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Social Housing after the GFC: New Trends across Europe

Social Housing Models: Past and Future

Social Housing Models: Past and FutureThis paper looks at the rationale for social housing; examines the models that have been used in Europe over the last century and how social housing might be maintained into the future.
28.6.2017 | Christine Whitehead | Volume: 4 | Issue: 1 | Pages: 11-20 | 10.13060/23362839.2017.4.1.320
Social Housing after the GFC: New Trends across Europe

The Swedish Housing Market from a Low Income Perspective

The Swedish Housing Market from a Low Income PerspectiveAfter the economic crisis in the early 1990s there was excess supply of housing, but over the last 25 years demand has increased because of rising population, rising incomes and low levels of housing construction. The result has been rising prices and longer queues to (rent regulated) rental housing. The lack of affordable housing has made the situation especially difficult for low-income "outsiders", e.g. immigrant groups and various marginalized groups. In the debate about explanations and policies one can find demand for "more market", e.g. deregulating the rental market, weaken the municipal planning monopoly and cutting back on building regulations. There are also proposals for "less market", e.g. state directives about municipal planning volumes, subsidies to housing construction and more active municipal housing companies. As the current government is weak, most initiatives comes from the local level, e.g. both below market rents for lower income households and planning for more low-cost housing.
14.6.2017 | Hans Lind | Volume: 4 | Issue: 1 | Pages: 150-160 | 10.13060/23362839.2017.4.1.334
Special issue on Nature-Home-Housing: Greening and Commoning of Urban Space

Post-Soviet Housing: “Dacha” Settlements in the Tashkent Region

Post-Soviet Housing: “Dacha” Settlements in the Tashkent RegionThe post-Soviet period has been witness to a rather difficult process of establishing a new socio-economic and political system in Uzbekistan. The housing question was significantly resolved within the U.S.S.R., while currently the issue of housing has become exacerbated mainly due to the privatisation of the existing housing stock. However, as more young people now enter adulthood, the need for affordable housing once again comes to the forefront in Uzbekistan - namely in Tashkent, a place attracting the youth from all other regions. This research paper focuses on one of the housing solutions in the Tashkent Region: particularly the reconstruction of summer houses, or dachas, into permanent homes for year-round living. The findings are based on several observations from the field and expert interviews with local dacha residents during the summers of 2015 and 2016. The revival of a traditional lifestyle, combined with the modernisation and “Euro-style” of Uzbek houses, represents a case of “indigenous modernities”.
30.12.2016 | Hikoyat Salimova | Volume: 3 | Issue: 2 | Pages: 43-51 | 10.13060/23362839.2016.3.2.297

Monopolistic Competition and Price Discrimination as a Development Company Strategy in the Primary Housing Market

Monopolistic competition and price discrimination as a development company strategy in the primary housing marketFirms operating in the property sector use information asymmetry and the local monopoly to differentiate prices of housing units. Selling similar housing to purchasers at various prices allows them to maximize profits. The aim of this article is to analyze empirically the behavior of developers, that shape the market situation. It is necessary to depart from the classical analysis of enterprises that operate in a free and competitive market and produce typical, homogeneous goods. We analyze firms that produce heterogeneous goods and make individual trans-actions with each client. We use the hedonic regression to compare the theoretical and empirical prices per sq. m. of dwelling in the primary market in Warsaw and find significant dispersions. The price discrimination strategy, can be one of the explanations of the observed high, upward elasticity of prices.
29.7.2016 | Jacek £aszek, Krzysztof Olszewski, Joanna Waszczuk | Volume: 3 | Issue: 2 | Pages: 1-12 | 10.13060/23362839.2016.3.2.286

Reference Housing Costs for Adequate Dwellings in Ten European Capitals

Reference Housing Costs for Adequate Dwellings in Ten European CapitalsProviding adequate housing at affordable prices remains a challenge for all welfare states. As part of a pilot project for developing a common methodology for reference budgets in the European Union, reference rents and other housing costs (energy, taxes, maintenance) corresponding to adequate dwellings for four hypothetical households living in nine capital regions of the EU were estimated. In this paper, we discuss the approach that we have taken. Quality criteria for adequate housing were derived from EU indicators of housing deprivation, and the recent UK Housing Standards Review. We used data from the Study of Income and Living Conditions (EU-SILC) of 2012. Unsurprisingly, the estimates of reference rents vary strongly across capitals, reflecting cross-national differences in the level of the average rent. By contrast, other housing costs, which mainly reflect energy costs, vary much less.
1.1.2016 | Karel Van den Bosch, Tim Goedemé, Nathalie Schuerman, Bérénice Storms | Volume: 3 | Issue: 1 | Pages: 1-9 | 10.13060/23362839.2016.2.1.248

