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        <title>Real Estate Management and Valuation Feed</title>
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            <title><![CDATA[The Impact of Disaggregated Physical Climate Risk on the Volatility of Property Indices: Evidence from South Africa]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0034</link>
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            <pubDate>Tue, 13 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[Climate change increasingly affects real estate markets because property assets are location-specific and directly exposed to environmental conditions. This study examines whether physical climate risks influence volatility in South African listed property markets. Using a GARCH–MIDAS framework, daily returns from five property indices are linked to monthly indicators of drought, extreme precipitation, and temperature extremes derived from the Actuarial Society of South Africa Climate Index. Results show that physical climate conditions contribute to persistent market volatility. Short-run volatility persistence is strong across all indices. Drought consistently increases long-run volatility, particularly in segmented indices, while broader indices show weaker effects. Temperature extremes exert the greatest influence, with minimum temperatures affecting most indices. Precipitation effects vary with flood exposure and infrastructure resilience, reducing volatility where rainfall alleviates drought stress and increasing it where flood risk dominates. These findings highlight the importance of incorporating physical climate risks into portfolio risk assessment, volatility forecasting, and long-term investment decisions in climate-exposed real estate markets.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Housing Gap Estimation in Poland’s Heterogeneous Housing Market]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0038</link>
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            <pubDate>Thu, 08 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[National aggregate measures of housing shortages often obscure local disequilibrium, bundling heterogeneous markets and masking the coexistence of severe deficits and excess stock. Furthermore, the housing gap is affected by demographic and cultural changes, which need to be factored into any projection of it. To address these limitations, this article proposes a novel, empirically grounded framework for calculating and projecting the housing gap at the regional level. The model accounts for local demographic projections, immigration trends, and the adaptive responses of real estate developers. We apply this framework to Poland. Our analysis reveals that, as household growth reverses, market adjustment transitions from a return to equilibrium through new supply toward a rapid accumulation of uninhabited dwellings. Consequently, the resolution of the aggregate national housing gap is likely to coincide with widening spatial divergence between local markets. Rather than producing a deterministic forecast, this framework serves as a robust tool for structured conditional forecasting. By identifying where shortages are likely to persist and where oversaturation may emerge, it offers a comprehensive analytical foundation for examining market adjustment, development pressures, vacancy formation, and future house price developments.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Measuring Rental Feasibility: A Multidimensional Alternative to HRAI]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0036</link>
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            <pubDate>Tue, 06 Oct 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The aim of this study is to present and empirically validate the Rental Feasibility Index (RFI), a multidimensional measure of the real capacity to rent a dwelling from the perspective of households. The index integrates four components: affordability, availability of rental offers, upfront costs, and financial stability. The study also provides a critical extension of the commonly used Housing Rental Affordability Index (HRAI), highlighting the need to incorporate additional dimensions of rental feasibility. The analysis uses monthly data for the Polish rental market from 2021 to 2026, enabling an assessment of the dynamics of the RFI, its components, and their interrelationships. The results show that the RFI effectively captures both short‑term shocks and long‑term trends. In 2022, the index recorded a sharp decline, driven mainly by a collapse in rental offer availability and a deterioration in household financial stability. In the following years, all components gradually recovered, with affordability and upfront costs exerting the strongest influence on the RFI. A comparison with the traditional HRAI revealed a moderate relationship, confirming that the two indicators capture different aspects of rental market conditions. Despite certain limitations, the RFI offers a useful tool for analysing the rental market and supporting housing policy.]]></description>
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        <item>
            <title><![CDATA[Greener Homes, Reluctant Buyers? Psychological and Policy Determinants of Green Housing Intention Among Generation Z in an Emerging Economy]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0035</link>
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            <pubDate>Tue, 01 Sep 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study aims to examine the psychological and policy determinants of green housing purchase intention among Generation Z in Indonesia. Using a quantitative, explanatory design, data were collected through a cross-sectional online survey of 247 respondents and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM) to test direct and moderating relationships. The technical analysis assessed reliability, validity, path coefficients, and interaction effects. Findings reveal that environmental knowledge, personal values, and social norms significantly shape environmental concern, with personal values emerging as the strongest predictor. Environmental concern, in turn, positively influences intention to purchase green housing, although the effect is moderate, indicating an attitude–behavior gap. Contrary to expectations, perceived benefits and Perceived Government Policy Support do not significantly moderate this relationship, suggesting limited consumer trust, information gaps, and weak policy signaling. The study offers novelty by positioning environmental concern as a contingent rather than deterministic driver and by integrating psychological antecedents with contextual moderators in a generational perspective. However, limitations include purposive sampling, cross-sectional design, and restricted generalizability. Future research should employ longitudinal designs, broader samples, and deeper investigation of financial, institutional, and communication factors to better explain the translation of environmental concern into actual green housing adoption more effectively.]]></description>
