Cycles, Trends, Disruptions: Real Estate Centrality on the Global Financial Crisis, COVID-19 Pandemic, and New Techno-Economic Paradigm

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

The article focusses on the linkages between the real estate sector and three key historical global events: Global Financial Crisis (GFC), COVID-19 pandemic, and technological revolutions. The work focusses on general concepts relating to each one in order to stimulate reflection.

It is recommended that the reference literature used throughout the work be improved in order to ensure that the relevant issues are general standards to refer to as of the date. Although citing scientific literature is acceptable, it would be more appropriate to use grey literature examples (essays, reports, etc.).  Also, consider what type of product you intend to publish.
If you want to refer to significant scientific literature, consider changing the work to a content review. 

Furthermore, it is advised to review the references' and the figures' formatting. 

Author Response

Thank you very much for taking the time to review this manuscript.

 

The paper was revised, especially updating the literature review, which increased substantially. There are 10 new references published after 2020. You can easily check this by reading the bibliography at the end of the paper. It proved to be very useful, as this update brought about the inclusion of novel literature on quantitative methods for real estate appraisal and some additional references on real estate cycles.

More importantly, to clarify this communication, an essay focuses on proving a point, which is exactly the intent of this paper. In contrast, a literature review focuses on virtually "everything" that has been written about a particular topic, theory, or body of research. It is focused on the research and the researchers who have undertaken research on your topic.

Nonetheless, grey literature is subject to pitfalls and the author of this paper preferred to use rigorous empirical evidence and solid theoretical frameworks. 

A literature review focuses on everything that has been written about a particular topic, theory, or body of research. It is focused on the research and the researchers who have undertaken research on your topic. In contrast, an essay focuses on proving a point.

 

Sincerely, the author.

Reviewer 2 Report

Comments and Suggestions for Authors

The manuscript discusses the impact of three major events - the global financial crisis (GFC) of 2007-2008, the COVID-19 pandemic, and recent technological revolutions - on the real estate market. Although brief, the work is well-structured and could be complemented with additional literature on these topics.

Author Response

Thank you very much for taking the time to review this manuscript!

 

The paper was revised, especially updating the literature review, which increased substantially, with a partircular focus on recently published papers. You can easily check this by reading the bibliography at the end of the paper. It proved to be very useful, as this update brought about the inclusion of novel literature on quantitative methods for real estate appraisal and some additional references on real estate cycles.

 

Sincerely, the author.

Reviewer 3 Report

Comments and Suggestions for Authors

The article, "Cycles, Trends, Disruptions: The Real Estate Centrality on the Global Financial Crisis, the COVID-19 Pandemic, and the New Techno-Economic Paradigm," provides a broad and well-organized exploration of the pivotal role of real estate in recent global events. It effectively integrates economic, urban, and technological perspectives, with each section logically building upon the analysis of real estate’s role in cycles, crises, and transformations. The extensive referencing further demonstrates the author’s solid grasp of the literature, offering appreciable insights into the topic.

While the article is clear and informative, its contributions to the field remain rather descriptive and lack the novel innovations I had anticipated. The analysis, though analytical in parts, does not introduce groundbreaking findings or significantly advance the discourse. Despite some of weaknesses, the content presented is sufficient in quality and depth to deserve publication.

In conclusion, although the article does not exced expectations in terms of originality, its strengths in synthesis, structure, and literature engagement make it a good contribution to the field. I recommend it for acceptance as is.

Author Response

Thank you very much for taking the time to review this manuscript!

 

The paper was revised, especially updating the literature review, which increased substantially.

More importantly to clarify with this communication, an essay focuses on proving a point, which is exactly the intent of this paper. In contrast, a research paper is more analytic and aims to introduce groundbreaking findings. Therefore, this was not the scope of this contribution. Future publications hope to take advantage of this comment, going in-depth on analytical tools. 

 

 

 

Reviewer 4 Report

Comments and Suggestions for Authors

Cycles, Trends, Disruptions: The real estate centrality on the Global Financial Crisis, the COVID-19 pandemic, and the new techno-economic paradigm

 

1.    What is the main question addressed by the research? Is it relevant and interesting?

The research focuses on the pivotal role of real estate in contemporary economic cycles, examining its interactions with major events such as the Global Financial Crisis (GFC), the COVID-19 pandemic, and evolving techno-economic paradigms. It investigates how these factors influence real estate markets and the broader economy, emphasizing the bidirectional relationship between real estate and economic cycles.

This inquiry is significant due to real estate's critical impact on global wealth, employment, and economic stability. Analyzing its dynamics in the context of major economic events offers valuable insights for policymakers, investors, and researchers. The study also explores the influence of technological advancements and urbanization on real estate, highlighting its relevance in today's rapidly evolving economic landscape.

 

2.      How original is the topic? What does it add to the subject area compared with other published material?

The topic of the research is quite original as it integrates multiple significant contemporary events—namely the Global Financial Crisis, the COVID-19 pandemic, and the rise of new techno-economic paradigms—into a cohesive analysis of real estate's role in economic cycles. While previous studies have examined these events individually, this essay's approach of linking them together to highlight the interconnectedness of real estate with broader economic trends adds a fresh perspective to the subject area.

 

 

3.      Is the paper well written? Is the text clear and easy to read?

The text is exceptionally well-written, demonstrating clarity, objectivity, and precision throughout. It maintains a professional tone that is both accessible and engaging, making it a highly effective piece of writing. The article achieves a commendable balance, catering not only to the academic community but also to society at large, ensuring that its insights are comprehensible and relevant to a broader audience. In this regard, the paper performs admirably, showcasing a level of writing that enhances its overall quality and impact.

However, some improvements could be made. For example:

- They could present graphs of the central bank policy rates, from different countries, presented in the study;

- Present graphs crossing the real estate cycle, with the macroeconomic cycles of different countries;

- eventually, make a regression between the Housing Prices Indexes and macroeconomic data from different countries.

 

4.      Are the conclusions consistent with the evidence and arguments presented? Do they address the main question posed?
The research conclusions align with the evidence and arguments presented, effectively synthesizing discussions on the Global Financial Crisis, the COVID-19 pandemic, and emerging techno-economic paradigms to illustrate their collective impact on real estate markets and cycles.

By emphasizing real estate's dual role as both a reflection and driver of economic dynamics, the conclusions address the central research question. Historical data and contemporary examples substantiate this perspective, underscoring the argument's validity.

The author also proposes future research directions consistent with the findings, demonstrating a clear understanding of the subject's broader implications. Overall, the conclusions are well-supported and encapsulate the study's key insights.

5.      Is there any current bibliography that can be suggested, with the aim of improving the paper?

The bibliography is notably limited and includes several outdated references, which weakens the academic rigor of the paper. A significant shortcoming is the lack of recent citations, as the field's developments from the past five years are underrepresented. Current academic standards suggest that at least 50% of references should come from recent publications within the last five years to ensure the research reflects contemporary debates and advancements. This gap reduces the paper's relevance and its ability to engage with cutting-edge contributions in the field. Strengthening this aspect by incorporating more up-to-date sources is strongly recommended to enhance the study's scholarly impact and alignment with prevailing academic standards.

 

Author Response

Please see the attachment.

Author Response File: Author Response.docx