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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 (15 July 2023) | Viewed by 16407

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Special Issue Editor

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,

After a long period of crisis, the real estate market has gone through a lot of changes, which the COVID-19 pandemic has emphasized. This Special Issue aims to discuss new developments for today’s real estate markets and urban property developments.

Sustainability is a celebrated topic in real estate markets and urban planning. The (post)pandemic and preceding global financial crisis will lead to new challenges in terms of 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, from both the public and private sector perspectives.

Moreover, major demographic and lifestyle changes, such as the aging of population, increasing immigration, new workplaces and environment, etc., require innovation in real estate products and property developments in which new technologies and big data will play a special role. Smart cities, big data, and the circular economy will also affect the urban planning sector.

In this vein, financial sustainability and returns in the economic assessment of real estate investment, valuation of assets, plans, and public-private development also face new challenges, mostly related to the new paradigm of financial sustainability and feasibility.

Preceding Special Issues on real estate and urban property developments have covered a large number of topics related to urban public policies, ecological footprint, smart real estate investments, property valuation, energy performance certificates, land property, housing prices, public real estate, etc.

However, after the pandemic, some segments of real estate are expected to change more than others, such as logistic, innovative commercial and hospitality, and senior housing. In addition, traditional functions such as housing and commercial properties should be considered by examining and analyzing sustainable urban development, land planning, local communities, social and environmental criteria, population aging, social trading, real estate markets, sustainable investments, sustainable finance, price setting, smart cities, urban green policies, energy efficiency, and green housing, among others.

This Special Issue offers a new opportunity to discuss this and other related topics; thus, suitable topics include but are not limited to the following:

Public real estate;
Demographics, population aging, and societal changes which affect the real estate market and urban planning;
smart cities;
Urban public policies;
Sustainable development and financial feasibility in real estate;
Land planning, environmental, and social criteria;
Green policies and ecological footprint in real estate and urban property developments;

Circular economy applied to the real estate market and urban properties;
Innovation in urban planning, supply, and demand.

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.
Bisello, A. (2020). Assessing Multiple Benefits of Housing Regeneration and Smart City Development: The European Project SINFONIA. Sustainability, 12(19), 8038.
Mangialardo, A., & Micelli, E. (2020). Reconstruction or Reuse? How Real Estate Values and Planning Choices Impact Urban Redevelopment. Sustainability, 12(10), 4060.
Nesticò, A., & La Marca, M. (2020). Urban Real Estate Values and Ecosystem Disservices: An Estimate Model Based on Regression Analysis. Sustainability, 12(16), 6304.
Pomè, A. P., Tagliaro, C., & Ciaramella, G. (2021). A Proposal for Measuring In-Use Buildings’ Impact through the Ecological Footprint Approach. Sustainability, 13(1), 355.
Ruggeri, A. G., Gabrielli, L., & Scarpa, M. (2020). Energy Retrofit in European Building Portfolios: A Review of Five Key Aspects. Sustainability, 12(18), 7465.
Sandoval-Félix, J., Castañón-Puga, M., & Gaxiola-Pacheco, C. G. (2021). Analyzing Urban Public Policies of the City of Ensenada in Mexico Using an Attractive Land Footprint Agent-Based Model. Sustainability, 13(2), 714.
Ullah, F., & Sepasgozar, S. M. (2020). Key factors influencing purchase or rent decisions in smart real estate investments: A system dynamics approach using online forum thread data. Sustainability, 12(11), 4382.

Dr. Roberto Cervelló-Royo
Guest Editor

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. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

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Keywords

public real estate
urban public policies
sustainable urban development
land planning
demographics and population aging
environmental and social criteria in real estate
sustainable real estate
urban property
green policies and urban properties
ecological footprint and urban planning；

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Published Papers (6 papers)

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19 pages, 2580 KiB

Open AccessArticle

State-Space Modeling of Housing Sentiment for Regressing Changes of Real Estate Prices Following Short-Term Control Policy in China

by Taiyi Zang and Hongmei Gu

Sustainability 2023, 15(16), 12660; https://doi.org/10.3390/su151612660 - 21 Aug 2023

