Real Estate Finance and Economics

1TheRealEstateMarketinDevelopedEconomiesandEmergingEconomies.............................................1

1.1Introduction........................................1

1.2TheRealEstateMarketinDeveloped/MaturedEconomies......2

1.2.1ABriefIntroductiontotheRealEstateMarketinGermany...................................3

1.2.2ABriefIntroductiontotheRealEstateMarketintheUK....................................7

1.2.3ABriefIntroductiontotheRealEstateMarketintheUSA........................................12

1.3TheRealEstateMarketinEmergingEconomies..............16

1.3.1ABriefIntroductiontotheRealEstateMarketinChina.....................................16

1.3.2ABriefIntroductiontotheRealEstateMarketinNigeria....................................19

1.3.3ABriefIntroductiontotheRealEstateMarketinSouthAfrica.......................................24

1.4ConcludingRemarks..................................27

References.............................................28

2TheResearchDesignandMethods..........................33

2.1Introduction........................................33

2.2OverviewoftheResearchDesign........................34

2.3DataCollectionTechniques.............................34

2.3.1TheUnitofAnalysis............................34

2.3.2DataCollectionProcedures.......................36

2.4DataAnalysisTechniques..............................44

2.4.1QualitativeDataAnalysis.........................44

2.4.2QuantitativeDataAnalysisViaStatisticalTechniquesofAnalysis...................................45

2.5ValidityandReliabilityoftheStudy......................47

2.5.1Validity......................................47

2.5.2Reliability....................................48

2.6Conclusion.........................................48

References.............................................49

3TheFinanceOptions&CriteriaforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies.............................................51

3.1Introduction........................................51

3.2FinanceOptionsforRealEstateProjectDevelopment..........51

3.2.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................51

3.2.2QuestionnaireSurveyAnalysisandDiscussionattheDisaggregateLevel.............................52

3.2.3TheRelationshipBetweentheManagerialLevelsandFinanceOptionsUsedforRealEstateProjectDevelopment56

3.2.4Semi-structuredInterviewAnalysisandDiscussion......57

3.2.5TheImplicationoftheFindingsonFinanceOptionsforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies............................60

3.3TheCriteriaforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies..........61

3.3.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................61

3.3.2QuestionnaireSurveyAnalysisandDiscussionattheDisaggregateLevel.............................64

3.3.3RelationshipBetweentheManagerialLevelandtheCriteriaRequestedbyFinanciers....................66

3.3.4Semi-structuredInterviewAnalysisandDiscussion......67

3.3.5TheImplicationoftheFindingsonCriteriaforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies..............69

3.4DevelopmentofanInventoryofOptionsandCriteriaforSecuringFinanceforRealEstateProjectDevelopment.......70

3.4.1PeckingOrderTheory...........................70

3.4.2TheTrade-offTheory............................72

3.5Conclusion.........................................72

References.............................................73

4CriticalSuccessFactors,Challenges,andOpportunitiesforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies.....................................75

4.1Introduction........................................75

4.2CriticalSuccessFactorsforSecuringFinanceforRealEstateProjectDevelopment..................................75

4.2.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................76

4.2.2QuestionnaireSurveyAnalysisandDiscussionattheDisaggregateLevel.............................76

4.2.3TheRelationshipBetweentheManagementLevelandtheCriticalSuccessFactors..........................81

4.2.4Semi-StructuredInterviewAnalysisandDiscussion......82

4.2.5TheImplicationoftheFindingsonCriticalSuccessFactorsforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies...................................85

4.3ChallengesAssociatedwithSecuringFinanceforRealEstateProjectDevelopment..................................85

4.3.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................86

4.3.2QuestionnaireSurveyAnalysisandDiscussionattheDisaggregateLevel.............................88

4.3.3TheRelationshipBetweentheManagerialLevelandtheChallengesAssociatedwithSecuringFinanceforRealEstateProjectDevelopment.......................91

