The purpose of this paper is to study the three momentum strategies based on a sample of the Real Estate Investment Companies. The profitability of the momentum strategy has been extensively investigated in several financial markets, including foreign currency, commodity, corporate bond, American depositary receipts, residential real estate and Real Estate Investment Trust markets. The momentum premium that involves buying past winner stocks and short selling past loser stocks is one of the most pronounced and prevalent anomalies documented in asset-pricing literature. The sample consists of six companies listed in Tehran stock exchange from April 2011 to March. Comparing across three momentum measures, it was empirically found that the residual momentum strategy plays a dominant role in generating momentum profits. The profitability of these strategies, however, varies with the state of the investor sentiment. Specifically, it was found that the price momentum and the 52-week high momentum earn significantly positive returns following optimistic period.

The certainty about retirement income is dependent on the longevity and the selected investment policy by individuals during their working years. Attention to longevity and investment risks is of high significance in making enough income for retirees. In this research, the impact of the objective formulation selection on investment decisions has been investigated. Two functions including terminal wealth objective formulation and retirement income objective formulation are applied to investigate these decisions. Based on the investment alternatives, 5 asset classes including Equity, Certificate of deposit (cash), real estate investment trust (REIT), gold coin, and foreign exchange have been selected for investment. According to the complexity of modeling in the aforementioned functions, the Metaheuristic Genetic algorithm has been used. The results are indicative of the importance of objective formulation selection. The retirement income objective function has the nature of more wealth accumulation and more control over economic and market turbulences through higher cooperation in investment and as a result, it has been recommended as the optimal function.

The Armed Forces pension functions based on the "pay and you go" system. Therefore, working people's insurance premiums is the main method of paying for pensions. Yet, the ratio of those who support the fund (like many other pension funds) is decreasing. According to studies, real estate accounts for a large part of the assets of the armed forces. Due to the development of the cities many of these assets are now located within urban areas; By law, the armed forces are required to move their bases outside the metropolitan areas. Thus, such properties are often abandoned without creating added value and productivity. Financing is a critical issue for many developing countries. Securitization is a recent financial engineering innovation that has revolutionized financing methods. Using this method, every asset that can generate a cash flow is utilized as a support, while increasing the credit rating through different techniques and mechanisms. Thereby, the risk of those assets is shared among investors, allowing financing with more favorable conditions. The present study can be categorized as a descriptive survey in terms of its practical purpose and in terms of data collection methods. The data for this paper was collected from library sources and through conducting a questionnaire of experts in the field of finance. To analyze the data, this study employed pairwise comparisons in hierarchical analysis with a 9-point hourly spectrum and using Expert Choice and Excel softwares. The results of this research indicate that financing through the establishment of a real estate fund is more beneficial than methods such as loans, equity, partnership bonds and sukuk. Therefore, it can be concluded that the definition of appropriate financing tools in the Armed Forces Pension Fund can firstly lead to the generation of assets for the fund, and secondly, financing the fund can be undertaken through the most appropriate method, and thirdly it can contribute to the development of the country.

Real estate investment are characterized by low liquidity and irreversible cost. Real Estate industry is one of the most important industry in occupation. Moreover, its production has the biggest weight in family portfolio.These are important characteristics of real estate markets. Real estate industry has cyclical trend. In recession, investor delay their investment. Traditional capital Budgeting models such as Net Present Value are base on fix assumption and condition. They ignore management flexibility. In this paper residential Projects are evaluated with real options (option to delay) by Black-Scholes and Binomial Lattice Model.These model values managerial flexibility. Experimental results show that project Evaluation with real options outperforms the traditional models such as NPV. This paper studies the optimal timing of investment in an irreversible project where the benefits from the project and the investment cost follow continuous- time stochastic processes. According to optimal investment timing proposed by MC Donlad and Siegel, time to start this Project is 9/5 years from now.

Economic globalization has resulted in an increased competition between the countries to improve their economic indexes. Analyses performed by prominent economists indicated that foreign investment is one of the most sustainable and reliable resources for the economic infrastructure development and production potential enhancement, which can alleviate the economic problems caused by shortcoming of domestic investment resources. The significant role of Iran’s real estate market in investment stability and preservation of property value that emerged from the socio - economic and legal texture of the country, as well as the considerable population growth that resulted in a profitable real estate investment, have drawn the attention of the foreign investors to Iran’s real estate market. Recent manuscripts have investigated the legal obstacles for foreign investment by individuals and legal entities in Iran’s real estate based upon Islamic Jurisprudence, national security, and legal references, subsequently, verified practical and realistic solutions to the aforementioned predicament. Research Approach:This manuscript is compiled using library and electronic resources, scientific and research manuscripts, and technical papers; the research approach is analytical-descriptive.

