Caracterización del espacio turístico residencial del litoral valenciano

El enorme desarrollo que las viviendas de uso temporal presenta en los municipios litorales valencianos permite reconocer un escenario de enorme complejidad y amplitud en el que los usos turísticos y la segunda residencia se mezclan sin solución de continuidad. Sin ánimo de agotar las posibilidades de estudio de este fenómeno, en las páginas siguientes se plantea su análisis a partir de la propuesta de diversas caracterizaciones, según la proporción entre oferta legal y alegal, su distribución territorial y los modelos de implantación sobre el espacio.

Assessing the impact of floods and flood legislation on residential property prices

The changing development and population sprawl in major cities, especially those located in high rainfall areas, has resulted in the need to review and re-assess potential flood impacts in these cities. In many cases these new flood lines and flood maps have placed residential property that was previously considered to be flood free to now be considered to be potentially flood liable. Previous research based in Sydney and the UK has identified the fact that residential property that has been subject to flooding has a decreased price and higher investment risk than flood free property in the same location. These studies have also shown that the greatest impact on residential property subject to flooding is just following a flood event. In June 2009, Brisbane City Council released revised flood maps for the Greater Brisbane region and these maps have identified areas that have not previously been considered flood liable. This paper will analyse the sale performance of flood liable streets in the main flood areas of Brisbane over the period January 1990 through to June 2009, to determine the variation in price for these flood liable areas to the residential property immediately adjoining them. The average sale price will be tracked on both a geographic location and socio-economic basis.

Tracking the Brisbane residential property market : Post GFC

Prior to the GFC, Brisbane and Perth were experiencing the highest increases in median residential house prices, compared to the other major Australian cities, due to strong demand for both owner occupied and investment residential property. In both these cities, a major driver of this demand and subsequent increases in residential property prices was the strong resources sector. With the onset of the GFC in 2008, the resources and construction sectors in Queensland contracted significantly and this had both direct and indirect impacts on the Brisbane residential property market. However, this impact was not consistent across Brisbane residential property sectors. The affect on houses and units differed, as did the impact based on geographic location and suburb value. This paper tracks Brisbane residential property sales listings, sales and returns over the period February 2009 to July 2010 and provides an analysis of the residential market for 24 Brisbane suburbs. These suburbs cover main residential areas of Brisbane and are based on an equal number of low, medium and high socioeconomic areas of Brisbane. This assessment of socio-economic status for the suburbs is based on both median household income and median house price. The analysis will cover both free standing residential property and residential units/townhouses/villas. The results will show how each of these residential property sub markets have performed following the GFC.

Reviewing the impact of the 2008/2009 global financial crisis (GFC) on international property markets and property professions

The global financial crisis that impacted on all world economies throughout 2008 and 2009. This impact has not been confined to the finance industries but has had a direct and indirect impact on the property industry worldwide from both an ownership and investment perspective. Property markets have experienced various levels of impact from this event, but universally the greatest impact has been on the traditional commercial and industrial property sectors from the investor perspective, with investment and superannuation funds reporting significant declines in the reported value of these investments. Despite the very direct impact of these declining property markets, the GFC has also had a very significant indirect impact on the various property professions and how these professions are now operating in this declining property market. Of particular interest is the comparison of the property market forecasts in late 2007 to the actual results in 2008/2009.

La evolución de destinos turísticos litorales consolidados. Análisis comparado de Balneario Camnoriú (Brasil) y Benidorm (España)

El objetivo de este trabajo consiste en estudiar la evolución de los destinos turísticos litorales consolidados a partir del análisis comparado entre Balneario Camboriú y Benidorm. Se trata de dos destinos localizados en contextos territoriales y turísticos diferentes, en los que se contrastan de manera empírica los indicadores de evolución de los destinos y se vinculan las dinámicas evolutivas con el modelo territorial-turístico resultante en cada destino. El análisis realizado permite contrastar los postulados de los modelos evolutivos clásicos (Butler, 1980) e incorporar los nuevos planteamientos de la geografía económica evolutiva. La investigación delimita cronológicamente los periodos de desarrollo de ambos destinos para identificar los factores con mayor incidencia en la evolución de los mismos. Una evolución marcada, fundamentalmente, por la ubicación geográfica, la planificación y gestión urbanoturística a diferentes escalas, la dependencia de determinados mercados emisores y la influencia de factores macroeconómicos. Un conjunto de factores interrelacionados que dibujan trayectorias dispares para los destinos analizados.

