The rise of globalisation has led to more and more companies expanding beyond their borders. Gray (2002) sees this rise as a direct result of technology. He feels that technology has been the main factor leading to internationalisation. Desai (2003) feels that it is a combination of both market forces and technology giving rise to greater cross-border trade. The flow of foreign direct investment (FDI) around the world increased by up to seven times between 1992 and 2006 (Hill, 2007). This led to a 150 percent increase in world trade value and a 45 percent increase in output (2007). According to Hill by 2005 stock of global FDI exceeded $10 trillion. The objective of this research is to understand the intricacies of the strategic decisions of multinational property companies that expand beyond their borders, with a focus on investment property. The research uses the internationalisation theory known as the eclectic paradigm as a lens through which to view the subject. The paradigm is made up of three sub-paradigms – ownership, location and internalisation - and focuses on how multinational companies internationalise their operations. Multinational property companies (MNPCs) are increasingly looking to increase their foreign direct investments into investment property outside their borders where the yields may be better, or perhaps to spread their risk (de Rauville, 2008). Using the case study methodology the research aims to understand not only how these companies achieve their fdi ends, but why they chose particular modes of entry; their specific country choices; and what led them to believe that they had the capability to ensure success. Of added interest is the application of the eclectic paradigm within this context. The research proved successful in that the intricacies of the strategic decisions made by the multinational investment properties in the study were revealed. These led to further insights for current and future work on the topic. In addition the eclectic paradigm proved a most useful lens with which to view the topic. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

There are several different investment opportunities for the private investor in South Africa in the asset class of immovable property. The purpose of this study is to identify the category of investment within this asset class that produces the most wealth creation. Four broad property investment categories exist. There are speculative investments involving short-term high profit returns. There are also long term income producing investment options. Property development is another category although there are often limitations in terms of financial accessibility for private investors. Finally there is the category of investing in listed property through property shares or unit trusts. Each category can be further segmented into property types such as residential, commercial, industrial, or undeveloped land. Each property type produces different returns and levels of profitability but is also affected by specific risks and externalities. Recent growth in the South African property market has caused a flood of private investors to enter the property market. Many of these investors lack knowledge of their asset purchase. This may be in terms of the potential financial return of their particular asset choice, or the variables and risks involved. Many potential investors feel that property investment is inaccessible to them and that it is reserved exclusively for the wealthy. This study undertakes to evaluate the category and type of property investment that offers the greatest potential for wealth creation for the private investor through research and calculation. It also serves to establish the profile and perceptions of potential private investors with respect to the different property investment options available to them. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Housing is currently a topical issue in South Africa which has a housing backlog estimated to exceed 2,5 million households. Banks are a critical component of the housing value chain. They have been struggling to facilitate the reduction of the backlog, citing a lack of market liquidity of townships relative to the suburbs as a primary reason for the failure to reduce the backlog. The aim of this research study is to determine the extent to which information asymmetry is a factor in the liquidity of the township property market, with a view to understanding the impediments to liquidity in the township real estate market, and make recommendations for parsimonious interventions. Quantitative analysis was performed by examining data obtained on Estate Agents, Properties Registered and Demographics. Descriptive statistics were employed to understand the structure of the market. Thereafter factor analysis was used to identify relationships and narrow the number of variables for further exploration. Finally, multiple regression was applied in order to understand how the variables identified interacted with one another. The findings revealed that estate agents and the type of housing product had a direct impact on market liquidity. Market liquidity in the township market could be improved by making practical and parsimonious interventions centred on the estate agents, and property developers. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The phenomenal growth of residential property prices when compared to other asset classes has resulted in property prices being the subject of significant debate in South Africa in the recent past. The reasons for the price increases are the subject of as much debate and uncertainty. This research attempts to determine whether there is a statistically significant relationship between the economic indicators selected and residential property prices, which could provide some indication of the factors influencing residential property prices in South Africa. The economic indicators selected were interest rates, real gross domestic product, average income, bond affordability levels, rand to US dollar exchange rates and inflation. Residential property prices in South Africa were measured using two data bases, the ABSA database, which comprised average residential property prices split into affordable, middle and luxury segments, as well as the Standard Bank database comprising median residential property prices in South Africa. The sample period was determined by reference to the period when data in respect of all the variables was available. Autocorrelation was removed from the data and thereafter a stepwise regression was performed to determine which economic indicators had a statistically significant relationship to each category of residential property price. It was found that quarterly lagged disposable income per capita (average income) had a statistically significant relationship to affordable and luxury property segments, as well as the median property prices. No economic indicator was found to have a statistically significant relationship to middle segment property prices. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