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        <item>
            <title><![CDATA[Exchange Rate Volatility and House Prices in the Eastern European Countries]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0032</link>
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            <pubDate>Wed, 26 Aug 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[We analyzed the causal relationship between exchange rate volatility and house prices in 11 Eastern European countries. Exchange rate volatility was modelled using a GARCH framework, while the determinants of house prices were estimated with the GMM method. Based on quarterly data covering the period from 2004 to 2024, we established that exchange rate volatility effects on house prices are quite heterogeneous, with a statistically significant positive effect in 7 countries and a negative effect in 4 countries. However, there is a predominantly dampening effect of exchange rate depreciation on house prices, except Slovenia and Latvia. Among other findings, house prices exhibit inertia, which could be interpreted as the presence of speculative motives among market participants. An inverse relationship between interest rate and house prices is a distinct feature of countries with a floating exchange rate regime. Higher output abroad exerts an upward pressure on house prices in 5 countries, with the opposite effect in 3 countries. The real exchange rate misalignment is significant for house prices in eight countries. Joining the eurozone is likely to increase house prices. Main findings remain robust under different specifications of explanatory variables and the exchange rate volatility determinant.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Arbitrage as a Main Driver of House Flipping Profitability in Poland: An Exploratory Analysis]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0033</link>
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            <pubDate>Wed, 26 Aug 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[House flipping has been increasingly popular in Poland since the mid-2010s yet it’s economic nature remains unexplored. This study investigates the problem of the primary source of profits of flippers – value creation generated by improvements (e.g. renovations) versus arbitrage. The exploratory analysis utilizes data from the Real Estate Price Registers (Rejestr Cen Nieruchomości), covering over 1.1 million transactions in 14 Polish cities between 2005 and 2023, in which over 61 thousand flipping transaction were identified and further analyzed. The methodology employs exploratory data analysis and value chain analysis to investigate the sources of profits of house flipping. The research suggests that flippers’ profits stem primarily from arbitrage rather than from real investments in improvements. The average profitability of flipping transactions involving only unimproved properties stood at 28-30%, while for improved properties it reached around 40%. The study also shows that up to 50% of flipping transactions were probably conducted without substantial improvements.This paper is a pioneering effort to explore the components of flipping profits as well as to find the main driver of flipping profitability. Ultimately, this research contributes to an ongoing debate that has, until now, lacked transaction-level data analysis, providing valuable exploratory insights.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Municipal Approaches to Immovable Property Taxation in the Czech Republic]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0031</link>
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            <pubDate>Tue, 28 Jul 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[In the Czech Republic, as in most EU countries, property tax constitutes a traditional and stable source of municipal revenue. The administration and collection of immovable property tax in the Czech Republic is the responsibility of the tax authorities, while municipalities can influence the amount of revenue generated mainly through coefficients established by generally binding decrees. The primary aim of this research is to investigate how municipalities increase immovable property tax revenues through the use of coefficients, including correction, municipal, and local coefficients. This research is based on primary data gathered in 2024 and 2025 via a questionnaire survey conducted through personal interviews, emails, and phone calls. Recent legislative changes have extended the competence of municipalities to implement local coefficients. The findings of the study show that, although most municipalities across various size categories consider these options sufficient, the complexities of the legislative framework may pose challenges to the effective application of the local coefficient. Some municipalities offer financial benefits to residents in connection with the introduction of the local coefficient, often in the form of reductions or complete waivers of abolished municipal waste fees.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[HRM Models in Public and Private Social Housing Management Organizations: A Comparative Study of Polish Municipalities]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0030</link>
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            <pubDate>Tue, 28 Jul 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The study aimed to conduct a comparative analysis of human resource management (HRM) models in public and private housing organizations (HOs) managing municipal housing in Poland and to identify differences between these models based on selected HRM characteristics. Empirical research was conducted using a multi-stage survey approach supported by statistical tests. The analysis was based on sub-samples of public and private HOs representing the population of urban municipalities in Poland. The results suggest that in some aspects of people management (e.g., recruiting employees, long-term employment, selection procedures), there was convergence between HRM models in public and private HOs, while in other aspects (e.g., performance assessment, hiring and remuneration rules, employee participation, motivation and evaluation, training and development, interpersonal relations), these models differed significantly, often showing opposite relations. The findings confirmed that public HOs adopted a "soft" HRM model focused on improving employee well-being, while private HOs used a "hard" model aimed at improving organizational performance. This article is the second study dedicated to HRM in the social housing management sector in Poland. The findings may also be of interest in other countries where social housing management is undergoing market transformations.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Long-Term Forecast of Residential Property Prices in Major Polish Cities]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0027</link>
