Real Estate Finance and Economics: A Guide to Securing Finance for Real Estate Project Development in Developed and Emerging Economies

Description

Finance is essential to the real estate project development sector's success. However, there is still an enormous gap in the real estate sector. What seems to be required is a model that could guide managers in securing real estate project development finance. Findings have shown that no comprehensive framework is presently available. This book presents a toolkit to support real estate managers in securing real estate project development finance. The book will help managers to understand the different financing options and criteria required by financiers. The study includes case studies from developed and emerging economies, including Germany, the United Kingdom, the United States of America, China, Nigeria, and South Africa. The author concludes that the dominant challenges common to managers in both economies are access to land, collateral, and rising interest rates. Foreword Preface Acknowledgements Contents About the Author Abbreviations List of Figures List of Tables Chapter 1: The Real Estate Market in Developed Economies and Emerging Economies 1.1 Introduction 1.2 The Real Estate Market in Developed/Matured Economies 1.2.1 A Brief Introduction to the Real Estate Market in Germany 1.2.1.1 The Factors Affecting the German Real Estate Sector 1.2.1.2 Real Estate Shortages in Germany 1.2.1.3 Sources of Real Estate Finance in Germany 1.2.2 A Brief Introduction to the Real Estate Market in the UK 1.2.2.1 The Factors That Affect the UK Real Estate Sector 1.2.2.2 Real Estate Shortages in the UK 1.2.2.3 Sources of Real Estate Finance in the UK 1.2.3 A Brief Introduction to the Real Estate Market in the USA 1.2.3.1 The Factors Affecting the Real Estate Sector in the USA 1.2.3.2 Real Estate Shortages in the USA 1.2.3.3 Sources of Real Estate Finance in the USA 1.3 The Real Estate Market in Emerging Economies 1.3.1 A Brief Introduction to the Real Estate Market in China 1.3.1.1 The Factors Affecting the Real Estate Sector in China 1.3.1.2 Real Estate Shortages in China 1.3.1.3 Sources of Real Estate Finance in China 1.3.2 A Brief Introduction to the Real Estate Market in Nigeria 1.3.2.1 The Factors Affecting the Real Estate Sector in Nigeria 1.3.2.2 Real Estate Shortages in Nigeria 1.3.2.3 Sources of Real Estate Finance in Nigeria 1.3.3 A Brief Introduction to the Real Estate Market in South Africa 1.3.3.1 Factors Affecting the Real Estate Sector in South Africa 1.3.3.2 Real Estate Shortages in South Africa 1.3.3.3 Sources of Real Estate Finance in South Africa 1.4 Concluding Remarks References Chapter 2: The Research Design and Methods 2.1 Introduction 2.2 Overview of the Research Design 2.3 Data Collection Techniques 2.3.1 The Unit of Analysis 2.3.2 Data Collection Procedures 2.3.2.1 Identification of the Population Sample and Selection of a Sample Frame 2.3.2.2 Semi-structured Interviews 2.3.2.2.1 The Appropriate Number for Interviews 2.3.2.2.2 Recording and Analysis 2.3.2.2.3 Questionnaire Development 2.3.2.2.4 Questionnaire Measurement 2.3.2.2.5 Questionnaire Administration 2.3.2.2.6 Non-response 2.4 Data Analysis Techniques 2.4.1 Qualitative Data Analysis 2.4.2 Quantitative Data Analysis Via Statistical Techniques of Analysis 2.4.2.1 Normality 2.5 Validity and Reliability of the Study 2.5.1 Validity 2.5.2 Reliability 2.6 Conclusion References Chapter 3: The Finance Options & Criteria for Securing Finance for Real Estate Project Development in Developed and Emerging E... 3.1 Introduction 3.2 Finance Options for Real Estate Project Development 3.2.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 3.2.2 Questionnaire Survey Analysis and Discussion at the Disaggregate Level 3.2.3 The Relationship Between the Managerial Levels and Finance Options Used for Real Estate Project Development 3.2.4 Semi-structured Interview Analysis and Discussion 3.2.5 The Implication of the Findings on Finance Options for Real Estate Project Development in Developed and Emerging Economi... 3.3 The Criteria for Securing Finance for Real Estate Project Development in Developed and Emerging Economies 3.3.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 3.3.2 Questionnaire Survey Analysis and Discussion at the Disaggregate Level 3.3.3 Relationship Between the Managerial Level and the Criteria Requested by Financiers 3.3.4 Semi-structured Interview Analysis and Discussion 3.3.5 The Implication of the Findings on Criteria for Securing Finance for Real Estate Project Development in Developed and Em... 3.4 Development of an Inventory of Options and Criteria for Securing Finance for Real Estate Project Development 3.4.1 Pecking Order Theory 3.4.2 The Trade-off Theory 3.5 Conclusion References Chapter 4: Critical Success Factors, Challenges, and Opportunities for Securing Finance for Real Estate Project Development in... 4.1 Introduction 4.2 Critical Success Factors for Securing Finance for Real Estate Project Development 4.2.