LEADER 06855oam 2200805I 450 001 9910826795003321 005 20240131144243.0 010 $a1-136-20844-5 010 $a0-203-09464-6 010 $a1-283-97292-1 010 $a1-136-20845-3 024 7 $a10.4324/9780203094648 035 $a(CKB)2670000000325604 035 $a(EBL)1114698 035 $a(OCoLC)827208914 035 $a(SSID)ssj0000827297 035 $a(PQKBManifestationID)12359650 035 $a(PQKBTitleCode)TC0000827297 035 $a(PQKBWorkID)10821565 035 $a(PQKB)11476640 035 $a(OCoLC)828741804 035 $a(MiAaPQ)EBC1114698 035 $a(Au-PeEL)EBL1114698 035 $a(CaPaEBR)ebr10650281 035 $a(CaONFJC)MIL428542 035 $a(OCoLC)826652777 035 $a(FINmELB)ELB134796 035 $a(EXLCZ)992670000000325604 100 $a20180706d2013 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aReal estate economics $ea point to point handbook /$fNicholas Pirounakis 210 1$aLondon ;$aNew York :$cRoutledge,$d2013. 215 $a1 online resource (513 p.) 225 0 $aRoutledge advanced texts in economics and finance ;$v20 300 $aDescription based upon print version of record. 311 $a0-415-67635-5 311 $a0-415-67634-7 320 $aIncludes bibliographical references and index. 327 $aReal Estate Economics A point-to-point handbook; Copyright; Contents; List of figures; List of tables; List of boxes; Abbreviations; Preface; 1 Real estate (RE): an overview of the sector; Learning outcomes; 1.1 Definition of real estate (RE); 1.2 RE subsectors (or submarkets); 1.3 The location factor; 1.4 Location and 'authentic' versus 'derived' demand for RE; 1.5 Other characteristics of RE - and wider interactions; 1.6 Why study RE economics?; 2 RE: tools of analysis; Learning outcomes; 2.1 Mathematical techniques; 2.1.1 Differentiation; 2.1.2 Partial and total differentiation 327 $a2.1.3 Optimization2.1.4 Optimizing functions of more than one variable; 2.1.5 Constrained optimization; 2.1.6 Implicit differentiation; 2.1.7 The S curve; 2.2 Economic concepts; 2.2.1 Elasticity; 2.2.2 Indifference curves; 2.2.3 Useful demand and utility functions; 2.2.4 From Cobb-Douglas utility to Cobb-Douglas demand; 2.2.5 Income and substitution effects; 2.2.6 Income and substitution effects: locating the tangency solutions; 2.2.7 Income and substitution effects in housing; 2.2.8 Elasticity of substitution (?s); 2.2.9 Characteristics theory 327 $a2.2.10 Isoquants, isocosts, MPP, MRP, andprofit maximization2.3 Statistical primer: regression, co-integration, Granger causality; 2.3.1 Regression; 2.3.2 Regression and causality; 2.3.3 Co-integration; 2.3.4 More on time series; 2.3.5 A graphical example; 2.3.6 Granger causality; 2.3.7 Further reading; Summary of main points; Review questions and exercises; 3 RE in the wider economy; Learning outcomes; 3.1 RE in the National Accounts; 3.2 RE investment and economic growth; 3.2.1 Multiplier effects; 3.2.2 A limit to the share of construction in GDP? 327 $a3.2.3 Who pulls whom - GDP or construction?3.3 Determinants of RE investment; Tobin's q; 3.3.1 Utility-driven investment; 3.3.2 Tobin's q; 3.3.3 RE investment as inflation hedge; 3.3.4 The role of 'fundamentals'; 3.3.5 What about non-residential property?; 3.4 The effect of RE prices on the economy; 3.4.1 The consumption channel; 3.4.2 The investment channel; 3.4.3 The financial sector channel; 3.4.4 The inflation channel; 3.4.5 The government's fiscal position channel; 3.5 The housing wealth effect (HWE); 3.5.1 The HWE as a home-equity adjustment; 3.5.2 The HWE as a PILC adjustment 327 $a3.5.3 The HWE as a consumer-credit adjustment3.5.4 How strong is the HWE effect, then?; 3.6 Homeownership and the labour market; Summary of main points; Review questions and exercises; 4 RE finance: loans, equity withdrawal, and MBSs; Learning outcomes; 4.1 Loans, mortgages, and maths; 4.2 Forward mortgages: basic loan types; 4.2.1 The interest-and-capital repayment loan; 4.2.2 The interest-only loan; 4.2.3 The low-start loan; 4.2.4 The stabilized loan; 4.2.5 The select-payment loan; 4.2.6 The cap-and-collar loan; 4.2.7 The index-linked loan; 4.3 Remortgaging and equity withdrawal 327 $a4.3.1 Variable versus fixed interest rates 330 $a"Real estate economics : a point to point handbook introduces the main tools and concepts of real estate (RE) economics. It covers areas such as the relation between RE and the macro-economy, RE finance, investment appraisal, taxation, demand and supply, development, and price estimation. It balances housing economics with commercial property economics, and pays particular attention to the issue of property dynamics and bubbles--something very topical in the aftermath of the US house-price collapse that precipitated the global crisis of 2008.This textbook takes an international approach and introduces the student to the necessary "toolbox" of models required in order to properly understand the mechanics of real estate. It combines theory, technique, real-life cases, and practical examples, so that in the end the student is able to:read and understand the majority of RE papers published in peer-reviewed journals make sense of the RE market (or markets)contribute positively to the preparation of economic analyses of RE assets and markets soon after joining any company or other organization involved in RE investing, appraisal, management, policy, or research. The book should be particularly useful to third-year students of economics who may take up RE or urban economics as an optional course; to postgraduate economics students who want to specialize in RE economics; to graduates of management, business administration, civil engineering, planning, and law, who are interested in RE; and to RE practitioners, and students reading for RE-related professional qualifications"--$cProvided by publisher. 410 0$aRoutledge Advanced Texts in Economics and Finance 606 $aReal estate business 606 $aReal estate investment 606 $aUrban economics 606 $aCommercial real estate 606 $aResidential real estate 615 0$aReal estate business. 615 0$aReal estate investment. 615 0$aUrban economics. 615 0$aCommercial real estate. 615 0$aResidential real estate. 676 $a333.33 686 $aBUS000000$aBUS021000$aBUS054000$2bisacsh 700 $aPirounakis$b Nicholas G.$f1955-,$01623533 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910826795003321 996 $aReal estate economics$93957957 997 $aUNINA