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Sustainability Challenges in Real Estate Markets and Urban Property Developments

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Urban and Rural Development".

Deadline for manuscript submissions: closed (30 November 2020) | Viewed by 42957

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Special Issue Editors

Dr. Francisco Guijarro

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Guest Editor

Universitat Politécnica de Valencia, Spain
Interests: financial markets; housing markets; valuation; sustainable banking; socially responsible funds; trading
Special Issues, Collections and Topics in MDPI journals

Dr. Roberto Cervelló-Royo

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Guest Editor

Faculty of Business Administration and Management, Universitat Politécnica de Valencia, 46022 Valencia, Spain
Interests: green finance; sustainable development ; ESG; urban and regional economics; land use and policy
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Sustainability is one of the global key issues for today’s real estate markets and urban property developments. Major demographic and lifestyle changes in recent decades have already caused economies to fluctuate, affecting the supply and demand of housing and property. Thus, real estate industry approaches should consider aspects such as finance, construction, demographics, and policy issues on one hand, and aspects such as the use of land, the environment, green policies, public welfare, energy performance, and other aspects related to sustainability on the other. This Special Issue will gather original research in the field of sustainable real estate markets and urban planning developments, and how stakeholders are integrating environmental, social, and ethical criteria into their decisions. Suitable topics include, but are not limited to, the following: sustainable urban development, land planning, local communities, social and environmental criteria, population ageing, social trading, real estate markets, sustainable investments, sustainable finance, price setting, smart cities, urban green policies, energy efficiency, and green housing, among others.

References:

Barreca, A., Curto, R., & Rolando, D. (2018). Housing Vulnerability and Property Prices: Spatial Analyses in the Turin Real Estate Market. Sustainability, 10(9), 3068.

Boyle, L., Michell, K., & Viruly, F. (2018). A Critique of the Application of Neighborhood Sustainability Assessment Tools in Urban Regeneration. Sustainability, 10(4), 1005.

Cervelló-Royo, R., Garrido-Yserte, R., & Segura-García del Río, B. (2012). An urban regeneration model in heritage areas in search of sustainable urban development and internal cohesion. Journal of Cultural Heritage Management and Sustainable Development, 2(1), 44-61.

Cervelló-Royo, R., Guijarro, F., Pfahler, T., & Preuss, M. (2016). An Analytic Hierarchy Process (AHP) framework for property valuation to identify the ideal 2050 portfolio mixes in EU-27 countries with shrinking populations. Quality & Quantity, 50(5), 2313-2329.

Cervelló, R., García, F., & Guijarro, F. (2011). Ranking residential properties by a multicriteria single price model. Journal of the Operational Research Society, 62(11), 1941-1950.

Garcia-Ayllon, S. (2018). Urban Transformations as an Indicator of Unsustainability in the P2P Mass Tourism Phenomenon: The Airbnb Case in Spain through Three Case Studies. Sustainability, 10(8), 2933.

Lin, Y., Ma, Z., Zhao, K., Hu, W., & Wei, J. (2018). The Impact of Population Migration on Urban Housing Prices: Evidence from China’s Major Cities. Sustainability, 10(9), 3169.

Ren, Y., Li, H., Shen, L., Zhang, Y., Chen, Y., & Wang, J. (2018). What Is the Efficiency of Fast Urbanization? A China Study. Sustainability, 10(9), 3180.

Segarra-Oña, M.V.; Peiró-Signes, A., & Cervelló-Royo, R. (2015). A Framework to Move Forward on the Path to Eco-innovation in the Construction Industry: Implications to Improve Firms' Sustainable Orientation. Science and engineering ethics, 21(6), 1469-1484.

Wang, X., Hui, E., & Sun, J. (2018). Population Aging, Mobility, and Real Estate Price: Evidence from Cities in China. Sustainability, 10(9), 3140.

