M.Ing. / This dissertation proposes to develop a procedure for effective property management that ensures sustainable social housing institutions. The social housing institution is a relatively new concept in South Africa. This industry experiences many problems that include poor relationship management and the lack of tenant participation. This research has shown that effective property management practices alleviate certain of these restrictions of social housing. The solution of the dissertation is based on a procedure that follows five stages. This dissertation recommends that end-user education be investigated in further detail.

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

No description available.

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.

M.Com. / The potential investor in real estate is often confronted with a selection of properties in which he can invest. Each of these investments involves an expected rate of return and a risk that can be expressed in relation to each other. This relationship, known as the risk profile, differs from investment to investment and is therefore unique to a particular investment. The expected rate of return on an investment in real estate depends on the total expected tenant income less operating expenditures. Furthermore, the expected rate of return is influenced by the choice of capital structure. To be efficient, the capital structure must combine own as well as borrowed capital. Expected gross tenant income increases from year to year in terms of the escalation clause. The market average discount rate, at which income is discounted, does not necessarily have to differ from year to year. Consequently. a higher income could lead to a higher discounted value. The risk of investing in real estate is influenced by various factors such as location, interest rates, mass opinion, tenant mix and operating risk...

It is estimated in the last five years Chinese investors have poured over $93 billion into the United States residential real estate market targeting high-end housing sectors. I analyze the implications of the investment and how it has affected the Bay Area housing prices. In order to find out why large outflows are targeting the United States I compare China’s economy with Japan’s economy in the late 1980’s when Japanese investors invested over $300 billion into high profile real estate properties. I find many similarities, suggesting China has a bubble economy such as Japan before the lost decade. To combat their bubble, China has implemented new restrictions on capital outflows in order to stabilize their volatile markets. In terms of the Bay Area real estate market I gathered evidence a recession is imminent due to the demand falling for high-end housing. The housing market mirrors economic health and indicates whether an economy is in a boom or bust.

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012. / Mr. Grayson received his S.M. in Real Estate Development, Sept. 2012.We will continue to monitor Mr. Kelly’s status and remove the note if/when he receives his degree. Page 126 blank. Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (p. 108-111). / This thesis investigates one of the United States' most sweeping regulatory responses since the New Deal legislation passed in the 1930's, the Dodd Frank Act. While the Dodd Frank Act will affect numerous financial markets, this thesis will focus on the implications of this regulation on the real estate securitization market. To better understand the regulatory response towards real estate securitization, we will clarify some of the key definitions, explain the history of securitization and describe the fundamental issues that led to the real estate securitization boom and subsequent bust as well as its implications on the financial crisis in the late 2000s. We will then summarize in detail the key provisions in the Dodd Frank Act associated with real estate securitization and describe the framework for which these provisions were formed. In conclusion, we will examine the implications of these provisions and explain our position of how the Dodd Frank Act will not achieve its desired effect on the real estate securitization market as drafted. / by Kelly G. Frazier and Paul C. Grayson. / S.M.in Real Estate Development