Urban land and property ownership patterns in the UK: trends and forces for change

The first part of this review examines what is meant by ‘urban land and property’ (ULP) and looks at the background of ULP in the light of trends in UK urban areas over the past 50 years. Key conceptual approaches to the ULP ‘ownership issue’ are identified, together with the constraints to empirical analysis, which include a lack of data and patchy and inconsistent datasets. Three main components of ULP ownership in the UK are then examined using published data on commercial property, residential property and urban land, including ‘previously developed land’ (PDL) and ‘development land, covering both the private and public sectors. The review examines past trends in ULP ownership patterns in these sectors within the UK, and the key drivers which have created the present day patterns of ULP ownership. It concludes by identifying possible future trends in ULP ownership over the next 50 years to 2060 in the three main ULP sectors.

Residential appraisal manual.

Accompanied by supplements.

Real estate agency practice and profitability : an analysis of house sales and agency profitability in Sydney

Large cities provide a broad range of residential property types, as well as a range of socio-economic locations. This results in a significant variation in residential property prices across both the city itself and the individual suburbs. The only constant across such a diverse range of residential property is the need for the majority of residential property owners to employ the services of a real estate agent to sell their property or to purchase a residential property. This paper will analyse the Sydney residential property market over the period 1994 to 2002 to determine the change in real estate offices numbers over the period, the profitability of real estate agency offices based on the residential house price performance of houses and units in these specific locations and the extent of changing residential house prices on agency profitability. Suburbs have been selected to provide a full range of housing types, socio-economic areas, older established and developing residential suburbs and location from the

Evidence of cycles in European commercial real estate markets and some hypotheses

In this paper, we seek to achieve four objectives. First, we provide some contextual material concerning the performance of the UK real estate market relative to stocks and bonds over a long period. Second, we provide UK – and some non-UK European - evidence of the tendency for property demand, supply, prices and returns to fluctuate around their long term trends or averages. Third, we briefly examine some hypotheses which suggest institutional contributions to property cycles in European markets. Fourth, we suggest some reasons why the future may not be as cyclical as the past.

Decrecimiento y renovadas estrategias para un territorio agotado. El caso de la provincia de Alicante

Las consecuencias del último boom inmobiliario han abierto el debate alrededor del crecimiento urbano en España, especialmente en áreas con una fuerte presión turística y residencial. En este trabajo se analizan algunas de las implicaciones de la crisis financiera mundial sobre la planificación urbanística municipal, centrando el estudio en la provincia de Alicante, uno de los ámbitos que mejor ilustran el éxito y la caída del modelo inmobiliario hispano. La unidad básica de análisis la componen las figuras de planeamiento municipal y estrategias territoriales vigentes, y su traducción en suelos urbanos inconclusos. Considerando que se trata de actuaciones durmientes a la espera de un contexto económico favorable, la situación hace pensar que la burbuja inmobiliaria no estaría estallada sino tan sólo desinflada. El objetivo es reflexionar, con carácter propositivo, sobre las estrategias de gestión del territorio que emergen durante los últimos años a raíz de la crisis financiera e inmobiliaria, tratando de relanzar algunas cuestiones que deberían preocupar en la planificación urbanística y territorial de la provincia de Alicante, y por extensión, de otros espacios afectados por el crash inmobiliario.

Implications of the National Rental Affordability Scheme on the valuation of residential property

The provision of shelter is a basic need and in Australia there has been a history of home ownership. However recent economic growth and rising construction costs, particularly over the past decade, has placed home ownership out of reach for some. In response to increased affordability pressures, the Australian Federal Government established the National Rental Affordability Scheme (NRAS) in 2008. The aim of establishing the NRAS initiative is to stimulate the supply of new affordable rental dwellings, targeting 50,000 new properties by June 2012, through the provision of a National Rental Incentive for each “approved” dwelling. To be approved the dwelling must be newly constructed and subsequently rented to eligible low and moderate income households at rentals no greater than 80 percent of market rates. There is a further requirement that the accommodation be provided as part of the scheme for no less than 10 years. The requirement to provide new residential accommodation at below market rentals for no less than 10 years has an impact on value and as such the valuation methodologies employed. To give guidance to valuers this paper investigates the scheme, the impact on value and expectations for the future.