Yuan, M., Song, Y., & Guo, L. (2018). Exploring Determinants of Urban Form in China through an Empirical Study among 115 Cities. Sustainability, 10(10), 3648.

Dr. Francisco Guijarro
Dr. Roberto Cervelló-Royo
Guest Editors

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Keywords

real estate
urban property
sustainable development
land planning
demographics
environmental and social criteria
sustainable finance
urban policies
green policies

Published Papers (10 papers)

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Research

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32 pages, 3706 KiB

Open AccessArticle

Analyzing Urban Public Policies of the City of Ensenada in Mexico Using an Attractive Land Footprint Agent-Based Model

by Javier Sandoval-Félix, Manuel Castañón-Puga and Carelia Guadalupe Gaxiola-Pacheco

Sustainability 2021, 13(2), 714; https://doi.org/10.3390/su13020714 - 13 Jan 2021

Cited by 1 | Viewed by 2807

Abstract

The Urban Development Plan of the city of Ensenada, México (UDPE) states four major strategic projects, one of which mandates to “Acquire and enable new land reserves and expand opportunities for economic and social development.” This is of vital importance given the large number of vacant lots that perforates the urban surface in contrast to the physical limitations of growth demarcated by hill areas of a steep slope, which forces a sustainable use of the land. These are important growth challenges, affecting aspects such as the real estate market, in particular, that related to industrial activities, which has not matured due to outdated planning practice, resulting in industrial sprawl. This paper shows an institutional effort to analyze the UDPE from a Complex Systems approach with an Agent-Based Model, adapting Peter Allen’s concept of Structural Attractor. This attraction results from an agglomeration of UDPE’s regulatory attributes and real estate investor’s land-acquisition criteria that affects the spatial behavior of vacant land that is attractive for industrial activity. Unlike physical land uses, these attractive zones emerge, grow, move, diminish, and emerge again over time in the form of Attractive Land Footprints. Understanding these phenomena is vital for local policymakers. The findings indicate that the current Urban Plan is ill-suited regarding current industry development expectations. The model also showed unexpected roles played by population density, road network, and residential land use in Attractive Land Footprint dynamics, acting as a thought-provoking process for policymakers and real estate investors, as it helped them to understand Ensenada’s industry phenomena. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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21 pages, 1351 KiB

Open AccessArticle

A Proposal for Measuring In-Use Buildings’ Impact through the Ecological Footprint Approach

by Alice Paola Pomè, Chiara Tagliaro and Gianandrea Ciaramella

Sustainability 2021, 13(1), 355; https://doi.org/10.3390/su13010355 - 02 Jan 2021

Cited by 6 | Viewed by 2820

Abstract

To reduce the environmental impact of the construction sector, sustainable strategies for managing the in-use phase of buildings must be integrated urgently. Current green certifications present several limitations and, in particular, do not help determine where to focus for reducing the environmental demand of buildings. Among existing indicators, the ecological footprint (EF) is the most useful for assessing the buildings’ environmental performance through impact sources that reveal the over-consumption of resources. The present paper expands EF by taking into account the role of human behavior in over-consumption, and thus the efficiency in buildings’ use. After comparing ecological footprint with the existing green certifications, the paper demonstrates how a new integrated ecological footprint assessment can describe the impact of built-up, energy consumption, water consumption, material consumption, food and drink, mobility, waste generation, recycling potential, and occupants in the environmental efficiency of a building. The application of a case study demonstrates the reliability and the effectiveness of the model and shows that the estimated ecological deficit reflects not only the consumption of energy and materials, but also the behaviors of building users. This highlights the need for integrating a sustainable culture in the users of buildings. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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14 pages, 1541 KiB

Open AccessArticle

Measures for the Improvement of Feasibility Studies and Investment Reviews: Identification and Verification of Major Project Sectors Considering Balanced Regional Development

by Heecheol Shim and Jaehwan Kim

Sustainability 2020, 12(22), 9531; https://doi.org/10.3390/su12229531 - 16 Nov 2020

