Sustainable development of real estate: decision support model and recommendations for the period of crisis
Abstract
The aim of this paper is to propose a decision support model for real estate development and recommendations that could help Lithuania during economic crises. Research, theoretical and practical tasks of sustainable real estate development process were revised, particular examples presented. Different models and methods for analysis of real estate development discussed. Decision support model, encompassing extensive analysis of the global trends, best crisis management practices, assessment of the factual situation and provision of recommendations for different stakeholders under conditions of market instability presented. According to proposed model, the research was performed by studying the expertise of advanced industrial economies and by adapting such to Lithuania while taking into consideration its specific history, development level, needs and traditions. Basing on these findings, accumulated know-how, the results of previous scientific studies and practical insights of the other authors, specific recommendations to avoid crisis and minimize its consequences in macro-, meso- and micro- levels were provided. Recommendations illustrate holistic point of view and assumption that real estate development consists of creativity, research and art.
Keyword : sustainable development, real estate, development process, decision support model, crisis, recommendations
How to Cite
Trinkūnas, V., Tupėnaitė, L., Raslanas, S., Siniak, N., Kaklauskas, A., Gudauskas, R., Naimavičienė, J., Binkytė, A., Prialgauskas, D., & Tunčikienė, Živilė. (2018). Sustainable development of real estate: decision support model and recommendations for the period of crisis. International Journal of Strategic Property Management, 22(4), 252-264. https://doi.org/10.3846/ijspm.2018.3680
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Geipele, I., & Kauškale, L. (2013). The influence of real estate market cycle on the development in Latvia. Procedia Engineering, 57, 327-333. https://doi.org/10.1016/j.proeng.2013.04.044
Geng, B., Bao, H., & Liang, Y. (2015). A study of the effect of a high-speed rail station on spatial variations in housing price based on the hedonic model. Habitat International, 49, 333-339. https://doi.org/10.1016/j.habitatint.2015.06.005
Gibberd, J. (2005, September). Assessing sustainable buildings in developing countries – the sustainable building assessment tool (SBAT) and the sustainable building lifecycle (SBL). Proceedings of the 2005 World Sustainable Building Conference (pp. 1605-1612). Tokyo, Japan.
Heacock, E., & Hollander, J. (2011). A grounded theory approach to development suitability analysis. Landscape and Urban Planning, 100(1-2), 109-116. https://doi.org/10.1016/j.landurbplan.2010.12.001
Huang, J., Shen, G. Q., & Zheng, H. W. (2015). Is insufficient land supply the root cause of housing shortage? Empirical evidence from Hong Kong. Habitat International, 49, 538-546. https://doi.org/10.1016/j.habitatint.2015.07.006
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Kaklauskas, A. (2016). Analysis of the life cycle of the built environment (Monograph). USA: Nova Publishers.
Kaklauskas, A., Zavadskas, E. K., Bardauskienė, A., & Dargis, R. (Eds). (2015). Sustainable development of real estate (Monograph). Vilnius: Technika. https://doi.org/10.3846/2336-M
Kaklauskas, A., Kelpšienė, L., Zavadskas, E. K., Bardauskienė, D., Kaklauskas, G., Urbonas, M., & Sorakas, V. (2011). Crisis management in construction and real estate: conceptual modeling at the micro-, meso- and macro-levels. Land Use Policy, 28, 280-293. https://doi.org/10.1016/j.landusepol.2010.06.008
Katkus, V. (2010). Dėl nedarbo kaltos vyriausybės. Retrieved from http://www.veidas.lt/del-nedarbo-kaltos-vyriausybes (in Lithuanian).
Kettani, O., & Oral, M. (2015). Designing and implementing a real estate appraisal system: the case of Québec Province, Canada. Socio-Economic Planning Sciences, 49, 1-9. https://doi.org/10.1016/j.seps.2014.12.003
Kibert, C. (2005). Sustainable construction: green building design and delivery (pp. 448). New York: John Wiley & Sons.
Kohlhepp, D. B. (2012). The real estate development matrix. The American Real Estate Society Meetings, St. Petersburg, Florida.
Kuodis, R. 2008. Burbulai: kodėl jie pučiasi ir ką su jais daryti. Retrieved from: https://www.delfi.lt/news/ringas/lit/rkuodis-burbulai-kodel-jie-puciasi-ir-ka-su-jais-daryti.d?id=19769061 (in Lithuanian).
Libovich, A. (2005, September). Assessing green building for sustainable cities. Proceedings of the 2005 World Sustainable Building Conference (pp. 1968-1971). Tokyo, Japan.
Longstaff, S. (2008). The ethics of the global financial crisis. Retrieved from http://www.ethics.org.au/aboutethics/ethics-centrearticles/ethics-subjects/banking-andfinance/article-0511.html
Loosemore, M. (2000). Crisis management in construction projects. New York, NY: American Society of Civil Engineering Press. https://doi.org/10.1061/9780784404911
Medalen, T. (2004). Introduksjon til eiendomsutvikling. Forelesningsnotat 15.08.2004. Inst. For byforming og planlegging, NTNU.
Meschede, T., & Chaganti, S. (2015). Home for now: a mixed-methods evaluation of a short-term housing support program for homeless families. Evaluation and Program Planning, 52, 85-95. https://doi.org/10.1016/j.evalprogplan.2015.03.009
Miles, M. E. (2007). Real estate development: principles and process (4th ed.) (pp. 576). Washington D.C.: Urban Land Institute.
Minetti, R., & Peng, T. (2013). Lending constraints, real estate prices and business cycles in emerging economies. Journal of Economic Dynamics and Control, 37(12), 2397-2416. https://doi.org/10.1016/j.jedc.2013.07.007
Mittal, J., & Kashyap, A. (2015). Real estate market led land development strategies for regional economic corridors – a tale of two mega projects. Habitat International, 47, 205-217. https://doi.org/10.1016/j.habitatint.2015.01.026
Montuori, L. A. (2000). Organizational longevity – integrating systems thinking, learning and conceptual complexity. Journal of Organizational Change Management, 13(1), 61-73. https://doi.org/10.1108/09534810010310249
Nerur, S., & Balijepally, V. (2007). Theoretical reflections on agile development methodologies. Communications of the ACM, 50(3), 79-83. https://doi.org/10.1145/1226736.1226739
Ng, E. C. Y. (2015). Housing market dynamics in China: findings from an estimated DSGE mode. Journal of Housing Economics, 29, 26-40. https://doi.org/10.1016/j.jhe.2015.05.003
Ngowtanasuwan, G. (2013). Mathematical model for optimization of construction contracting in housing development project. Procedia Social and Behavioral Sciences, 105(3), 94-105. https://doi.org/10.1016/j.sbspro.2013.11.011
Olsson, N. O. E., Sørensen, A. Ø., & Leikvam, G. (2015). On the need for iterative real estate project models – applying agile methods in real estate developments. Procedia Economics and Finance, 21, 524-531. https://doi.org/10.1016/S2212-5671(15)00208-7
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