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            <pubDate>Wed, 08 Jul 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[There is limited information on how residential property prices will evolve in the long term in Poland. Knowledge of this subject is crucial not only for policymakers but also for private individuals. Accordingly, this study aims to forecast long-term real residential property prices in 17 Polish provincial capitals. Using data on real housing prices in the primary and secondary markets from 2006 to 2025, four forecasting approaches were tested: ARIMA (autoregressive integrated moving average), ARIMAX (autoregressive integrated moving average with exogenous inputs), UCM (unobserved components model) and LSTM (long short-term memory). The forecast of residential property prices through the end of 2035 showed that price increases will be observed across all cities, though they will be highly heterogeneous. Significant growth is expected in large metropolitan areas, while in smaller provincial cities prices will rise only slightly due to a projected population decline. But if the demographic outlook turns negative, prices will fall across almost all the markets analysed.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Corporate Accrual Quality and Cost of Debt: Evidence from Vietnamese Listed Firms in the Construction and Real Estate Industry]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0029</link>
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            <pubDate>Wed, 08 Jul 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study investigates the impact of corporate accrual quality (CAQ) on the cost of debt within the highly leveraged construction and real estate sectors of Vietnam. Employing the modified Dechow and Dichev (2002) model to assess CAQ, the analysis utilizes Fixed Effects and System GMM estimators on a comprehensive panel dataset of 252 listed companies (1,630 annual observations) across the HOSE, HNX, and UPCoM exchanges, covering an effective regression timeframe from 2017 to 2023. The empirical findings reveal a strong negative correlation between CAQ and the cost of debt, confirming that creditors penalize low accrual quality by demanding greater risk premiums. Importantly, this study identifies a pronounced regulatory heterogeneity effect: enterprises listed on the strictly regulated HOSE benefit significantly from superior CAQ through reduced borrowing costs, whereas this cost reduction effect completely dissipates in the less transparent environments of the HNX and UPCoM. Consequently, the research provides critical implications for regulators enhancing financial stability, lenders refining credit risk assessments, and corporate managers strategically seeking to minimize the cost of capital.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Assessing the Similarity of Local Real Estate Markets – The Use of Taxonomic Methods (Czekanowski Diagram)]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0028</link>
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            <pubDate>Tue, 30 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[In the case of small or underdeveloped local real estate markets, the number of transactions is often insufficient to support the real estate valuation process. Therefore, it is necessary to expand the scope of market analysis. Since the level of socio-economic development influences the structure of the real estate market, it is assumed that this can serve as a basis for identifying similar real estate markets. In this article, similar real estate markets were grouped using a numerical taxonomy method, namely the Czekanowski diagram. The diagnostic features were quantitative in nature and represented categories such as housing and municipal services, population, housing construction, the real estate market, spatial planning, public finance, the labor market, and real estate prices. As a result of the analyses, 26 small towns located in northeastern Poland were classified into typological groups that are more homogeneous in terms of their diagnostic features and thus provide a comparable framework for the functioning of local real estate markets.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Age-Friendly Housing Models and Frameworks: A Systematic Review]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0014</link>
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            <pubDate>Sat, 13 Jun 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[With the increase in the average age of the population worldwide, the demand for suitable housing solutions has also increased considerably. This systematic review focuses on the five most developed frameworks for age friendly housing which have been developed over the last two decades, how they have been shaped and how they are used in the context of property reuse and social housing development. Drawing on the WHO Age-Friendly Cities model, the Age-Friendly Ecosystem, the Smart Age-Friendly Ecosystem (SAfE), the Ageing Well Urban Planning Model, and the Concept of Age-Friendly Smart Ecologies (CASE), this study observes a shift from monocentric strategies to polycentric and ecosystem centrism models. The results demonstrate how, in the process of extending these frameworks, issues of technology, sustainability and community engagement remain at the core of creating age friendly places, along with the focus on environmental complexities. Meanwhile, this review analyzes the advantages and shortcomings of the frameworks and guidelines applicable to researchers, policymakers and practitioners dealing with urban planning and gerontology. The analysis addresses the question of how older adults can be accommodated through property reuse and social housing in a way that is sustainable and inclusive.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Evaluating Online Real Estate Education Quality During and After COVID-19]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0019</link>