Cited by 2 | Viewed by 2008

Abstract

This study identified the balanced development indicators that affected the results of the 2019 central investment review of local financial investment projects in South Korea. Factors with positive B values and categorized under the sectors of safety, health, and social welfare were given greater weight during the investment review. Based on the empirical analysis results and verification of the findings using sector-specific weights, this study proposed measures to improve investment reviews of local financial projects considering balanced regional development. We believe that our study makes a significant contribution to the literature because there is a lack of empirical studies on the topic, especially those using sector-specific weights based on investment review criteria. Further, we believe that this paper will be of interest to the readership of your journal because it addresses balanced regional development, which is considered a prerequisite for sustainable economic growth. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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36 pages, 4826 KiB

Open AccessArticle

Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data

by Fahim Ullah and Samad M. E. Sepasgozar

Sustainability 2020, 12(11), 4382; https://doi.org/10.3390/su12114382 - 27 May 2020

Cited by 43 | Viewed by 11373

Abstract

The real estate sector is receiving mix responses throughout the world, with some countries like USA receiving lesser and European and Asia Pacific markets receiving more transactions in recent years. Among the concerning factors, post-purchase regrets by the real estate owners or renters are on the rise, which have never been assessed to date through scholarly research. These regrets can further increase in the time of lockdowns and bans on inspections due to Corona Virus Disease 2019 (COVID-19) and social distancing rules enforced by various countries such as Australia. The current study aims at investigating the key post-purchase regret factors of real estate and property owners and renters over the last decade using published literature and online threads. Based on pertinent literature, 118 systematically identified and text-mined articles, and four online threads with 135 responses, the current study develops system dynamics models to assess and predict the increase in consumers’ regrets over the last decade. Further, a user-generated thread with 23 responses involving seven real estate managers and five agents with more than 20 years of experience, 10 buyers with at least three successful rentals or purchases, and a photographer with more than 10 years of experience, is initiated on five online discussion platforms whereby the respondents are involved in a detailed discussion to highlight the regret reasons specific to real estate purchases based on online information. General architecture for text mining (GATE) software has been utilised to mine the text from both types of threads: Published and user generated. Overall, the articles and threads published over the last decade are studied under two periods: P1 (2010–2014) and P2 (2015–2019) to highlight the post-purchase or rent-related regret reasons. The results show that regret levels of the real estate consumers based on published post-purchase data are at an alarmingly high level of 88%, which compared to 2015, has increased by 18%. Among the major cited reasons, complicated buy–sell process, lack or accuracy of information, housing costs, house size, mortgages, agents, inspections, and emotional decision making are key reasons of regret. Overall, a total of 10% and 8% increases have occurred in the regrets related to the buy–sell process and lack of inspections, respectively. On the other hand, regrets related to agents and housing costs have decreased drastically by 40% mainly due to the good return on investments in the growing markets. However, based on the current trend of over reliance on online information and more powers to the agents controlling online information coupled with lack of physical inspections, the situation can change anytime. Similarly, lack of information, housing size, and mortgage-related regrets have also decreased by 7%, 5%, and 2%, respectively, since 2019. The results are expected to encourage policy level changes for addressing the regrets and uplifting the real estate industry and moving towards a smart and sustainable real estate sector. These results and pertinent discussions may help the real estate decision makers to uplift the current state, move towards a smart real estate, and avoid futuristic regrets, especially in the COVID-hit environment where most of the industries are struggling to survive. Careful attention is required to the top regret factors identified in the study by the real estate managers, investors, and agents to pave the way for a more managed real estate and property sector whereby the consumers are more satisfied with the value they receive for their money. This win–win situation will enhance the property business and remove the stigmas of intentional and deliberate withholding of information by managers and agents from the property and real estate sectors that can help boost the business through more purchases and satisfaction of its customers. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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23 pages, 1655 KiB