The aim of this study was to show how Flanagan’s Critical Incident Technique may be used to conduct a systematic and objective study of training needs in the field of Real Estate selling. The data were gathered from 86 volunteer registered salesmen whose names had been randomly selected from a master file containing approximately 990 names of registered real estate salesmen. A total of 314 useable reports yielding 327 actual incidents and 88 items of general information were gathered and reclassified according to standard Critical Incident Technique methods. Agreement by two judges served as a check on the validity of the sorting and classification of each incident and item of information. It was found that more failures in selling may be ascribed to inadequate dealings involving property than to those involving people or monetary considerations. Within the limitations of the present study, the gathering of items of general information proved to be a valuable adjunct to Flanagan's Critical Incident Technique. / Arts, Faculty of / Psychology, Department of / Graduate

This study surveys commercial real estate agents on their use of trade area (location) analysis in the marketing (leasing and selling) of retail space. Throughout the study, the broad definition of the broker as an information agent on all facets of real estate is narrowed in order to isolate the purpose, type and scope of the trade area (location) information he processes. As such, the primary objective of the study is to determine the extent to which realtors practice trade area (location) analysis in their marketing of retail space. Real estate literature emphasizes two points that together serve as the basis for the study: (1) brokers should strive to become advisors to their clients and customers and (2) the importance of trade area (location) data for identifying a retail property's most beneficial use(s) and determining its value. Yet, even though these two points are well recognized, some question remains about the extent of trade area (location) information realtors are processing. For example, one large corporate real estate buyer has remarked that out of the many investment proposals he received from brokers, few contain sufficient market data to allow prudent investment decisionmaking. In addition, real estate practitioner literature, while noting the importance of trade area, offers few if any procedures that could be followed to develop a trade area analysis. Based on these observations, this study attempts to gain an insight into the realtors practices of trade area analysis. To accomplish this objective, trade area literature was reviewed to identify trade area characteristics, techniques of analysis, and data sources. From this information a set of questions was developed and used to survey realtors on their practices of trade area analysis. Data from the survey show: (1) the type of analyses developed, (2) the content of the analyses, and (3) the purpose of the analyses. Interpretation of the survey data indicates that there is a discrepancy between the trade area analyses that are currently being developed and the "state of the art" as evidenced by trade area literature. Recommendations are that real estate practitioner literature could devote more attention to including procedures that realtors might follow to develop a trade area analysis and that realtors could increase their use of real estate literature. / Business, Sauder School of / Graduate

