insufficient development of China’s housing market. Solving housing issues for young people and improving their living conditions is of great significance for promoting the sustainable and healthy development [...] Read more.
The housing problem of young people is one of the manifestations of the imbalanced and insufficient development of China’s housing market. Solving housing issues for young people and improving their living conditions is of great significance for promoting the sustainable and healthy development of the real estate market. In order to analyze the housing issues of young people in China during the post-pandemic era, this paper investigates young people in the Nanjing Metropolitan Coordinating Region through questionnaires and interviews. The content of the questionnaire survey mainly includes the current housing situation, choice of renting or purchasing a home, expectations of real estate market, and future plans for purchasing a house of young people. The research results indicate that there are problems in the current housing market, such as strong purchasing preferences, imbalanced supply structure in the rental market, limited financial support for purchasing housing, low housing security levels, and small coverage of the housing provident fund. In order to solve the housing problems of young people, government departments should actively promote the formation of a multi-level housing supply structure, accelerate the promotion of the same rights for renting and purchasing, establish a standardized housing rental market, optimize the housing security policy for young people, and expand the coverage of the housing provident fund. The findings of this study have significant policy implications for easing the housing pressure on young people and building a youth-development-oriented city. Full article
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15 pages, 1728 KiB  
Article
Co-Living at Its Best—An Empirical Study of Economies of Scale, Building Age, and Amenities of Housing Estates in Hong Kong
by Zhankun Chen, Ka Shing Cheung, Desmond Tsang and Chung Yim Yiu
Buildings 2023, 13(10), 2571; https://doi.org/10.3390/buildings13102571 - 12 Oct 2023
Viewed by 1164
Abstract
Co-living is commonly considered as an arrangement for rental housing. However, co-living in housing estates by sharing common amenities among co-owners has been practiced for many years in high-density cities. Yet, there have been very few empirical studies on the estate premium and [...] Read more.
Co-living is commonly considered as an arrangement for rental housing. However, co-living in housing estates by sharing common amenities among co-owners has been practiced for many years in high-density cities. Yet, there have been very few empirical studies on the estate premium and the economies/diseconomies of scale effect on house prices, probably due to the lack of data. This study is a novel attempt to examine the economies/diseconomies of scale effect using the hedonic price model to estimate the impact of the number of housing units in a housing estate on house prices, ceteris paribus, using Hong Kong housing transaction data. The results confirm the hypothesis of estate premium and the economies of scale effect of co-living in housing estates. Economies of scale are observed, with larger estates commanding a premium of up to 5031 units, beyond which the effect declines, hinting at potential diseconomies. Building age moderates this effect, as we observe a larger scale effect in especially younger estates with lower maintenance costs. Additional tests confirm the positive correlation between amenities and prices, with an optimal amenity number enhancing prices, while excess amenities lead to diminishing returns. A case study reinforces these findings, demonstrating a general trend of decreasing management fees with increasing estate size, supporting the notion of economies of scale. Overall, this study contributes valuable insights for developers and homebuyers, emphasizing the importance of balancing estate size and amenities for cost-sharing advantages and effective management in co-living housing estates. Full article
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18 pages, 855 KiB  
Article
Increase Government Support for Build-to-Rent: Should We Expect Affordable Housing?
by Samuel Swanzy-Impraim, Xin Janet Ge and Vince Mangioni
Buildings 2023, 13(9), 2146; https://doi.org/10.3390/buildings13092146 - 24 Aug 2023
Viewed by 1424
Abstract
Build-to-rent (BTR) is an important pathway for rental housing supply across the cities of Australia. The discourse has become more prevalent as stakeholders seek government support to expand the sector to provide, amongst other reform measures, affordable rental accommodation. This paper examines the [...] Read more.
Build-to-rent (BTR) is an important pathway for rental housing supply across the cities of Australia. The discourse has become more prevalent as stakeholders seek government support to expand the sector to provide, amongst other reform measures, affordable rental accommodation. This paper examines the effectiveness of BTR as a pathway to affordable housing supply in Australia and identifies the additional reforms needed to increase that supply further. Interviews with key stakeholders were used to assess the success of the asset class to date and how it is likely to perform in increasing affordable rental housing supply, as well as what additional reforms may be required to expedite supply. The paper found that while BTR aims to scale up rental housing supply, its limitations in its present form demonstrate the need for additional reforms. At present, unfavorable taxes, inner-city locational attributes, and ultramodern services make the asset class a high-end housing model. Experts posit that BTR rental prices are justified given the quality amenities and the 24/7 onsite professional management. While it is a premium product, several BTR projects in Australia have included portions of those projects for affordable housing. The study concluded that BTR can generate affordable housing outcomes in Australia. As more developments take place across the private sector, several regulatory reforms in land release and taxes are needed to produce a sizable portfolio of affordable BTR. Without government support and regulation through additional supply-side incentives, development and recurrent holding costs will remain high, making BTR unaffordable to many urban residents. Full article
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19 pages, 1244 KiB  
Article
Perceptions of Young Adults on the Critical Success Factors of the Build-to-Rent Housing Model in Sydney, Australia
by Rotimi Boluwatife Abidoye, Janet Ge, Albert Agbeko Ahiadu, Chibuikem Michael Adilieme and Samuel Swanzy-Impraim
Buildings 2023, 13(8), 1892; https://doi.org/10.3390/buildings13081892 - 25 Jul 2023
Cited by 2 | Viewed by 1233
Abstract
Amid Australia’s surging house prices, rental housing has become the safety net for young adults experiencing housing stress. The attention of policymakers is drawn towards the build-to-rent (BTR) housing model, a growing housing option for many young Australian adults. Although BTR’s integration into [...] Read more.
