@article{ART001044835},
author={Thomas B. Harker},
title={Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2005},
volume={15},
number={2},
pages={195-209}
TY - JOUR
AU - Thomas B. Harker
TI - Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards
JO - Korea Real Estate Review
PY - 2005
VL - 15
IS - 2
PB - korea real estate research institute
SP - 195
EP - 209
SN - 2092-5395
AB - Over the last couple of decades, global real estate markets, North America, Europe, Australia and New Zealand, have transformed real estate from a speculative to a knowledge based market. To a large extent, this has been accomplished through the creation of price indices and establishment of minimum industry standards. The principal benefit of this transformation has been greater access to capital markets for real estate development projects resulting in access to a larger pool of capital, greater liquidity, and lower borrowing cost. Also, this transformation has allowed real estate to provide institutional investors with new capital market products that differ from their traditional investments, stocks and bonds, in both risk and return characteristics. Despite this rapid evolution in global real estate, Korea lags behind in developing a knowledge based real estate industry; it has been slow to develop transactional data and uniform industry standards. Not only has this put Korea at a disadvantage in attracting international capital for real estate projects but has held back a more rapid development of its own capital markets. While it has many obstacles to creating price indices and standards, Korea has an opportunity not only to replicate current international practices but to exceed them; a desirable strategy since global practices are constantly changing and evolving. This paper concludes that in Korea, which does not have a large pension funds or real estate investment associations, effective price indices can only be achieved through a cooperative effort of government, private industry and academia, with each performing a function best suited to its capabilities.
KW - real estate;real estate price indices;real estate industry standards;real estate investment standards;global real estate markets;a knowledge based real estate industry
DO -
UR -
ER -
Thomas B. Harker. (2005). Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards. Korea Real Estate Review, 15(2), 195-209.
Thomas B. Harker. 2005, "Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards", Korea Real Estate Review, vol.15, no.2 pp.195-209.
Thomas B. Harker "Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards" Korea Real Estate Review 15.2 pp.195-209 (2005) : 195.
Thomas B. Harker. Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards. 2005; 15(2), 195-209.
Thomas B. Harker. "Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards" Korea Real Estate Review 15, no.2 (2005) : 195-209.
Thomas B. Harker. Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards. Korea Real Estate Review, 15(2), 195-209.
Thomas B. Harker. Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards. Korea Real Estate Review. 2005; 15(2) 195-209.
Thomas B. Harker. Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards. 2005; 15(2), 195-209.
Thomas B. Harker. "Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards" Korea Real Estate Review 15, no.2 (2005) : 195-209.
