Property Cycle Research Paper Example | Topics and Well Written Essays - 7500 words

Property Cycle - Research Paper ExampleRecent studies have shown that fluctuations in property cycle produces economical adversity to certain areas such as property, finance, socio-economic performance and have profound international impacts (Cedic Pugh and Alireza, 2001). The recent economic and financial crisis developed in ASEAN countries on the heat up property investments is suspected to be the main cause for this.Though valuation theorists traditionally ignored cycles arising from the predictability of this area of study in their valuation frameworks and models, similar to that of some(prenominal) social sciences (Born and Pyhrr, 1994 Pyhrr, Born, Robinson and Lusac, 1996), many studies support the relevancy of these cycles, for instance Institution of Charted Quantity Surveyor of United kingdom prepared a printed document for its members specifically addressing the practical intimation of Britains property cycles.Stepen A. Pyhrr, Stephen E. Roulac and Waldo L. Born (1999) tracing back to the happenings of early 1930s, provided a fairy exhaustive review and laid a good foundation for the body of companionship of development of property cycles. Figure 2 represents a briefed summary of their work.Nikolai Kondratiett in 1928 noticed severe economic depressions in Russian economy that occurred regularly at 45 to 60 year span. These depressions followed by another long surge of business activities resulted in new peaks of economic outputs and prosperities (Stoken, 1993, cited in Stephen et al 1999). Depressions of this nature a lot referred to as recessions seemed to occur during 25 to 35 year up cycle period. Similarly in the west, Mitchell (1927, cited in Stephen et al 1999) suggested theoretical foundation and provided an empirical turn out for cyclical economic activities in U.S... Further works of many writers such as Schumpeter, Forrester and Rostow added more potency to this idea. Other highly noticeable studies on cycles came from Roy Wenzlick w ho examine the long cycles of