Wealth Transfer in forward Property Markets

• Authors: Barbara Y. P. Leung

Title variants

LT

Turto perskirstymas išankstinių nekilnojamojo turto sandorių rinkose

Abstracts

EN

The principal-agent problem arising from asymmetric information in presales of uncompleted properties in forward property markets has been well-recognized. Since buyers are not able to inspect the uncompleted properties when they make the purchases, developers may hide information about the negative aspects of the properties or over-state the quality in order to generate an extra profit in the presales on top of the equilibrium value as if the properties were sold in the spot market. In this regard, the study adapted a forward-spot property repeat sales pricing model to explore the pricing of presale properties compared to that of spot properties in which the principal-agent problem does not exist. The findings suggest that developers were able to impose a wealth transfer from the buyers in pricing presale properties taking the advantage of asymmetric information embedded in forward property markets.

LT

Nekilnojamojo turto (NT) agento problema, kurią sukelia neproporcinga informacija iš anksto parduodant nebaigtą statyti nekilnojamąjį turtą išankstinių NT sandorių rinkose (angl.forward property markets), yra gerai žinoma. Kadangi pirkėjai negali apžiūrėti nebaigto statyti nekilnojamojo turto, vystytojai gali nuslėpti informaciją apie neigiamus nekilnojamojo turto dalykus arba perdėti kokybę, tuo siekdami pasipelnyti iš išankstinio pardavimo papildomai prie likutinės vertės, lyg nekilnojamasis turtas būtų parduodamas neatidėliotinų atsiskaitymų rinkoje (angl.spot market). Šiuo atžvilgiu tyrime taikytas išankstiniais sandoriais ir neatidėliotinais atsiskaitymais pagrįsto kartotinio NT pardavimo kainodaros modelis, siekiant iš anksto parduodamo NT kainodarą išnagrinėti lyginant su neatidėliotinų atsiskaitymų rinkoje parduodamu NT, kai agento problemos nėra. Išvados rodo, kad vystytojai turėjo galimybę pirkėjams primesti turto perskirstymą paimdami iš jų daugiau, kai iš anksto parduodamą nekilnojamąjį turtą įkainodavo naudodamiesi neproporcinga informacija, būdinga išankstinių NT sandorių rinkoms.

Keywords

EN

Forward property market; Presale properties; Asymmetric information; Wealth transfer; Repeat sales method

• Publisher: Sciendo
• Journal: International Journal of Strategic Property Management
• Year: 2010
• Volume: 14
• Issue: 3
• Pages: 258-270

Contributors

author

Barbara Y. P. Leung

• Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong, China

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Identifiers

DOI

10.3846/ijspm.2010.19