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            <pubDate>Sun, 10 May 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This paper investigates how students enrolled in real estate programs at the Krakow University of Economics (KUE) responded to various models of online and hybrid learning implemented during and after the COVID-19 pandemic. Drawing on five rounds of survey-based research conducted between 2020 and 2023, the study traces the evolution of student attitudes over time, particularly as instructional methods and faculty preparedness developed. While the research focuses on a single Polish institution, many of the observed trends align with patterns documented in other countries. The findings yield several actionable recommendations for enhancing online instruction in real estate education, including the use of synchronous formats where feasible, the integration of diverse pedagogical strategies, and the promotion of student well-being through meaningful interaction. Simultaneously, the study underscores the limitations of poorly coordinated hybrid models. In light of recent warnings from the Global Preparedness Monitoring Board (GPMB, 2024) regarding the high probability of future global health crises, the experiences discussed here may inform the development of more flexible and resilient teaching approaches within real estate education under conditions of uncertainty.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Regional Office Space Supply and Economic Growth in Poland]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0022</link>
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            <pubDate>Tue, 05 May 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The office space supply is an important factor for highly skilled jobs, which generate a large added value and boost regional economic growth. Earlier studies for Poland have shown that office construction is concentrated around the capital city, while there is much less of new supply in the remaining regions. To understand office supply we need to compare it to regional GDP growth. However, at a regional level, new office supply comes in bulks, and this makes an econometric analysis infeasible. Therefore, the growth of the office stock should be studied, which is a smoother variable and can be linked to GDP growth. However, no official estimate exists. This article proposes a method to calculate the regional office stock in Poland with the help of various data from Statistics Poland. In the second step, the growth of this calculated office stock is put into a relationship with GDP growth. We find a nonlinear relationship between these variables, which differs across the regions. This finding calls for further investigations.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[The Dynamics of Visitation Patterns and Consumer Purchase Interest in Shopping Centers]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0026</link>
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            <pubDate>Tue, 05 May 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The post-pandemic recovery of urban shopping centers has been markedly uneven, leaving many struggling to regain pre-crisis occupancy levels. This study addresses this pressing issue by investigating which commercial attraction factors most effectively drive visitation and purchase intention in Indonesia’s challenging recovery context. Beyond the traditional variables of convenience, tenant variety, internal environment, leisure mix, and promotion, this research introduces and validates staff professionalism as a critical, novel factor in the post-pandemic retail landscape. Data were collected via a structured questionnaire distributed to active visitors to shopping centers through purposive sampling. The data were analyzed using SEM to test the proposed relationships. The findings reveal that tenant variety and staff professionalism are the primary drivers significantly increasing visit frequency, which in turn strongly boosts purchase intention. Interestingly, while promotion did not affect visitation, it had a direct and significant impact on purchase intention. Conversely, factors such as convenience, internal environment, and leisure mix had no significant effect on visit frequency in this setting. The primary scientific contribution of this work is the empirical confirmation of human-centric service quality as a key stimulus for recovery. This re-prioritization offers a targeted solution for reversing low occupancy in the post-pandemic era.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[From Pandemic to Progress? Housing Deprivation Among Polish Households by Dwelling Type]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0024</link>
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            <pubDate>Tue, 05 May 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The period encompassing the COVID-19 pandemic coincided with heightened attention to housing conditions and living environments. This study examines changes in housing deprivation among Polish households between 2019 and 2023, with particular attention to dwelling types. Housing deprivation is assessed through indicators such as leaking roofs, damp ceilings, moisture in walls or floors, and rot in window frames or doors. The analysis uses cross-sectional data from the EU-SILC surveys for 2019 and 2023. Binary logit models are applied, incorporating a time variable and a difference-in-differences approach. Findings reveal a notable decrease in housing deprivation in the analyzed period. Disparities between households in detached, semi-detached, or terraced houses and those in flats in large buildings have narrowed. Additionally, tenure status, income group, unemployment or disability within the household, and the age and education of household members significantly influence the deprivation risks. These results underscore the need for policymakers to design targeted interventions to further improve the housing conditions of Polish households.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Housing Cost Burden in Elderly Households - When Does the Problem Start?]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0018</link>