Amid Australia’s surging house prices, rental housing has become the safety net for young adults experiencing housing stress. The attention of policymakers is drawn towards the build-to-rent (BTR) housing model, a growing housing option for many young Australian adults. Although BTR’s integration into Australia’s housing and planning landscape is unfolding, the perception of young adults is lacking in policy reforms for this growing industry. This study examines the perspectives of young adults aged 18 to 34 years on the critical success factors (CSFs) of the BTR housing provision in Australia. The responses are analysed using an explanatory factor analysis, relative importance index, and ANOVA. Our findings show a critically low awareness of BTR among young adults in Australia. Respondents, between 18 and 24 years, are most concerned with public awareness, an indication of their desire for transparency and engagement in decision making at the policy level. Young adults rank regulation and government policy interventions as the most important CSF of BTR housing. This shows that they are more concerned about the affordability of BTR houses. This study concludes that young adults’ viewpoints on BTR are important in ongoing policy reforms. There is a need to ensure that this asset class is accessible and affordable to this target group. Full article
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20 pages, 1099 KiB  
Article
Improvement Strategies for Enhancing User Satisfaction with Spatial Publicness in Privately Owned Public Open Space in Post COVID-19: A Case from Italy
by Jingwen Shan, Gangwei Cai, Alin Lin and Binyan Xu
Buildings 2023, 13(7), 1773; https://doi.org/10.3390/buildings13071773 - 12 Jul 2023
Viewed by 904
Abstract
In the past five decades, privately owned public open spaces (POPOS) have become increasingly prevalent and significant in urban areas. However, the COVID-19 pandemic has led to significant changes in the performance and utilization of these spaces as the internal functions of adjacent [...] Read more.
In the past five decades, privately owned public open spaces (POPOS) have become increasingly prevalent and significant in urban areas. However, the COVID-19 pandemic has led to significant changes in the performance and utilization of these spaces as the internal functions of adjacent buildings were shut down. This offers an opportunity to address the research gap in the theory of publicness—one of the most crucial attributes in these places due to their ownership and management—by assessing user satisfaction with spatial publicness in POPOS independently of adjacent commercial and corporate functions. This study aims to identify key environmental factors that significantly affect user satisfaction during a pandemic and develop adaptive strategies to enhance user satisfaction and resilience in such contexts. Based on a comprehensive literature review of previous assessment criteria for spatial publicness, the study proposes 30 vital indicators. Importance-performance analysis (IPA) is employed to analyze changes in user satisfaction regarding these vital indicators. Data from 386 users of Plaza Gae Aulenti in Milan, Italy were collected via an online questionnaire. The findings reveal that optimizing physical facilities and visual permeability are crucial environmental factors for promoting a higher degree of publicness during pandemics, as evidenced by a comparison of pre-COVID-19 and post-COVID-19 feedback. This study addresses the research gap by assessing the spatial publicness of POPOS independently of adjacent commercial and corporate functions. These findings have practical implications for the design and regulation of future projects in the post-COVID-19 era. Full article
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Review

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28 pages, 1644 KiB  
Review
The Impacts of COVID-19 on Real Estate Market Dynamics: A Systematic Literature Review of Emerging Trends
by Felicia Di Liddo, Debora Anelli, Pierluigi Morano and Francesco Tajani
Buildings 2023, 13(9), 2334; https://doi.org/10.3390/buildings13092334 - 14 Sep 2023
Viewed by 4103
Abstract
The real estate market constitutes one of the major sectors that was influenced by the COVID-19 pandemic. It is therefore useful to understand the ways in which COVID-19 has changed the dynamics of the real estate market, establishing new trends in different market [...] Read more.
The real estate market constitutes one of the major sectors that was influenced by the COVID-19 pandemic. It is therefore useful to understand the ways in which COVID-19 has changed the dynamics of the real estate market, establishing new trends in different market segments. The health crisis has upset the consolidated “human normality” by spreading new behaviors and involving almost all sectors. Among economic fields, the identification of temporary and permanent impacts on the real estate market is fundamental to assess the consequences worldwide and to evaluate countries’ resilience ability. The aim of the research is to provide a systematic literature review on the existent academic insights in order to identify the aspects that have been mainly addressed regarding the real estate market’s impacts from COVID-19 and to grasp how the real estate market dynamics have changed. Thus, through five structured steps—from the formulation of research questions formulation to an analysis and discussion of the selected papers for drafting overall conclusions—102 research papers published in the period between the second half of 2020 and the first half of 2023 collected from Scopus and Google Scholar were reviewed and examined. The findings reveal that (i) the housing market has been the most analyzed, (ii) the period between 2021 and 2022 has been the most scientifically prolific, (iii) the US real estate market has been the most studied, (iv) American authors have been the most active on the subject, (v) and the “article” type of research paper has been the most published. These results provide the basis for future research developments on COVID-19 and real estate market dynamics, supporting the implementation of recovery plan strategies and decision-making processes of the market operators for improving the sector. Full article
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