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 4.2.2 Questionnaire Survey Analysis and Discussion at the Disaggregate Level 4.2.3 The Relationship Between the Management Level and the Critical Success Factors 4.2.4 Semi-Structured Interview Analysis and Discussion 4.2.5 The Implication of the Findings on Critical Success Factors for Securing Finance for Real Estate Project Development in ... 4.3 Challenges Associated with Securing Finance for Real Estate Project Development 4.3.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 4.3.2 Questionnaire Survey Analysis and Discussion at the Disaggregate Level 4.3.3 The Relationship Between the Managerial Level and the Challenges Associated with Securing Finance for Real Estate Projec... 4.3.4 Semi-Structured Interview Analysis and Discussion 4.3.5 The Implication of the Findings on the Challenges Associated with Securing Finance for Real Estate Project Development i... 4.4 Opportunities Associated with Securing Finance for Real Estate Project Development 4.4.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 4.4.2 Questionnaire Survey Analysis and Discussion at the Disaggregate Level (Table 4.15) 4.4.3 Relationship Between the Management Level and the Opportunities for Securing Finance for Real Estate Project Development 4.4.4 Semi-Structured Interview Analysis and Discussion 4.4.5 The Implication of the Findings Associated with Opportunities for Securing Finance for Real Estate Project Development i... 4.5 Development of a Conceptual Framework for Environmental Scan for Securing Finance for Real Estate Project Development 4.6 Conclusion References Chapter 5: The Key Decisions and Processes for Securing Finance for Real Estate Project Development in Developed and Emerging ... 5.1 Introduction 5.2 Key Decisions and Processes for Securing Finance for Real Estate Project Development 5.2.1 Questionnaire Survey Analysis and Discussion at the Aggregate Level 5.2.2 Semi-Structured Interview Analysis and Discussion at the Disaggregate Level 5.3 The Implication of the Findings on the Key Processes and Decisions for Securing Finance for Real Estate Project Development 5.4 Development of a Process Map for Securing Finance for Real Estate Project Development 5.5 Conclusion References Chapter 6: Skills, Knowledge, and Competences for Securing Finance for Real Estate Project Development in Developed and Emergi... 6.1 Introduction 6.2 Manager´s Skills for Securing Finance for Real Estate Project Development 6.2.1 Degree of the Importance of Management Skills for Securing Finance for Real Estate Project Development 6.2.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.2.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.2.2 The Degree of Need for Training and Education for Management Skills for Securing Finance for the Present 6.2.2.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.2.2.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.2.3 The Degree of Need for Training and Education for Management Skills for Securing Finance for the Future (Next 5 Years) 6.2.3.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.2.3.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.2.4 Relationship Between the Level of Management and the Degree of Importance of Management Skills for Securing Finance for ... 6.2.5 Semi-Structured Interview Analysis and Discussion at the Disaggregate Level 6.2.6 The Implication of the Findings on Skills for Securing Finance for Real Estate Project Development in the Developed and ... 6.3 Management´s Knowledge for Securing Finance for Real Estate Project Development 6.3.1 Degree of the Importance of Management Knowledge for Securing Finance for Real Estate Project Development 6.3.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.3.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.3.2 The Degree of Need for Training and Education for Management Knowledge for Securing Finance for Real Estate Project Deve... 6.3.2.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.3.2.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.3.3 The Degree of Need for Training and Education for Management Knowledge for Securing Finance for the Future (Next 5 Years) 6.3.3.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.3.3.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.3.4 The Relationship Between Management Level and the Degree of Importance of Knowledge for Securing Finance for Real Estate... 6.3.5 Management Knowledge for Securing Finance for Real Estate Project Development: Semi-Structured Interview Analysis and Di... 6.3.6 The Implication of the Findings on Knowledge for Securing Finance for Real Estate Project Development for the Developed ... 6.4 Management Competences for Securing Finance for Real Estate Project Development 6.4.1 The Degree of Importance of Management Competences for Securing Finance 6.4.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.4.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.4.2 The Degree of Need for Training and Education for Management Competences for Securing Finance for the Present 6.4.2.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.4.2.