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            <pubDate>Wed, 22 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[The paper – based on individual-level EU-SILC data – examines the extent of housing cost overburden among older adults (65+) in Poland and identifies the key risk factors associated with this phenomenon in this age group. The findings indicate a clear disparity between the housing cost burden of older people and that of the general population, with living in a single-person household emerging as the primary risk factor. In most cases, the onset of housing cost overburden coincides with the death of a spouse. The risk is higher among residents of larger cities as well as those living in detached or terraced houses. Women are also more likely to experience difficulties with housing costs. Given the anticipated deterioration in the financial situation of older adults (declining replacement rates and the growing prevalence of single-person households), there is an urgent need to develop a long-term housing policy strategy that explicitly addresses the needs of older people - needs that have so far remained largely marginalized.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Financialization of the Housing Market and Demographic Challenges on the Example of Voivodeship Capitals in Poland]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0023</link>
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            <pubDate>Thu, 16 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This article examines the relationship between the financialization of the housing market and demographic processes of voivodeship capitals in Poland. The research is motivated by the growing role of financial mechanisms in shaping housing availability, prices, and investment patterns, influencing people’s decisions about starting families and procreation. The study aimed to identify the relationship between the process of housing market financialization and the natural increase in the years 2011–2024 in 16 voivodeship capitals using panel econometric models. The dependent variable was natural increase per 1000 population, while the explanatory variables reflected key dimensions of housing market financialization. The results indicate that rising housing prices may lead to a decline in natural increase in Polish voivodeship capitals, a phenomenon that intensified after 2020. The supply of new housing supported a natural increase before the COVID-19 pandemic, but this relationship reversed in 2020–2024 amid rising prices, interest rate hikes, and increased investment demand. Demographic (control) variables behave as expected. The results suggest that the financialization of the housing market may contribute to urban depopulation. The added value of this article lies in linking the financialization of the housing market with demographic processes using panel econometric models.]]></description>
            <category>ARTICLE</category>
        </item>
        <item>
            <title><![CDATA[Socio-Political and Economic Determinants of Residential Property Performance Volatility in Emerging Real Estate Markets]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0015</link>
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            <pubDate>Thu, 16 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study investigates the determinants of residential property performance volatility in an emerging African real estate market, with particular emphasis on the interplay between socio-political unrest, demographic dynamics, and macroeconomic factors. Using a purposive sampling approach, data were obtained from 327 estate surveying and valuation firms across major Nigerian cities through structured questionnaires and expert interviews. Descriptive statistics and Principal Component Analysis (PCA) were employed to identify key drivers of volatility, following a three-stage analytical process involving factorability assessment, component analysis, and eigenvalue validation using Kaiser’s criterion. The findings reveal youth restiveness as the most dominant factor influencing residential property performance, followed by locational characteristics, structural attributes, population growth, and disposable income. Youth restiveness (driven by socio-political instability, unemployment, and economic uncertainty) was found to significantly undermine investor confidence and property values. The study contributes novel empirical insights into how socio-political volatility shapes real estate market behaviour in emerging economies. Beyond the Nigerian context, these findings have broader relevance for investors, practitioners, and policymakers, offering a framework for understanding and mitigating market instability while promoting resilient, inclusive, and sustainable real estate investment strategies in similar global markets.]]></description>
            <category>ARTICLE</category>
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        <item>
            <title><![CDATA[Bridging Predictive Power and Interpretability: A Hybrid Deep Learning Framework for Real Estate Performance Under Systemic Uncertainty]]></title>
            <link>https://reference-global.com/article/10.2478/remav-2026-0025</link>
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            <pubDate>Thu, 16 Apr 2026 00:00:00 GMT</pubDate>
            <description><![CDATA[This study develops an interpretable hybrid deep learning framework to forecast and explain the financial performance of real estate firms in emerging markets facing macroeconomic uncertainty. Using panel data from 28 listed Vietnamese firms during 2013–2025, a Macroeconomic Uncertainty Index (MUI) is constructed through principal component analysis to integrate five global risk indicators: economic policy, geopolitical, ESG-related, global uncertainty, and world sentiment indices. The proposed XGBoost–CNN model, augmented with SHAP explainability, achieves superior predictive accuracy, reducing RMSE by 54 percent and MAE by 22 percent compared with conventional deep learning models. SHAP analysis, applied to both the composite and individual uncertainty components, enhances interpretability and isolates the marginal influence of each risk factor. Results indicate that earnings per share and firm size jointly explain most of the variation in return on equity and assets, while economic policy uncertainty exerts the strongest macroeconomic impact. The MUI demonstrates a nonlinear moderating role, showing that, under heightened systemic uncertainty, traditional firm–performance relationships may reverse. The framework offers a transparent, data-driven tool for financial forecasting and macroprudential stress testing in emerging real estate markets.]]></description>
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