Open AccessArticle

Age and Experience versus Susceptibility to Client Pressure among Property Valuation Professionals—Implications for Rethinking Institutional Framework

by Agnieszka Małkowska, Małgorzata Uhruska and Mateusz Tomal

Sustainability 2019, 11(23), 6759; https://doi.org/10.3390/su11236759 - 28 Nov 2019

Cited by 11 | Viewed by 3091

Abstract

This research deals with the problem of the client–valuer relationship, possibly resulting in valuation biases. It aims to identify the influence of age and professional experience, along with other specific factors, on the perception and susceptibility of valuation professionals to pressure exerted by clients during the valuation process. We hypothesize that susceptibility to pressure from clients is conditioned by a number of factors, among which age and work experience are of key importance. The analysis is based on information obtained in a survey among Polish valuers who are members of professional associations. We used the linear probability and logit models. The conclusions of the analysis allow us to take a critical look at the existing institutional framework of the valuation profession in Poland. Our recommendations for revising the system may provide insights on the evolution of the profession, especially in Central and Eastern European countries where it is relatively new. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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59 pages, 4117 KiB

Open AccessArticle

Meta-Analysis of Price Premiums in Housing with Energy Performance Certificates (EPC)

by Maria-Francisca Cespedes-Lopez, Raul-Tomas Mora-Garcia, V. Raul Perez-Sanchez and Juan-Carlos Perez-Sanchez

Sustainability 2019, 11(22), 6303; https://doi.org/10.3390/su11226303 - 09 Nov 2019

Cited by 14 | Viewed by 4522

Abstract

Studies have found that housing with energy performance certificates have a positive premium in sales price. However, other studies have obtained negative or unexpected results. The objective of this study is to determine whether or not housing with energy performance certificates (EPC) have positive premiums in the sales price. For this purpose, a systematic review, meta-analysis, and meta-regression of prior studies were conducted in order to determine whether the existence of an EPC influences sales price. A total of 66 documents were examined, with a total of 173 sales registers. The impact of having or not having an EPC was analyzed for housing sales price premiums on a global level, as well as the premiums in Europe for each of the ABCDEFG qualification letters. The results suggest that: 1) Globally speaking, it is estimated that housing with an EPC has an overall price premium of 4.20%, on a continent level, with premiums of 5.36% being obtained in North America, 4.81% in Asia, and 2.32% in Europe; 2) in Europe, the results are not conclusive with regards to the ABCDEFG qualification, since there is no consensus as to the letter base to be used as a reference for comparisons, thereby generating small comparable samples. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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12 pages, 3946 KiB

Open AccessArticle

A New Approach to the Registration of Buildings towards 3D Land and Property Management in Slovakia

by Vladimír Raškovič, Zlatica Muchová and František Petrovič

Sustainability 2019, 11(17), 4652; https://doi.org/10.3390/su11174652 - 27 Aug 2019

Cited by 7 | Viewed by 2621

Abstract

Slovakia faces a critical period in land and property management. The Land Registry still maintains its old 1990s information system and obsolete manual record system, whose structure and links of the real estate records and ownership titles are unable to meet the current requirements of companies in its graphical representation and visualization of data. Basically, it is a partially structured, digitalized and yet still analog system for recording land titles. It is of the utmost importance for a data model to be set up for a new information system that would provide the entire Land Registry with a wide range of information, together with the right structuring, filtering, sorting, and graphics. The system architecture should be based on unique identifiers in Land Registry entries, fixed links and integrity control mechanisms, while creating an index map of all real estate which can be specified with additional information future legislation might require. Slovak law allows multiple ownership of any land, building or interior. In order to initiate the entire process, the Slovak Land Registry needs to clearly define buildings together with their boundaries by their geometry and location, identify them with a unique code and give them a fixed land reference. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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21 pages, 4118 KiB

