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Open access

Jānis Viesturs, Iveta Puķīte, Jānis Vanags and Irakli Nikuradze

Abstract

There exists sharp competition amongst nations regarding the increasing foreign investments; therefore, nations are willing to offer foreign investors and their families some type of political bonus, such as temporary residence permit, permanent residence permit, or even citizenship. The simplest way to entice investors is to offer them and their family members temporary residence permits in exchange for investments - simply by purchasing real property (via the so-called “Golden Visa” program). Such a program was launched in Latvia in 2010; however, significant limitations were placed on it in 2014. This research (1) compares the “Golden Visa” programs in different countries in the world, (2) determines the impact of the program on the real property market of Latvia, and (3) searches for the main reason why limitations were applied to the temporary residence permit program in 2014, which resulted in a significant decrease in the international investments in Latvia (this part of the paper is based on the results of the following research: Viesturs, J., Auziņš, A., & Štaube, T. (2017). Arguments Used for Restricting International Real Property Transactions: Case Study of Latvia).

Open access

Levan Kalandadze

Abstract

The process of privatization in our country was characterized and unfortunately is still characterized by very important difficulties. The purpose of the research is to analyze the issues of real estate valuation in the process of privatization. In Georgia, the privatization process began after dissolution of the Soviet system. It should be noted that the process of privatization is of particular importance in terms of activation of investment activities in the country. In this regard, privatization can be considered one of the essential and most important incentives for attracting investments by the state. Currently, thousands of enterprises have already been privatized, but there are still quite many stateowned production facilities and property. Determination of the market value of the items of state-owned property is especially important when selling them at auctions or on competitive basis. In addition, one of the causes for incompetent privatization of the state-owned property at the early stage is disregard of the institute of appraisers of movable and immovable property, who did not participate in determining the market value of the property and in the privatization process. The information assessment, analysis, comparison and generalization, as well as systematic, quantitative, qualitative and logical generalization methods are used in the article.

Open access

Iveta Stāmure, Jānis Kaminskis and Kamil Kowalczyk

Abstract

In Latvia, the issues of the Real Estate Cadastre are arranged; however, it should be noted that part of the issues affecting the Baltic Sea, i.e., the issues of the Marine Cadastre, are not covered by the Real Estate Cadastre. The status of the Baltic coastline is an essential element of infrastructure for all countries around the Baltic Sea. This baseline serves as the key element or reference for the Marine Cadastre. In place-to-place, this line is the dynamic element as it is possible to monitor location with advanced and progressive technologies. The issues of the Marine Cadastre are on the agenda in many EU countries, and several internаtional projects are being reаlized. Land parcels from the sea are registered and maintained in the Cadastre Information System in Latvia. Starting from 2017, the State Land Service of Latvia has started to register coastal areas two kilometres in width from the Baltic Sea baseline. Cadastral information about the Marine Cadastre is being used for spatial planning and taxation.

Open access

Leonora Haliti Rudhani, Hysen Ismajli and Albulena Mustafa

Abstract

Responding to globalization of the international business environment the companies need to draw and present reliable and comparable audited financial statements, and consequently there is a vital need to implement international financial reporting standards. Foreign investments in Kosovo as a new developing country are growing. The purpose of this paper is to consider the role of audited financial statements in encouraging foreign investment in the private sector in Kosovo. To examine this issue, we have analysed three determinant factors in presenting financial statements to the foreign investors: auditor’s report, auditor reputation and relevance of auditor’s findings. The results of this study indicate that these variables have a positive effect on promotion of foreign investment. These results also revealed that audited financial statements are very important for Kosovo companies in order to ensure an equal worldwide treatment.

Open access

Jānis Vanags, Ineta Geipele, Auseklis Sarkans and Didzis Usenieks

Abstract

Housing market participants constantly face the housing heterogeneity - the technical and socio-economic differences of dwellings in a certain populated area. Housing heterogeneity often complicates the managerial decision making related to housing transactions, identification and objective evaluation of the quantitative and qualitative aspects of transactions. Housing heterogeneity is an objective phenomenon that implies housing uniqueness - housing distinguishing characteristics divided into specific and interconnected groups within the framework of the research. Most of these differences can be noticed by each market participant, but some of them can be identified only by experienced and professionally trained market participants. Theory and practice have demonstrated that the constituent groups of heterogeneity influence each other and take part in the formation of market value and transaction price of housing units. The increased housing construction intensity, the continuous modernisation of construction technologies and the diversification of building materials used in housing construction, as well as restriction of the building plot of land change the quantitative and qualitative aspects of heterogeneity dimensions. This poses considerable challenges to market participants in the managerial decision making process related to housing transactions. Research results demonstrate that the socio-economic elements of housing heterogeneity are constantly changing under the influence of the dominating factors of the external and internal environment. Therefore, nowadays, housing heterogeneity has become a major cause of information asymmetry, which means that heterogeneity is inherent in the formation of socio-economic market barriers in the housing market.