Assessing the real value in residential property investment

One of the major fall outs from the Global Financial Crisis has been the decline in residential property construction, home lending and residential property prices. This has lead to some extent to a reduction in the number of small investors willing to commit funds to an investment market that is not seen to perform as well as other investment assets, particularly in relation to income return.With a decreasing supply of rental accommodation in the housing markets, less public housing being constructed by both State and Commonwealth Governments, there is the potential for the residential property market to provide more substantial returns than previous years.This paper will analyse the current residential housing market in Brisbane, Australia to determine if there are sectors in this market that are outperforming the average income and total return for residential investment property and the variation in investment performance across the various housing sub-markets. The results show that property investment in residential property provides opportunities to maximize returns based on geographic location and socio-economic economic status, with lower value areas showing the highest income returns and higher value suburbs showing greater capital returns

An analysis of holding cost impact on housing affordability in relation to midsized Greenfield residential property developments in South East Queensland

The position of housing demand and supply is not consistent. The Australian situation counters the experience demonstrated in many other parts of the world in the aftermath of the Global Financial Crisis, with residential housing prices proving particularly resilient. A seemingly inexorable housing demand remains a critical issue affecting the socio-economic landscape. Underpinned by high levels of population growth fuelled by immigration, and further buoyed by sustained historically low interest rates, increasing income levels, and increased government assistance for first home buyers, this strong housing demand level ensures problems related to housing affordability continue almost unabated. A significant, but less visible factor impacting housing affordability relates to holding costs. Although only one contributor in the housing affordability matrix, the nature and extent of holding cost impact requires elucidation: for example, the computation and methodology behind the calculation of holding costs varies widely - and in some instances completely ignored. In addition, ambiguity exists in terms of the inclusion of various elements that comprise holding costs, thereby affecting the assessment of their relative contribution. Such anomalies may be explained by considering that assessment is conducted over time in an ever-changing environment. A strong relationship with opportunity cost - in turn dependant inter alia upon prevailing inflation and / or interest rates - adds further complexity. By extending research in the general area of housing affordability, this thesis seeks to provide a detailed investigation of those elements related to holding costs specifically in the context of midsized (i.e. between 15-200 lots) greenfield residential property developments in South East Queensland. With the dimensions of holding costs and their influence over housing affordability determined, the null hypothesis H0 that holding costs are not passed on can be addressed. Arriving at these conclusions involves the development of robust economic and econometric models which seek to clarify the componentry impacts of holding cost elements. An explanatory sequential design research methodology has been adopted, whereby the compilation and analysis of quantitative data and the development of an economic model is informed by the subsequent collection and analysis of primarily qualitative data derived from surveying development related organisations. Ultimately, there are significant policy implications in relation to the framework used in Australian jurisdictions that promote, retain, or otherwise maximise, the opportunities for affordable housing.

A comparison of international and Australian rating tools for sustainability elements of residential property

The Australian housing sector contributes about a fifth of national greenhouse gas (GHG) emissions. GHG emissions contribute to climate change which leads to an increase in the occurrence or intensity of natural disasters and damage of houses. To ensure housing performance in the face of climate change, various rating tools for residential property have been introduced in different countries. The aim of this paper is to present a preliminary comparison between international and Australian rating tools in terms of purpose, use and sustainability elements for residential property. The methodologies used are to review, classify, compare and identify similarities and differences between rating tools. Two international tools, Building Research Establishment Environmental Assessment Methodology (BREEAM) (UK) and Leadership in Energy and Environmental Design for Homes (LEED-Homes) (USA), will be compared to two Australian tools, Green Star – Multi Unit Residential v1 and EnviroDevelopment. All four rating tools include management, energy, water and material aspects. The findings reveal thirteen elements that fall under three categories: spatial planning, occupants’ health and comfort, and environmental conditions. The variations in different tools may result from differences in local prevailing climate. Not all sustainability elements covered by international rating tools are included in the Australian rating tools. The voluntary nature of the tools implies they are not broadly applied in their respective market and that there is a policy implementation gap. A comprehensive rating tool could be developed in Australia to promote and lessen the confusion about sustainable housing, which in turn assist in improving the supply and demand of sustainable housing.