Cited by 1 | Viewed by 1710

Abstract

Government may need to launch policies to stabilize real estate prices being away from unusual rise at an unexpected pace through short-term regulations of sales and purchases. Short-term control policies are often not effective immediately after withdrawal, but their effect easily attracts swift and intensive responses of consumer sentiments. The change in sentiment synchronizes with that of expectations, which together account for housing price in response to restrictions following short-term policies. The research objective of this study is to establish the role of housing sentiment in policymaking to regulate and stabilize real estate prices. To cope with the tough tissue of unclear knowledge about customers’ sentiments, we employed the state-space model to explore the impact of short-term regulatory policies on housing sentiment. The research objective of this study also involves optimizing the instrument for assessing housing sentiments. Results showed that: Firstly, the short-term regulation and control policy enhanced positive sentiment in the housing market. Secondly, high positive sentiment further increased the cyclical prices. Thirdly, the upsurge of consumer sentiment has weakened the impact of short-term control policies on real estate market price. Lowered housing sentiment resulted in a reduction in the effectiveness of short-term control policies. Overall, our study verifies that high positive consumer sentiments will result in an increase in housing prices, hence it is customers’ sentiments that caused the failure of short-term control policies. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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18 pages, 2310 KiB

Open AccessArticle

Exploring Indoor and Outdoor Residential Factors of High-Density Communities for Promoting the Housing Development

by Kai Zhang and Dong Yan

Sustainability 2023, 15(5), 4452; https://doi.org/10.3390/su15054452 - 2 Mar 2023

Cited by 3 | Viewed by 2814

Abstract

Effective residence planning is crucial to encourage sustainable housing development. Residents in densely populated cities inevitably have negative residential experiences caused by compact land use. Still, this situation is improvable through optimizing the physical environment or increasing service facilities that cater to dwellers’ residential preferences. Therefore, understanding the factors impacting residential satisfaction in high-population metropolitan areas is essential mainly. This study surveyed the citizens’ residential environment and satisfaction in dense urban residential areas. Results of this survey indicate that 13 environmental factors significantly impact residential evaluation. Among them, improving ventilation, privacy, and property maintenance can effectively address the adverse effects of densely populated communities. Additionally, neighborhoods or amenities could further impact younger respondents’ residential evaluation. Elderly citizens place high importance on the quality of their indoor living environment. Green space could promote the residential satisfaction of young and more senior citizens. Environmental factors can significantly affect the residential satisfaction of citizens across all age groups with their homes. As a result, real estate planners should provide a range of dwelling unit designs to support housing development. Real estate planners can better understand the needs of potential clients by considering the housing preferences of individuals across different age groups and the surrounding neighborhood. The indoor or outdoor environment might be adjusted to meet households’ demands, while non-essential factors could be omitted to cut expenses. This study might aid in the sound development of dwellings. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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13 pages, 701 KiB

Open AccessArticle

The Impact of Aging on Housing Market: Evidence from China

by Rong Fu, Dong Deng and Tao Liu

Sustainability 2023, 15(5), 4161; https://doi.org/10.3390/su15054161 - 25 Feb 2023

Cited by 1 | Viewed by 3668

Abstract

In recent years, the Chinese government has gradually introduced the multi-child policy to control the aging phenomenon. The aging of the Chinese population has aroused international attention. How the aging of the Chinese population will affect housing prices makes this study focus on the question. This study fitted the housing demand curve using the CGSS database and found that the housing demand will continue to rise as residents enter middle age. After residents enter old age, housing demand shows a slow decline. Then, this study establishes the spatial Dubin model to analyze the influence mechanism of population aging on housing prices in China, and finds that aging has a positive impact on housing prices. However, with the intensification of the aging phenomenon in China, the benefits brought by the welfare housing distribution system to the elderly will be gradually consumed, and the insufficient supply of social labor force and the stagnation of total output, its positive impact on housing prices will gradually weaken or even become negative. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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14 pages, 2863 KiB

Open AccessArticle

An Innovative Approach for the Enhancement of Public Real Estate Assets

by Benedetto Manganelli, Sabina Tataranna, Marco Vona and Francesco Paolo Del Giudice

Sustainability 2022, 14(14), 8309; https://doi.org/10.3390/su14148309 - 7 Jul 2022