Investment in real estate such an attractive investment opportunities in Iran, which is always a major part of the assets of individuals and institutions is poured into it. This study also compares the performance of real estate investments in various geographic areas of the country, the impact of the geographical diversification of real estate portfolios in the period from 1370 to 1392 in 15 of the cases examined. The results show that, compared to other areas, the central region of the country with a small distance has the highest risk and yield. The examination of the Examine the relationship between the expected return on geographic areas of the country releave that there is a positive correlation between the returns of different areas. The findings regarding the effects of geographic diversification in a portfolio of geographically diversified portfolio of real estate that includes real estate, improved the condition of optimal portfolios and efficient frontier upward move will be.

One of the investment opportunities in Iran is real states, which always absorb a massive capital flow. In this study, in addition to investigating the performance of real estate market versus other investment opportunities; the effect of real states in the investors’ portfolio has been studied over a period between 1992-2013. We have considered exchange rate (dollar), Gold, stock and securities as other investment opportunities.To evaluate the effect of real estate market on investors’ portfolio, mean-variance methods have been used. In this way, efficiency frontier has drawn in two states, with and without real estate market.Results of the paper indicate that presence of real state market in the portfolios shifts the efficiency frontier up, and leads to less risk and more return on optimal portfolios. Moreover, the paper clearly indicates the weight of real states in the lower level of risk is low and weight of real states in higher level of risk is high.

Capital gains taxation, especially in the field of assets such as currency, gold, stocks, and real estate, can be an advantageous way to deal with fluctuations and reduce profitability in the related markets. However, the economy of Iran has not benefited from capital gains tax capacity in recent years, which, along with the increase in the amount of liquidity and the lack of a convenient business environment, has increased motivation for mercantilism activities in the mentioned markets. This article aims to investigate the effect of foreign exchange, gold, stock, and real estate assets on the country's GDP and investment growth and determine the optimal tax rate on the mentioned assets. The results of this study exhibited that the highest optimal tax rate based on the GDP function related to gold assets at 92.3% and based on the investment function related to foreign exchange assets at 93.2%. The lowest optimal tax rates in production and investment functions related to real estate assets are 69.2% and 52.1% respectively.

Being aware of the waiting time for selling residential units is one of the important issues in the housing sector for the majority of people, especially investors. There are several factors affecting the waiting time for selling residential units. Determining the influential factors on the time period of selling real estates can lead to an informed decision making by real estate consultants, sellers as well as those seeking to buy real estates. Using a real estate database in Iran, the present paper proposes a two-module procedure. The first module deals with implementation of association rule mining. Using the well-known association rule mining techniques namely FP-Growth, several association rules have been extracted which indicate the effective factors on the waiting time for selling residential units. Generated association rules have been evaluated based on metrics such as support, confidence and lift and finally the best rules are selected. The main objective of the second module is to develop a fuzzy inference system which can determine the factors influencing the waiting time for selling residential units from historical data, so that the model can be used to estimate the time it to sell the property for a real estate agency. Several IF-THEN rules are extracted from this module. Extracted rules can be used by real estate agencies as well as buyers and sellers of residential units to make better decisions in their investments. In conclusion section, a number of suggestions for future studies are presented. For example, machine learning algorithms such as neural networks, decision trees, etc. can also be used to predict the duration of residential units’ sale.The main objective of the second module is to develop a fuzzy inference system which can learn about the factors that influence the waiting time for selling residential units from historical data, so that the model can be used to estimate the time it takes to sell the property for a real estate agency. Several IF-THEN rules are extracted from this module. Extracted rules can be used by real estate agencies as well as buyers and sellers of residential units to make better decisions in their investments.

This study aims to design a model to realize real estate income tax in Tabriz city with due attention to the tax collection process. According to the related literature, the variables of "tax payment," "real estate," "tax evasion," "investment incentive," "rent and real estate speculation," and "advertisement in tax collection" are considered as key variables, affecting the conceptual model of real estate tax system. According to the dynamic systems method, the interaction and relationships between variables are shown by state-flow diagrams based on the literature and expertschr('39') opinions. These relationships are finally simulated by Vensim software. The results show that advertisement has a significant effect on the amount of taxes paid by taxpayers. Tax transparency has also reduced rents for taxpayers and ultimately reduced tax evasion and timely tax collection in the estimated budget of real estate resources and single-occupancy jobs. Scenarios show that lowering the tax rate in the trading and business market and large corporations and businesseschr('39') rental income are strongly influenced by tax revenues.