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El Yamani, Siham, Rafika Hajji, Roland Billen, Ken Arroyo Ohori, Jasper van der Vaart, Amir Hakim y Jantien Stoter. "Towards Extending CityGML for Property Valuation: Property Valuation ADE". ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences X-4/W5-2024 (27 de junio de 2024): 127–35. http://dx.doi.org/10.5194/isprs-annals-x-4-w5-2024-127-2024.
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Abstract. This paper introduces Property Valuation Application Domain Extension (ADE) within CityGML 3.0, aiming to integrate relevant indoor and outdoor 3D variables (cost estimation, view quality, etc.) for accurate property valuation. Current models lack the necessary features for this specific application. Leveraging IFC data for indoor elements, this ADE extends CityGML, addressing the existing gap. This paper identifies and categorizes data requirements, leading to the conceptualization and development of the model. By enriching CityGML 3.0 with IFC data, the approach introduces new features like the "Property Unit" to ensure adaptability across diverse valuation scenarios. Despite encountering data integrability challenges, we here commit to refining the model and overcoming these obstacles. A preliminary implementation using CityJSON demonstrates successful integration and paves the way for future implementation. These include developing an API platform and establishing an official repository to facilitate practical usability and scalability. This research significantly contributes to advancing property valuation processes by providing accurate valuations for stakeholders and promoting the use of 3D urban data in domain-specific extensions.
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Małkowska, Agnieszka y Małgorzata Uhruska. "Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis". Real Estate Management and Valuation 27, n.º 4 (1 de diciembre de 2019): 27–38. http://dx.doi.org/10.2478/remav-2019-0033.
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Abstract The paper delivers original data on specialization in property valuation services in Poland. Its aim is to identify relatively homogeneous groups of property appraisers taking into consideration the scope of services performed by them and the types of clients served. Based on the survey results, it was possible to indicate major models in property valuation services consistent with market applications, which allows us to verify the thesis on specialization in doing business in property valuation. The research strategy approach is twofold. Firstly, we have used the agglomerative cluster method to divide the types of valuation services and appraisers’ clients in order to find groups of similar valuation services and represent the main models of business in property appraisals. Secondly, we have applied the k-means partition methods to find relatively homogenous groups of respondents, taking into account the frequency of carrying out the particular types of valuations and clients served. As a result of our research, we present four clusters combining valuations and client types which reflect the models of property valuers’ professional activity, i.e: the market-oriented housing valuation model, market-oriented commercial valuation model, non-market-oriented judicial valuation model and non-market- oriented public valuation model. Research findings confirm the existence of three out of the four specialization clusters within the professional activity. We also extracted a group of appraisers operating on a broad scale, both when it comes to the types of services offered and clients served.
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Uwaifiokun, Vincent. "Application of Contemporary Equated Yield and Dcf Explicit Growth Methods in the Valuation of Over-Rented Properties in a Recessionary Period: A Case Study of Nigeria". Real Estate Management and Valuation 26, n.º 3 (1 de septiembre de 2018): 35–50. http://dx.doi.org/10.2478/remav-2018-0023.
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Abstract Valuations have always been time specific and, if properly undertaken, are supposed to give a true reflection of property market conditions at any given point in time. In periods of economic decline, when properties are leased or tend to exchange hands at rents or prices lower than their true market value, a need to capture the explicit growth rate associated with an instability in the property market arises. With the Nigerian economy currently facing its worst recession in years, the onus is on valuers to adopt contemporary methods of valuation which seek to mirror the true situation of the property market at any point in time; something which, hitherto, conventional methods of valuations have failed to do. This paper therefore takes a pilot survey of the types of investment valuation models currently adopted by valuers when carrying out valuations of reversionary properties in a recession. The study seeks to highlight the knowledge gap of valuers, both in practice and in the academia, concerning the use of the Equated yield and DCF explicit growth method of valuation, and hence enlighten them and the general public on its use as a more appropriate method of valuing properties during a downturn.
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Vishwakarma, Urmika. "Analysis on Effect of COVID -19 on Property Valuation in Real Estate Market". International Journal for Research in Applied Science and Engineering Technology 9, n.º 12 (31 de diciembre de 2021): 1467–73. http://dx.doi.org/10.22214/ijraset.2021.39558.
