[雙語(yǔ)翻譯]房地產(chǎn)外文翻譯--關(guān)于國(guó)際房地產(chǎn)市場(chǎng)的一些考慮——當(dāng)前和未來的預(yù)測(cè)（英文）

1、 Procedia Economics and Finance 32 ( 2015 ) 1442 – 1452 2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licen

2、ses/by-nc-nd/4.0/). Selection and peer-review under responsibility of Asociatia Grupul Roman de Cercetari in Finante Corporatiste doi: 10.1016/S2212-5671(15)01520-8 ScienceDirectAvailable online at www.sciencedirect.com

3、Emerging Markets Queries in Finance and Business Some considerations regarding the international real estate market – present and future predictions Ion Anghela,*, Anca Maria Hristeaa aThe Bucharest University of Econ

4、omic Studies, 6 Piata Romana,1st, 010374, Romania Abstract The purpose of this paper is to analyze the situation of the real estate market worldwide, to identify the main characteristics that influence the decision to i

5、nvest, to find the correlation between the real estate market and the financial one and to present the most recent estimations regarding the future evolution of the international real estate market. The financial crisis

6、 that began in the second half of the last decade created imbalances in all the fields of the economic and social life and provoked very interesting mutations. The international real estate marked was confronted with i

7、mportant changes of rhythm, as dimensions and structures, as well as intervention levers. Some effects of the generalized economic crisis such as: the growth of the unemployment rate, the reduction of the purchasing po

8、wer or the intensification of the migration process of the active population have deepen the gaps between the rhythms of the dynamics of the real estate investments at a national level and they led to the most unexpect

9、ed decisions. In the last several years, the imbalances between the financial market and the monetary market generated instabilities at a world scale and speculative policies, that in some countries accentuated the unc

10、ertainties and they delayed the start towards economic revival, and in other countries they constituted strong points in redefining future strategies for development. From a geographical point of view, the new map of t

11、he real estate markets will offer a completely different from the one that existed until 2007. A new generation of “Asian tigers” looks to dominate the real estate market and countries like Qatar, Chile or India will de

12、fine themselves as area of maximum interest for the real estate investors. © 2015 Published by Elsevier Ltd. Selection and peer review under responsibility of Emerging Markets Queries in Finance and Business loca

13、l organization. Keywords: real estate market, investment property, price, transaction, value. * Corresponding author. Tel.: +40-213-191-900. E-mail address: ion.anghel@cig.ase.ro. © 2015 The Authors. Published by E

14、lsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Selection and peer-review under responsibility of Asociatia Grupul Roman de Cercetari in Fin

15、ante Corporatiste1444 Ion Anghel and Anca Maria Hristea / Procedia Economics and Finance 32 ( 2015 ) 1442 – 1452 global approach of development on sustainable criteria (Nappi-Choulet I., 2009). The spatial const

16、raint, the overcrowding noticed in the last few years in certain areas of the Globe, led to the changing of the vision on regional real estate investments as well as on the conceptual areas of approaching businesses. T

17、he main implications refer to the choosing of the building materials, the building process and the extension of the buildings’ endurance (Toller et al., 2013). Another characteristic of the real estate market in the l

18、ast few years is represented by the investments in international properties, among the reasons is being mentioned the better flow than in the case of the assets from the internal markets. 2. Fundamental characteristi

19、cs of the real estate market No matter the geographical coordinates and its type (residential, commercial, industrial, and agricultural or with special character), the real estate market differentiates itself from all t

20、he other categories of markets of products or services due to its complexity and its peculiarities (Anghel I, 2013): ? It is a material market in which each product is unique and placed on a fixed location. ? It addre

21、sses a narrow segment of customers, because the sales and purchases’ number within the limits of a time and spatial frame is limited. ? The real estate market is very sensitive to the fluctuations of the economic-socia

22、l phenomena (the unemployment evolution, the rising of the salaries, financial stability, demographic dimension etc) because the value of the real estate properties is big and it needs a high purchase power. ? The sel

23、ling-purchase decisions depend in a great measure of the financing modalities that are chosen, by the value of the credit that can be obtained, by the lending conditions (the value of the advance money, the interests’

24、rate, the duration of reimbursement, the required warranties etc). ? Between the supply and demand it tends to be a permanent imbalance because the big duration of execution of the real estate products and the obtaini

25、ng of the financing does not offer warranties and certitudes on the moment of the transaction. ? Unlike other markets, the real estate one does not self regularize, but it is strongly regularized through the state’s a

26、nd local authorities’ intervention. ? Through its nature the degree of information of the buyers and sellers regarding the offer price or past transactions with similar properties is reduced because the data are not av

27、ailable immediately. ? The real estate market does not include standardized products, and this is the reason why the behavior of the customers cannot be anticipated. ? In the real estate field the volatility of the de

28、mand is big, because there can be important changes in the structure and the size of the population. ? The real estate market presents a small degree of liquidity. The real estate properties are durable products, that

29、 can be transacted at big time intervals, because they have high values and the financing cannot be obtained immediately (Hristea, 2013). A fundamental characteristic of the real estate market is the major impact that

30、the psychologic factor has on the rapid and brutal movement of prices. In one of his interviews Robert Shiller, a Yale University professor, said that in the real estate the perception of the real estate properties as

31、an investment determines cycles with a speculative character (Shiller, 2012). The real estate market is dominated by irrational exuberance and in consequence it is a very risky sector. From this point of view the real

32、estate market from Romania can be compared with the development of a wild animal: you don’t know what it is going to do from one minute to another (Gheorghiu, 2013). The permanent analysis of the market is the base for

33、 the determination of the best utilization of a property. An existing construction or a construction that is made for a certain utilization can be accepted, depending on the criteria of the financial feasibility and of