Cited by 5 | Viewed by 1923

Abstract

In a context of dwindling resources and growing financial constraints for public administrations, available real estate assets can become an important economic resource both for debt reduction through their alienation, and for carrying out public works through rehabilitation and defunctionalisation using private capital. The latter requires the adoption of innovative policies and strategies to enhance the value of the assets, especially those that are disused or abandoned, which very often represent a critical element in the overall management of public administrations. This study proposes a strategy for the enhancement of public assets using a little-experimented contractual form of public–private partnership. This approach, through a complex exchange transaction, avoids the total disposal of the assets, thus guaranteeing the social and environmental sustainability of the intervention, and also allows for the enhancement of the property with a financially convenient solution for both partners. The balance between the benefits of the two parties is in fact the basis of the model proposed for the final solution. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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16 pages, 1089 KiB

Open AccessArticle

An Analysis of Preferences in Housing Demand by Means of a Multicriteria Methodology (AHP). A More Sustainable Approach

by Roberto Cervelló-Royo, Marina Segura, Regina García-Pérez and Baldomero Segura-García del Río

Sustainability 2021, 13(14), 7550; https://doi.org/10.3390/su13147550 - 6 Jul 2021

Cited by 2 | Viewed by 2638

Abstract

This paper examines key aspects of the behavior of housing demand from a sustainable standpoint. Most studies have mainly focused on housing supply, looking at quantitative predictions without considering the qualitative relationship found between housing values and housing demand on a sustainable and microeconomic scale. We used a multicriteria decision methodology (analytic hierarchy process—AHP) for the analysis of preferences in demand, based on the theory of multi-attribute utility of housing, to determine the relative importance of each characteristic of housing and its influence on the decision-making process. For this purpose, we carried out the study over three main groups of stakeholders in the housing market: real estate surveyors, real estate agents, and housing buyers (the latter representing the housing demand). Results show that although there might be some slight discrepancies among the three groups in the decision-making process and the weighting of housing attributes, the three groups agree in most of the process, especially when defining the criteria and the importance that each criterion has on the process of valuation. This study provides important managerial and sustainable implications for the real estate market related to urban public policy, as we highlight which criteria are most preferred. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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20 pages, 6077 KiB

Open AccessEssay

Spatial–Temporal Variation and Influencing Factors on Housing Prices of Resource-Based City: A Case Study of Xuzhou, China

by Qing Yao and Yingen Hu

Sustainability 2023, 15(9), 7026; https://doi.org/10.3390/su15097026 - 22 Apr 2023

Cited by 2 | Viewed by 2144

Abstract

The steady development of the real estate market is an important link in the transformation of resource-based cities. Taking the main urban area of Xuzhou, a typical resource-based city in China, as an example, this study used a spatial–temporal geographically weighted regression (GTWR) method guided by characteristic price theory to analyze the evolution of the spatial–temporal pattern of house prices in resource-based cities and the influencing factors. The results of the study showed that, from the time trend, Xuzhou’s main city house price trend underwent the obvious stages; from June 2015 to September 2016, the trend was stable, and from March 2017 to June 2018, it was an “up–down–up” trend. With respect to the spatial distribution of house prices, from June 2015 to June 2017, the traditional business district and the major city in the Xuzhou metropolitan area were the areas of highest house prices, and after September 2017, the structural features of the traditional business district, along with the main city of the metropolitan area and the new city, formed the areas of highest importance. With regard to the factors influencing house prices, the type of dwelling, according to the building characteristics, had the largest impact on house prices, and the enrichment of housing types became an effective way to regulate housing prices. The impact of location characteristics on house prices varied depending on differences in the public infrastructure surrounding housing, with the contribution of the planned metro stations to house prices not effectively emerging. The impact of neighborhood characteristics on house prices varied, with tertiary care hospitals having a ‘neighborhood avoidance effect’ on house prices, given that hospital-generated waste was too densely distributed around houses, suppressing neighborhood house prices. The results of this study indicated that, in the process of real estate market development in resource-based cities, the planning department should consider the different functions and division of labor in each region and scientifically formulate urban development plans to provide a good external environment for the healthy development of the city’s property market. Full article

(This article belongs to the Special Issue Advanced Studies in Sustainable Real Estate Markets and Urban Planning)

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