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Abstract: The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset, the value of the land flows from the use to which it is put, and that in turn is dependent upon the demand (and supply) for the product that is produced. Valuation, in its simplest form, is the determination of the amount for which the property will transact on a particular date. However, there is a wide range of purposes for which valuations are required. These range from valuations for purchase and sale, transfer, tax assessment, expropriation, inheritance or estate settlement, investment and financing. The objective of the paper is to provide a brief overview of the methods used in real estate valuation. Valuation methods can be grouped as traditional and advanced. The traditional methods are regression models, etc. MRA has been implemented by many researchers to study valuation of real property cite that MRA is possible for coefficient estimates and factor weightings using a large number of actual sale cases. Keywords: Real property, property valuation, multiple regression analysis, SWOT Analysis
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Razali, Muhammad Najib, Rohaya Abdul Jalil, Kamalahasan Achu y Hishamuddin Mohd Ali. "Identification of Risk Factors in Business Valuation". Journal of Risk and Financial Management 15, n.º 7 (27 de junio de 2022): 282. http://dx.doi.org/10.3390/jrfm15070282.
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It is widely accepted that risk and uncertainty are integral parts of the property valuation process. Uncertainty in property valuation is derived from the characteristics of property itself. The issue pertaining to risk and uncertainty in property valuations is currently one of the key concerns in global valuation practice to date in addressing the decision of risk and uncertainty in valuation, especially for business purposes or in the current term known as business valuation. The judgment and experience still depend on the expertise of the individual valuers alone. The valuation methods used can cause problems if certain elements in business such as risk are highlighted, especially to determine market value. There is a need for valuers to express assumptions which take into account risk and uncertainties, and then pass on the results of the estimation process to the end user of the valuation report. This research employed Analytical Hierarchical Process (AHP) to identify the level of risk in business valuation for valuers to identify which risk areas will expose them to professional liabilities, which then leads to mitigation of risk to determine value in business valuations. AHP will also be able to identify the level of risk in each of the approaches in business valuation which could help valuers to determine the value and market value in the valuation process. This paper will propose some practical approaches of how to address the risk and uncertainty of the valuation process, especially for the purpose of business valuation.
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Augustyniak, Hanna, Jacek Laszek, Krzysztof Olszewski y Joanna Waszczuk. "Property valuation for mortgage purposes in Poland". Property Management 36, n.º 2 (16 de abril de 2018): 234–47. http://dx.doi.org/10.1108/pm-09-2016-0049.
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Purpose The purpose of this paper is to describe the property valuation methods that are applied in Poland. It shows that they base on international standards and are a reliable source of information for international investors and banks. Design/methodology/approach The valuation methods are described and critically assessed, potential problems are pointed out. The analysis of lending risk is analysed on data about non-performing loans (NPL). Findings Polish valuation methods are in line with international methods, but there are some risks, like small number of transactions, subjective behaviour of valuers. The low NPL ratios indicate that the valuation works correctly. Practical implications The Polish valuation methods are trustworthy, non-performing mortgage ratios are low, however, banks and investors should ask whether there is a local zoning plan. Moreover, they should look critically at the comparables that were used during the valuation process, if in their opinion the valuation is overly low or high. Originality/value This paper focusses on valuation from a financial stability perspective. It uses Polish literature and data on NPLs to give an insight on valuation of property and mortgage risk in Poland. Besides the review of the methods it points out the problems related to valuation uncertainty, such as the risk of subjective behaviour of valuers and the low number of transactions in some regions, which are used for valuations.
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French, Nick. "Property valuation in the UK: material uncertainty and COVID-19". Journal of Property Investment & Finance 38, n.º 5 (6 de junio de 2020): 463–70. http://dx.doi.org/10.1108/jpif-05-2020-0053.
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PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.
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Kucharska - Stasiak, Ewa. "UNCERTAINTY OF PROPERTY VALUATION AS A SUBJECT OF ACADEMIC RESEARCH". Real Estate Management and Valuation 21, n.º 4 (1 de diciembre de 2013): 17–25. http://dx.doi.org/10.2478/remav-2013-0033.
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Abstract Property valuation is characterized by uncertainty, understood not only as uncertainty of a single valuation, but also as a discrepancy between multiple valuations of the same property carried out at the same time and for the same purpose. A valuation is only an estimate, the outcome of which depends on the assumptions adopted by the valuer. Such assumptions may account for the potential of a property in a complex market environment in different ways. The objective of the paper is to present the methodology of research devoted to valuation uncertainty in highly developed markets to emphasize the need to conduct such research in Poland, and to indicate the areas in which professional organizations should undertake actions.