0 / SPK / specialcollections@tulane.edu

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Over the course of the COVID-19 pandemic, housing prices have risen sharply and ubiquitously, with the highest jumps frequently occurring in previously sleepy markets like Boise City, Idaho (FHFA, 2021). One explanation touted in the media and in "YIMBY" activist circles is the restrictive effect of land use regulation on housing supply. Although economic theory generally accords with this explanation, attempts to quantify the effects of land use regulations on housing supply have faced significant conceptual and practical challenges. Conceptually, land use regulations are difficult to measure because regulations are multidimensional, dynamic and political, among other challenges. Practically, there is no national database of land use regulations, so researchers have typically gathered their own data and created their own measures of regulatory stringency, either directly—typically by reading and interpreting hundreds of pages of legalese per city or surveying thousands of urban planners—or indirectly—by connecting land use regulations to a different, more easily measured, quality like time required for a permit or percentage of permits accepted, or inferring effects from natural experiments. Methodological differences between time periods studied, types of regulations measured, numbers and types of jurisdictions included, and level of spatial analysis have frustrated efforts to unify the lessons of each study into a coherent whole (Gyourko and Molloy 2015). What is needed is a way to quantify and analyze land use regulations that is: a) Easily calculated from readily available open-source data b) Comparable within and across geographic areas at multiple scales c) Comparable within and across geographic areas over time This thesis explores an original measurement that meets the criteria above: regulatory utilization, which is the used proportion of a regulatory limit. It defines Ru and demonstrates its calculation from municipal GIS and administrative data. It explores the advantages and disadvantages compared to current approaches. And it demonstrates a method for combining many different Ru values into two aggregate metrics: density utilization and bulk utilization. The next section relates these aggregates to 3 important topics in real estate economics: real options, price elasticity of supply, and land leverage. It continues by suggesting applications in identifying and interpreting neighborhood change, calculating a "build score" (similar to a "walk score") for parcels, and estimating the impact of policy reforms. Directions for future research are outlined in the conclusion. / Master of Urban and Regional Planning / Over the course of the COVID-19 pandemic, housing prices have risen sharply in many cities, with the highest jumps frequently occurring in previously sleepy markets like Boise City, Idaho (FHFA, 2021). One explanation given in the media and in activist circles is that local regulations are causing a shortage by making it very difficult to build more housing in popular areas. This is a sound economic argument in theory but proving it requires a way to measure how restrictive, a.k.a. "stringent", these regulations are so researchers can compare cities. But each city has its own unique code with hundreds of pages of regulations. These rules can change over time, and different cities may use the same word in different ways. Even compiling these rules can be challenging because there is no national source of information. Researchers have been gathering their own data and inventing new measurements for decades. Some collect and read the regulations themselves, but this limits how many cities they can study at once. Others send out surveys to thousands of urban planners or real estate developers, but these provide a spotty and limited view. Still others tried to measure something simpler like the time or number of steps it takes for someone to get a building permit, but these might be different for many reasons (efficiency, number of staff, etc.) so these too are unreliable. Overall, the differences and disagreements between studies have prevented scholars from drawing definitive conclusions about the effects of these regulations on housing construction and prices (Gyourko and Molloy 2015). I argue that an ideal measurement of regulatory stringency would be: a) Easily calculated from open-source data available online b) Comparable within and across geographic areas c) Comparable over time in the same area(s) This thesis explores an original measurement that meets these three criteria that I call "regulatory utilization." I start by defining land use regulations and describing how economists think they affect markets for jobs, homes, and land. Next, I explain several challenges that researchers face when trying to measure these regulations and examine the main approaches that have been used in the past. Then I define my own measurement. I demonstrate how to calculate it from the open data that many cities publish on their websites, and I compare it to past approaches. I show how it relates to important topics in real estate economics and consider practical applications: to sense neighborhood change over time, inform homeowners about their redevelopment options, and help politicians and activists estimate the impacts of potential zoning changes. I conclude by summarizing and suggesting areas for further study.

This thesis was born out of the efforts of the Department of the Navy to better leverage the available land it controls to financially support the needs of the shore infrastructure. My directive was to design a process that could be universally applied to all installations around the world to improve the speed and efficiency of decision makers in the enhanced use leasing process. The leading example of this process is the Broadway Complex in downtown San Diego, California where 12 acres of underutilized waterfront property has been leased to a private developer in return for a new headquarters building and years of maintenance for that facility. My process takes into account the general means and methods of that real estate action but also considers that no where else in the world is such a large piece of prime real estate available for such a project. The model that succeeded in San Diego can not be universally applied to other locations due to the unique challenges and requirements of not only the installation but the surrounding community. The process I have designed can be applied to every location but must be tested by installation staffs to ensure the enhanced use lease process is feasible with consideration of security requirements, community needs, and then financial viability for a private developer. This is best shown through a simplified procedure and tested as a case study of an actual installation to ensure the necessary requirements are met without impact to Navy operations and training. / Master of Science / Being the sea-going service for the US military, the Navy has a large inventory of waterfront property in some expensive locations. The primary example for my thesis is the Broadway Complex in downtown San Diego, California. For decades, the 12 acre parcel was mostly parking lots in one of the most expensive real estate markets in the country. The Navy decided to explore the possibility of leasing out the land for a long duration to a private development company in exchange for something the developer was very good at, new construction or major renovation projects. The Navy created a system of leasing out land in return for construction work. After this process was completed, the Navy has tried to locate the next piece of valuable land that could go through the same transformation. This thesis examples the idea of creating a tool or inventory of desirable land to allow real estate professionals to quickly sort through it and start working on the next lease to a private company. Through this investigation, the best method to examine Navy property and decide whether it is desirable for private development, is to ask the local public works office to examine their own surroundings and future plans. The idea of a tool to collect these piece of land using general features such as location, size, nearby property values, isn't enough to understand what a property is worth to a private business. The conclusion of this thesis comes down to the fact that local knowledge is absolutely necessary to properly examine land value. This conclusion is supported by applying a new method that can be applied everywhere but must be tested on each base to find the next Broadway Complex redevelopment project that will greatly benefit the Navy and that specific base.