4.3.4Semi-StructuredInterviewAnalysisandDiscussion......92

4.3.5TheImplicationoftheFindingsontheChallengesAssociatedwithSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies...................................96

4.4OpportunitiesAssociatedwithSecuringFinanceforRealEstateProjectDevelopment..................................97

4.4.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................97

4.4.2QuestionnaireSurveyAnalysisandDiscussionattheDisaggregateLevel(Table4.15)....................99

4.4.3RelationshipBetweentheManagementLevelandtheOpportunitiesforSecuringFinanceforRealEstateProjectDevelopment..................................102

4.4.4Semi-StructuredInterviewAnalysisandDiscussion......103

4.4.5TheImplicationoftheFindingsAssociatedwithOpportunitiesforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies...................................106

4.5DevelopmentofaConceptualFrameworkforEnvironmentalScanforSecuringFinanceforRealEstateProjectDevelopment.......107

4.6Conclusion.........................................114

References.............................................114

5TheKeyDecisionsandProcessesforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies......117

5.1Introduction........................................117

5.2KeyDecisionsandProcessesforSecuringFinanceforRealEstateProjectDevelopment.............................119

5.2.1QuestionnaireSurveyAnalysisandDiscussionattheAggregateLevel...............................119

5.2.2Semi-StructuredInterviewAnalysisandDiscussionattheDisaggregateLevel.............................120

5.3TheImplicationoftheFindingsontheKeyProcessesandDecisionsforSecuringFinanceforRealEstateProjectDevelopment.......................................123

5.4DevelopmentofaProcessMapforSecuringFinanceforRealEstateProjectDevelopment.............................126

5.5Conclusion.........................................133

References.............................................134

6Skills,Knowledge,andCompetencesforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies.............................................137

6.1Introduction........................................137

6.2Manager’sSkillsforSecuringFinanceforRealEstateProjectDevelopment.......................................137

6.2.1DegreeoftheImportanceofManagementSkillsforSecuringFinanceforRealEstateProjectDevelopment...........138

6.2.2TheDegreeofNeedforTrainingandEducationforManagementSkillsforSecuringFinanceforthePresent...141

6.2.3TheDegreeofNeedforTrainingandEducationforManagementSkillsforSecuringFinancefortheFuture(Next5Years).................................145

6.2.4RelationshipBetweentheLevelofManagementandtheDegreeofImportanceofManagementSkillsforSecuringFinanceforRealEstateProjectDevelopment...........148

6.2.5Semi-StructuredInterviewAnalysisandDiscussionattheDisaggregateLevel.............................148

6.2.6TheImplicationoftheFindingsonSkillsforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies................155

6.3Management’sKnowledgeforSecuringFinanceforRealEstateProjectDevelopment..................................158

6.3.1DegreeoftheImportanceofManagementKnowledgeforSecuringFinanceforRealEstateProjectDevelopment....158

6.3.2TheDegreeofNeedforTrainingandEducationforManagementKnowledgeforSecuringFinanceforRealEstateProjectDevelopmentforthePresent............161

6.3.3TheDegreeofNeedforTrainingandEducationforManagementKnowledgeforSecuringFinancefortheFuture(Next5Years).................................164

6.3.4TheRelationshipBetweenManagementLevelandtheDegreeofImportanceofKnowledgeforSecuringFinanceforRealEstateProjectDevelopment...................167

6.3.5ManagementKnowledgeforSecuringFinanceforRealEstateProjectDevelopment:Semi-StructuredInterviewAnalysisandDiscussionattheDisaggregateLevel......167

6.3.6TheImplicationoftheFindingsonKnowledgeforSecuringFinanceforRealEstateProjectDevelopmentfortheDevelopedandEmergingEconomies................168

6.4ManagementCompetencesforSecuringFinanceforRealEstateProjectDevelopment..................................173

6.4.1TheDegreeofImportanceofManagementCompetencesforSecuringFinance...............................175

6.4.2TheDegreeofNeedforTrainingandEducationforManagementCompetencesforSecuringFinanceforthePresent......................................178