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Abidoye, Rotimi Boluwatife, Ma Junge, Terence Y. M. Lam, Tunbosun Biodun Oyedokun y Malvern Leonard Tipping. "Property valuation methods in practice: evidence from Australia". Property Management 37, n.º 5 (21 de octubre de 2019): 701–18. http://dx.doi.org/10.1108/pm-04-2019-0018.
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Purpose Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods. Design/methodology/approach An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ2 test and mean score ranking. Findings The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods. Practical implications There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems. Originality/value This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.
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Kucharska-Stasiak, Ewa. "Reproduction of Real Estate Valuation Methodology in Practice. An Attempt at Identifying Sources of Divergences". Real Estate Management and Valuation 22, n.º 2 (8 de julio de 2014): 67–79. http://dx.doi.org/10.2478/remav-2014-0018.
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Abstract The objective of the study is to try and identify the reasons for the detachment of the valuation practice from its methodology. Two methods have been used in the paper: the analysis method and the case study method, under which fourteen property valuation reports posted on websites and two opinions about the property valuation prepared for court purposes in order to detect and identify sources of deviations from the valuation methodology have been analyzed. The study, besides theoretical aspects, includes references to practical application: pointing out directions of changes in legal regulations and national valuation principles, which should help achieve uniformity in interpreting the valuation concept, allowing the reduction of its uncertainty, understood as the uncertainty of a single valuation and uncertainty as the difference between valuations.
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French, Nick y Laura Gabrielli. "Pricing to market". Journal of Property Investment & Finance 36, n.º 4 (2 de julio de 2018): 391–96. http://dx.doi.org/10.1108/jpif-05-2018-0033.
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Purpose Since the global financial economic crisis hit the world markets in 2007/2008, the role of property valuation has been under greater and greater scrutiny. The process of valuation and its quality assurance has been addressed by the higher prominence of the International Valuation Standards Council (IVSC). This is a significant initiative worldwide. However, there has been little written on the appropriate use of valuation approaches and methods in market valuations. There is now a hierarchy of valuation definitions. In order, there are valuation approaches, valuation methods and, as a subset of the methods, techniques or models. The purpose of this paper is to look at the importance of identifying the appropriate approach to be adopted in market valuations and the methods, techniques and models that should be applied to determine market value. Design/methodology/approach This practice briefing is an overview of the valuation approaches, methods and models available to the valuer and comments on the appropriateness of valuation each in assessing market value. Findings This paper reviews the IVSC-recognised approaches and prompts the valuer to be careful with the semantics involved so that they are better placed to provide an unambiguous service to their clients. Practical implications The role of the valuer in practice is to identify the appropriate approach for the valuation of the subject property, choose the right method and then apply the correct mathematical model for the valuation task in hand. Originality/value This provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
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Fomina, Olena, Olena Moshkovska, Olena Prokopova, Nataliya Nikolenko y Svitlana Slomchynska. "Methodological approaches to investment property valuation". Investment Management and Financial Innovations 15, n.º 4 (26 de diciembre de 2018): 367–81. http://dx.doi.org/10.21511/imfi.15(4).2018.30.
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Increase in number of the investment property items available in both domestic and international markets, present-day European integration processes, as well as existing differences in statutory provisions in force (controversial essentials of the investment property identification as an asset and ambiguity of implementation of the methodological approaches to the investment property valuation) have stipulated the need for improvement of the hierarchy of the investment property item fair value recognition and measurement criteria. Proposed identification methods will contribute into amplification of the synergy effect of the investment property item accounting and management due to improvement of quality and fairness of the information data on certain assets of the establishment. Methodology for the investment property valuation and changed value reporting format were worked out based upon critical analysis of the scientific professionals’ main approaches to the investment property fair value measurement as provided for by statutory requirements to disclosure of the asset related information. Findings made and recommendations worked out on consideration of the harmonized indicator system implementation have thereafter found the practical use in the investment property item management efficiency assessment model.
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Adams, Andrew y Piers Venmore‐Rowland. "Property share valuation". Journal of Valuation 8, n.º 2 (febrero de 1990): 127–42. http://dx.doi.org/10.1108/eum0000000003279.