Open AccessArticle

Estimation of Housing Price Variations Using Spatio-Temporal Data

by Jorge Chica-Olmo, Rafael Cano-Guervos and Mario Chica-Rivas

Sustainability 2019, 11(6), 1551; https://doi.org/10.3390/su11061551 - 14 Mar 2019

Cited by 29 | Viewed by 4423

Abstract

This paper proposes a hedonic regression model to estimate housing prices and the spatial variability of prices over multiple years. Using the model, maps are obtained that represent areas of the city where there have been positive or negative changes in housing prices. The regression-cokriging (RCK) method is used to predict housing prices. The results are compared to the cokriging with external drift (CKED) model, also known as universal cokriging (UCK). To apply the model, heterotopic data of homes for sale at different moments in time are used. The procedure is applied to predict the spatial variability of housing prices in multi-years and to obtain isovalue maps of these variations for the city of Granada, Spain. The research is useful for the fields of urban studies, economics, real estate, real estate valuations, urban planning, and for scholars. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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29 pages, 2853 KiB

Open AccessEditor’s ChoiceArticle

Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain)

by Paloma Taltavull de La Paz, V. Raul Perez-Sanchez, Raul-Tomas Mora-Garcia and Juan-Carlos Perez-Sanchez

Sustainability 2019, 11(3), 686; https://doi.org/10.3390/su11030686 - 28 Jan 2019

Cited by 30 | Viewed by 4448

Abstract

The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zones using pool Ordinary Least Squares (pool-OLS) and Instrumental Variables (IV) hedonic models, adds new knowledge concerning the existence of green premiums from Southern Europe, explores differences in their estimation by climatic zone, debates the nature of the estimated green parameters, and explains the role of endogeneity in hedonic green premium models. The empirical evidence assesses the sensitivity of asking price to either energy consumption (KWh) or carbon dioxide emissions (CO₂) with an apparent premium of 3%, and captures an association with efficiency rating from G to F of 1.8% and from F to E of 1.1%. Significantly, the results relating to price responses show a distinct variation between the coast and the cooler climatic zone of the interior. The paper shows that energy efficiency incentive policies should discriminate by climatic areas, and provides a price reference by which to assess the amount of incentives needed to achieve European Union (EU) objectives. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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19 pages, 307 KiB

Open AccessViewpoint

Exploring Tools for Public Real Estate Enhancement in Italy: From Criteria to Decisions

by Marzia Morena, Genny Cia, Alessandra Migliore and Stefano Mantella

Sustainability 2021, 13(2), 622; https://doi.org/10.3390/su13020622 - 11 Jan 2021

Cited by 3 | Viewed by 1945

Abstract

The debate on public real estate enhancement is prominent and requires innovative strategies to assure economic and social sustainability. This article aims at systematizing the currently available methods and tools of public property enhancement in Italy, proposing a system of criteria to support the public administration (PA) in the decision-making process when managing public real estate enhancement oriented towards public utility. Namely, this article considers and assesses consolidated and innovative public real estate enhancement methods and tools currently available to the Italian PA according to the “endogenous criteria” of the real estate tools and “criteria of purpose” of the public administration promoting the enhancement process. The final aim is to support the decision-making process of PAs and help both public and private actors in grasping and managing the complexity of public real estate enhancement. An overview of the literature and of reference laws on public property enhancement builds the research framework, together with a path of research, dialogues, and fieldworks with the Italian State Property Agency (Agenzia del Demanio). The decision-making process of PAs for selecting a suitable enhancement strategy or tool should rest on endogenous criteria and criteria of purpose. Specifically: (i) the distinct technical features of each public asset; (ii) the public utility aim that the public entity intends to pursue; (iii) the needs of the community (i.e., the demand); (iv) the skills available within the PA that promotes the strategy. Full article

(This article belongs to the Special Issue Sustainability Challenges in Real Estate Markets and Urban Property Developments)

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