Effects of Housing Prices on Income Inequality in Urban China

Effects of Housing Prices on Income Inequality in Urban ChinaThis paper explored the effects of housing prices on income inequality in China. By using China''s inter-provincial panel data from 1995 to 2011, we find that both housing prices and long-term mortgage rates are associated with the Gini coefficient of the income of urban residents, and the coefficients of correlation are significant positive. Moreover, a series of housing price control policies promulgated by the Chinese government has worsened the situation and has caused considerable interaction effects on long-term mortgage rates since 2003.
21.12.2015 | Chuanyong Zhang, Fang Zhang | Volume: 2 | Issue: 2 | Pages: 11-18 | 10.13060/23362839.2015.3.2.237
Special issue on Housing Asset-Based Welfare

Homebuying: a Critical Perspective on Financial Costs and Gains

Homebuying: a Critical Perspective on Financial Costs and GainsIn Britain, the shift from the ideology of homeownership into one of homeownership-based welfare has been sustained by homebuyers being regarded as investors. Homeowners are expected to create a synergy between the owned house seen as a space of shelter, place of home and increasingly, an investment vehicle and an object of debt. Drawing on 80 interviews with owner-occupiers and national data on house prices and mortgages, we examine the way in which the meanings of home meanings are negotiated through the subjective calculation of the financial costs and gains of homebuying. We explore homebuyers’ debt amnesia, their miscalculation of gains and their disregard of inflation. However homebuyers’ financially unsophisticated understanding of the asset-home arises less from book-keeping complexities or difficulties in pricing the emotional domain of the home, but rather by them instinctively considering the alternative cost of a rented space of shelter. From this financial perspective and given affordability, homebuying illustrates a misleading ideological notion of choice.
10.7.2015 | Adriana Mihaela Soaita, Beverley Ann Searle | Volume: 2 | Issue: 1 | Pages: 65-73 | 10.13060/23362839.2015.2.1.177

Speculation and Real Estate: Can Speculation Contribute to an Efficient Real Estate Market?

Speculation and Real Estate: Can Speculation Contribute to an Efficient Real Estate Market?In financial markets, speculation is justified by its contribution to liquidity, hedging, and, if rationally done, for adjusting price to value. Derivatives are essential to turn speculation into an element that contributes an efficient market. Property assets have the distinctive feature of being, residential and productive assets, and, investment assets. This paper studies how speculation may have a positive contribution to the real estate market by regarding it from the triple perspective of property, primitive financial assets, and derivatives. We approach an answer by trying to identify which assets are needed to this end and how they can contribute to guide speculation to efficiency. On this basis, we examine the development of the derivatives on real estate indexes and the perspectives of their future evolution, including their impact on the real market.
29.7.2014 | Anna Maria Panosa Gubau, Maria Teresa Bosch-Badia, Joan Montllor-Serrats, Maria-Antonia Tarrazon-Rodon | Volume: 1 | Issue: 2 | Pages: 44-52 | 10.13060/23362839.2014.2.2.114

Housing Price Volatility and Econometrics

Housing Price Volatility and EconometricsEconometric models have produced contradictory results and have failed to provide warning of housing market crashes. The article should illustrate the inability of econometrics to reliably predict the last house price bubble and detect the disequilibrium in the housing markets. The authors will demonstrate on particular situation that two distinct but well specified econometric models can lead to different outcomes. The authors argue that the demand for housing is influenced by social constructs, social norms, ideologies, unrealistic expectations, symbolic patterns, and the actual choice of housing is the outcome of complex social interactions with reference groups. Consequently, it is necessary to analyse the potential instability of social constructs, norms, expectations and the changing character of social interactions to better understand purchasing behaviour and, then, house price volatility.
18.3.2014 | Petr Sunega, Martin Lux, Petr Zemèík | Volume: 1 | Issue: 2 | Pages: 70-78 | 10.13060/23362839.2013.1.2.117

How to Understand Residential Value and Valuation

How to Understand Residential Value and ValuationSustainable urban development requires education of professionals dealing with the built environment. Property valuers constitute one such important albeit neglected actor group. When the aim is to comprehend value and valuation, the questions to ask include the following argumentation: What is the ideal definition of sustainable development in a valuation context? Is it about the diversity of value systems? Or about long-term thinking in terms of reinvesting the profits harvested? And what is the role of generating data on these factors? The paper reports some suggestions for answering these questions in a residential context.
18.2.2014 | Tom Kauko | Volume: 1 | Issue: 1 | Pages: 1-8 | 10.13060/23362839.2014.1.1.29
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