Open access

Giedrius Kaveckis

Abstract

The meaning of the term “green city” today is more related to sustainability rather than to vegetation or greenery. Therefore, the aim of this research is not to develop another complex green index, but simply to calculate and compare a share of greenery among functional urban areas of three Baltic capitals. Comparison was done using GIS tools and analysing Urban Atlas, CORINE and degree of soil sealing datasets. Although the results of Urban Atlas and CORINE datasets showed slight disagreement, it has been discovered that Tallinn has the highest share of greenery, Vilnius is in the middle and Riga is the last. Analysis of 1990, 2000, 2006 and 2012 CORINE datasets showed the highest relative decrease of greenery in Riga (2.53 %) over time, Tallinn was the second (1.44 %) and the smallest decrease (0.53 %) was in Vilnius. The analysis of degree of soil sealing demonstrated the highest relative share of pervious surfaces in Tallinn (95.5 %) and the smallest share in Vilnius (92.1 %), therefore this research nominates Tallinn as the greenest (literally) capital of the Baltic States.

Open access

Ana Letícia B. F. Lemos and Linda Kauškale

Abstract

In Recife, Brazil, population growth and development of buildings in the Central region generated an increase of almost 70% in the last 20 years due to the large number of companies that have been allocated in the city generating an increase in the local economy and the significant population increase, creating huge heat islands. Due to this, a new technology has been implemented in the real estate market: The green roofs, a technology of sustainable coverage that allows implantation of soil and vegetation in a waterproofed layer on the constructions. The benefits of this technology include the reduction of temperature by consumption of CO2, a good option for storing rainwater for nonpotable purposes and the possibility of growing organic vegetable gardens for own consumption or sale, generating a new form of income. The aim of the research is to evaluate the factors that interfere with the introduction of sustainable coverage technology of green roofs in the present siting of the city. In this article, the factors that interfere with the implementation of green roof technology in the present siting of the city will be evaluated, focusing on the analysis of internal and external influencing factor. Comparison, historical, statistical data analysis, induction, logical access methods and external and internal influencing factor analysis were used in the research besides the practical development of arguments and graphical representation of research results.

Open access

Linda Kauškale, Ineta Geipele, Jānis Vanags and Natalija Lepkova

Abstract

The importance of environmental aspects in construction is growing during the time. The aim of the research is to analyze environmental aspects of construction industry development and related regulations in Latvia, including the last green building certification development tendencies. The analysis, historical, document review and logical access methods have been used in the research. The article also includes overview of the international experience. The results of research show growing importance of environmental aspects in construction process and the necessity for market participants and industry development to consider them.

Open access

Arbana Sahiti, Arben Sahiti and Muhamet Aliu

Abstract

Today risk management plays a vital role in business. Each firm, whether big or small, makes an effort to manage risk more effectively. Risk management is very important in the financial system, especially in banks. Billions of Euros are spent each year on the financial reporting of banks. Banks should implement effective solutions in risk management to mitigate their risks. Great financial debate that originated in the 1990s is reportedly linked to errors that occurred in the banking sector due to poor risk management. It should be noted that today technology plays a key role in risk management and it has already had a positive effect on the financial industry. Analysis of risk and its management has become significant in the Kosovo economy since the post-war period. The nature of the banking business is threatened by risks because more financial products are becoming complicated. The main role of banks is intermediation between those who have resources and those seeking them. Banks face various risks at the corporate level, such as operational, liquidity, legal, credit, and market risks; thus, these risks should be converted into a composite measure. This research aims to determine practices and effects of risk management in the banking sector. Relevant data were collected from banks through questionnaires and telephone interviews; analysis has been conducted using statistical tools. This study will engage both the quantitative and qualitative methods of data analysis. Dependent variables will be separated from independent variables, and regression analysis will be used to analyse the quantitative data.

Open access

Ņikita Kočanovs, Raja Kočanova and Olesja Bogodistaja

Abstract

The publication presents the results of the analysis of the issues related to lighting quality parameters and characteristics, its impact on human productivity, activities, safety, well-being, comfort, perception, behaviour and health in different visual environments (office, home, educational, industrial working place, urban environments). Studies show that lighting, its planning and qualitative settings, is a significant indoor environmental quality, energy efficiency and sustainability parameter, and plays an important role in the urban environment.