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Gdakowicz, Anna, Ewa Putek-Szeląg y Wojciech Kuźmiński. "Examination of the effects of non-measurable explanatory variables on the value of real estate in the process of mass valuation of land". Przegląd Statystyczny 66, n.º 3 (17 de marzo de 2020): 214–27. http://dx.doi.org/10.5604/01.3001.0013.9130.
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The paper proposes a solution to the problem of how to introduce non- -measurable features (attributes) of a property that significantly affect its value to the process of its valuation. The authors adopt two measures enabling them to study the influence of order features on the value of property, the Spearman rank coefficients and standardized ßk coefficients, and proceed to check their efficiency, applying an algorithm of mass property valuation (SAMWN) to the sample of 567 plots of land in Szczecin designated for housing purposes. The results thus obtained are then compared with the valuations of these plots of land performed by property appraisers. The study demonstrates that lower valuation errors are obtained when using standardized ßk coefficients than the Spearman rank coefficients.
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Heller, J. y Daria Zlachevskaia. "Is it possible to improve methods of intellectual property valuation?" Zeszyty Teoretyczne Rachunkowości 45, n.º 2 (21 de junio de 2021): 161–86. http://dx.doi.org/10.5604/01.3001.0014.9568.
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Purpose: The purpose of this study is to identify ways to improve or simplify the quality and accuracy of IP valuations via accounting regulation improvements. Methodology/approach: This research relies on qualitative research methods such as case law analysis and comparative research of accounting standards and approaches. Findings: Evidence from this study points towards the conclusion that financial statements currently only reflect a historic financial record of the particular business, profoundly biased by a conservative tangible assets perspective. The central thesis of this study is that it makes sense to adopt a comprehensive intellectual property valuation strategy to ascertain the specific value of the intangible assets since the comprehensive application of valuation models is likely to yield superior results to using them separately. Research limitations/implications: Although the proposed approach seeks to bring more clarity to the valuation process while simplifying the appraisal of intellectual property assets, its efficacy is subject to increased transparency, a maturing intellectual property market, and credible data availability. Originality/value: This study makes a valuable contribution to research on methods that facilitate accurate intellectual property valuation while offering an alternative valuation model which combines the strengths of individual valuation models.
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Baffour Awuah, Kwasi Gyau, Frank Gyamfi-Yeboah, David Proverbs y Jessica Elizabeth Lamond. "Sources and reliability of property market information for property valuation practice in Ghana". Property Management 35, n.º 4 (21 de agosto de 2017): 448–66. http://dx.doi.org/10.1108/pm-05-2016-0019.
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Purpose Adequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges. Design/methodology/approach A mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim. Findings The study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source. Research limitations/implications Findings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps. Originality/value The study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.
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Kucharska-Stasiak, Ewa y Katarzyna Olbińska. "Reflecting Sustainability in Property Valuation - Defining the Problem". Real Estate Management and Valuation 26, n.º 2 (1 de junio de 2018): 60–70. http://dx.doi.org/10.2478/remav-2018-0016.
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Abstract A major topic in discussions about environmental protection is the concept of sustainable development utilizing the economic criteria enhanced by environmental, social and ethical aspects. The concept inspired a new approach to construction and paved the way for the idea of sustainable buildings. Sustainable buildings are expected to offer economic benefits to their owners and tenants that should be reflected in property values. The authors test a hypothesis that the real estate market in Poland still fails to incorporate sustainability in property valuation. The article seeks evidence in support of this hypothesis, as well as attempting to find out why the market does not pay a premium for sustainability. To accomplish the purpose of the research, a systematic literature review, an analysis of the pilot studies available in Poland and a preliminary assessment of the ability of valuation methods to reflect sustainability in property valuations are performed. The focus of the research is on the office property market, one of the fastest growing and most modern segments of the real estate market. The conclusion drawn from the research is that, of all respondents surveyed by international studies, Polish developers, property owners, tenants and valuers know the least about sustainable building and that the evidence of the benefits of sustainable building is still unavailable in the Polish real estate market. Such benefits are rather hypothesized to exist and considered theoretically rather than empirically confirmed. It is possible that the reasons for these findings are the short period of research and problems with distinguishing sustainable buildings from conventional ones, which make it difficult for valuers to reflect the benefits of sustainability in valuations. Nevertheless, a new approach to property valuation encompassing environmental, ethical and moral aspects seems necessary. This would encourage sustainable building and green investment strategies. Sustainable valuation would also be an opportunity for the development of the valuation profession.