6.4.3TheDegreeofNeedforTrainingandEducationforManagementCompetencesforSecuringFinancefortheFuture(Next5Years)...........................180

6.4.4TheRelationshipBetweenManagementLevelandtheDegreeofImportanceofManagementCompetencesforSecuringFinanceforRealEstateProjectDevelopment....183

6.4.5Manager’sCompetencesforSecuringFinanceforRealEstateProjectDevelopmentattheDisaggregatedLevelBasedontheSemi-StructuredInterview........................183

6.4.6TheImplicationoftheFindingsonCompetencesforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies............187

6.5Conclusion.........................................187

References.............................................188

7ManagementCareerPath,Training,andEducationforSecuringFinanceforRealEstateProjectDevelopmentinDevelopedandEmergingEconomies.....................................191

7.1Introduction........................................191

7.2ManagementCareerPathforSecuringFinanceforRealEstateProjectDevelopment..................................192

7.2.1ManagementCareerPathforSecuringFinanceforRealEstateProjectDevelopment.......................193

7.2.2CareerPathforSecuringFinanceforRealEstateProjectDevelopmentforBoththeDevelopedandEmergingEconomiesattheDisaggregateLevel................195

7.2.3TheImplicationoftheFindingsontheCareerPathforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies............195

7.2.4TheDevelopmentofaConceptualFrameworkforaCareerPathforSecuringFinanceforRealEstateProjectDevelopment..................................200

7.3Manager’sEducationandTrainingforSecuringFinanceforRealEstateProjectDevelopment.............................210

7.3.1Management’sQualificationsforSecuringFinanceforRealEstateProjectDevelopment.......................211

7.3.2Management’sApproachesforTrainingandEducationforSecuringFinanceforRealEstateProjectDevelopment....212

7.3.3TheRelationshipBetweenManagementLevelandtheDegreeofUseofManagementEducation&TrainingforSecuringFinanceforRealEstateProjectDevelopment....223

7.3.4Management’sTrainingandEducationforSecuringFinanceforRealEstateProjectDevelopment:DiscussionandAnalysisofSemi-structuredInterviews...............223

7.3.5TheImplicationofFindingsonEducationandTrainingforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies............226

7.3.6DevelopmentofaConceptualFrameworkforTrainingandEducationforSecuringFinanceforRealEstateProjectDevelopment..................................228

7.4Conclusion.........................................229

References.............................................231

 

8DevelopmentofaToolkitforSecuringFinanceforRealEstateProjectDevelopment.....................................233

 

8.1Introduction........................................233

 

8.2DevelopmentoftheToolkitforSecuringFinanceforRealEstateProjectDevelopment/KeyComponentsoftheToolkitforSecuringFinanceforRealEstateProjectDevelopment................234

 

8.2.1Toolkitstage1:InventoryofFinanceOptionsandCriteriaforSecuringFinanceforRealEstateProjectDevelopment....236

 

8.2.2ToolkitStage2:ConceptualFrameworkforEnvironmentalScanforSecuringFinanceforRealEstateProjectDevelopment..................................239

8.2.3ToolkitStage3:ProcessMapforSecuringFinanceforRealEstateProjectDevelopment.......................240

8.2.4ToolkitStage4:InventoryofSkills,Knowledge,andCompetencesforSecuringFinanceforRealEstateProjectDevelopment..................................248

8.2.5ToolkitStage5:ConceptualFrameworkforCareerPathforSecuringFinanceforRealEstateProjectDevelopment....252

8.2.6ToolkitStage6:ConceptualFrameworkforTrainingandEducationforSecuringFinanceforRealEstateProjectDevelopment..................................258

8.3RecommendationsontheUsageoftheToolkitforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies..............................261

8.4TheWeaknessoftheToolkitforSecuringFinanceforRealEstateProjectDevelopmentintheDevelopedandEmergingEconomies.........................................262

8.5Conclusion.........................................262

References.............................................263