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.4.3 The Degree of Need for Training and Education for Management Competences for Securing Finance for the Future (Next 5 Yea... 6.4.3.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 6.4.3.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 6.4.4 The Relationship Between Management Level and the Degree of Importance of Management Competences for Securing Finance fo... 6.4.5 Manager´s Competences for Securing Finance for Real Estate Project Development at the Disaggregated Level Based on the S... 6.4.6 The Implication of the Findings on Competences for Securing Finance for Real Estate Project Development in the Developed... 6.5 Conclusion References Chapter 7: Management Career Path, Training, and Education for Securing Finance for Real Estate Project Development in Develop... 7.1 Introduction 7.2 Management Career Path for Securing Finance for Real Estate Project Development 7.2.1 Management Career Path for Securing Finance for Real Estate Project Development 7.2.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 7.2.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 7.2.2 Career Path for Securing Finance for Real Estate Project Development for Both the Developed and Emerging Economies at th... 7.2.3 The Implication of the Findings on the Career Path for Securing Finance for Real Estate Project Development in the Devel... 7.2.4 The Development of a Conceptual Framework for a Career Path for Securing Finance for Real Estate Project Development 7.3 Manager´s Education and Training for Securing Finance for Real Estate Project Development 7.3.1 Management´s Qualifications for Securing Finance for Real Estate Project Development 7.3.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 7.3.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 7.3.2 Management´s Approaches for Training and Education for Securing Finance for Real Estate Project Development 7.3.2.1 The Degree of Use of Approaches for Training and Education for Securing Finance for Real Estate Project Development 7.3.2.1.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 7.3.2.1.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level (Table 7.8) 7.3.2.2 The Degree of Perceived Importance of Approaches for Management Training and Education for Securing Finance for Real E... 7.3.2.2.1 Questionnaire Survey Discussion and Analysis at the Aggregate Level 7.3.2.2.2 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 7.3.2.3 Degree of Need for Training and Education Approaches for Securing Finance for Real Estate Project Development for the ... 7.3.2.3.1 Questionnaire Survey Discussion and Analysis at the Disaggregate Level 7.3.2.4 The Number of Courses Taken, the Degree of Satisfaction with the Amount and Quality of Training Received within the La... 7.3.3 The Relationship Between Management Level and the Degree of Use of Management Education & Training for Securing Finance ... 7.3.4 Management´s Training and Education for Securing Finance for Real Estate Project Development: Discussion and Analysis of... 7.3.5 The Implication of Findings on Education and Training for Securing Finance for Real Estate Project Development in the De... 7.3.6 Development of a Conceptual Framework for Training and Education for Securing Finance for Real Estate Project Development 7.3.6.1 The Conceptual Framework for Training and Education for Securing Finance for Real Estate Project Development 7.4 Conclusion References Chapter 8: Development of a Toolkit for Securing Finance for Real Estate Project Development 8.1 Introduction 8.2 Development of the Toolkit for Securing Finance for Real Estate Project Development/Key Components of the Toolkit for Secu... 8.2.1 Toolkit stage1: Inventory of Finance Options and Criteria for Securing Finance for Real Estate Project Development 8.2.2 Toolkit Stage 2: Conceptual Framework for Environmental Scan for Securing Finance for Real Estate Project Development 8.2.3 Toolkit Stage 3: Process Map for Securing Finance for Real Estate Project Development 8.2.4 Toolkit Stage 4: Inventory of Skills, Knowledge, and Competences for Securing Finance for Real Estate Project Development 8.2.4.1 Toolkit Stage 4.1: Inventory of Skills for Securing Finance for Real Estate Project Development 8.2.4.2 Toolkit Stage 4.2: Inventory of Knowledge for Securing Finance for Real Estate Project Development 8.2.4.3 Toolkit Stage 4.3: Inventory of Competences for Securing Finance for Real Estate Project Development 8.2.5 Toolkit Stage 5: Conceptual Framework for Career Path for Securing Finance for Real Estate Project Development 8.2.6 Toolkit Stage 6: Conceptual Framework for Training and Education for Securing Finance for Real Estate Project Development 8.3 Recommendations on the Usage of the Toolkit for Securing Finance for Real Estate Project Development in the Developed and ... 8.4 The Weakness of the Toolkit for Securing Finance for Real Estate Project Development in the Developed and Emerging Economi... 8.5 Conclusion References Appendix: Findings from the Questionnaire Survey at the Disaggregate Levels