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Asres, Habtamu Bishaw. "Causes of Valuation Inaccuracy in Mortgage Lending in Ethiopia". International Journal of Real Estate Studies 17, n.º 1 (30 de junio de 2023): 120–34. http://dx.doi.org/10.11113/intrest.v17n1.262.
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This study aims to add to the scarce empirical literature on mortgage valuation by ranking the variables that make inaccurate mortgage valuations. Given the central role, valuation plays in lending, high valuation inaccuracy leads to major market distortions in real estate with potentially harmful financial system repercussions. Thus, this study is envisioned to investigate the causes of valuation inaccuracy for mortgage purpose in commercial banks in Ethiopia. To achieve this objective, the study employed a convergent parallel mixed design. Data were collected from valuers through questionnaires and interviews using purposive, snowball, and convenience sampling techniques. To investigate the impact of the factors on valuation inaccuracy, an ordinal regression model was used. The study revealed that inappropriate valuation methods, the inadequacy of the market data, and property market imperfection were the most significant predictors. However, there are moderately significant causes which include the characteristics of the property market, valuation regulatory framework, and absence of the valuation standard. Client pressure, ethics, and competence of valuers were insignificant predictors. This paper recommends that the government should establish a government agency that is independent and in charge of valuation regulation, developing legal frameworks, and intervening in the property market. Based on the framework valuers should use an appropriate valuation method. Moreover, there should be an establishment of central databases that valuers relied on.
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Gdakowicz, Anna y Ewa Putek-Szeląg. "The Use of Statistical Methods for Determining Attribute Weights and the Influence of Attributes on Property Value". Real Estate Management and Valuation 28, n.º 4 (1 de diciembre de 2020): 33–47. http://dx.doi.org/10.1515/remav-2020-0030.
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AbstractDetermining the impact of individual attributes on the value or price of real estate in business practice poses many problems. One of the solutions to this problem is the use of statistical methods. The article proposes correlation coefficients (and their partial modifications) that can be used to determine the impact of selected features on the value of real estate. In addition, several procedures were taken into account for the factors in further calculations, using different methods for determining weights. Empirical verification of the proposed solutions was based on the mass valuation of land properties. The obtained results were compared with valuations developed by property appraisers and valuation errors were calculated. Based on valuation errors, the proposed methods of calculation procedures were ranged, indicating those which provide results closest to the individual valuations carried out by property appraisers.
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Jafary, P., D. Shojaei, A. Rajabifard y T. Ngo. "A FRAMEWORK TO INTEGRATE BIM WITH ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING-BASED PROPERTY VALUATION METHODS". ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences X-4/W2-2022 (14 de octubre de 2022): 129–36. http://dx.doi.org/10.5194/isprs-annals-x-4-w2-2022-129-2022.
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Abstract. Property valuation is of extreme importance since variations in the real estate market enormously influence people’s life. The main goal of Automated Valuation Models (AVMs) is to calculate the market value of a large number of properties with an acceptable accuracy. The Hedonic Price Model (HPM) is the most widely used AVM for the valuation purposes. Despite its simplicity, ease of use and straightforwardness, HPM lacks the capability to address the non-linear relationships between different value-related factors. Hence, researchers have developed other state-of-the-art property valuation methods based on the advancements in computer science including Artificial Intelligence (AI), Machine Learning (ML), computer vision and deep learning. Design, development, and validation of such advanced AVMs require establishment of a database including data on the different influential factors. Two types of factors are used in the literature, including textual and visual features. Reliable data sources are required for the implementation of AVMs since the accuracy of the provided valuations is definitely linked to the reliability of the used real estate databases. Building Information Modelling (BIM) provides precise information on different components of properties. Although some scholars have tried to use BIM for property valuation, BIM benefits in different valuation procedures have not been fully investigated. Hence, this paper provides a framework that consider BIM capabilities to be integrated with different stages and processes in property valuation, especially in relation to advanced AVMs based on AI and ML.
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Ryska, J. y A. Valder. "Is valuation of property a real science?" Agricultural Economics (Zemědělská ekonomika) 52, No. 3 (17 de febrero de 2012): 123–27. http://dx.doi.org/10.17221/5004-agricecon.
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The evaluation of property is one of the basic human professions that have accompanied the human race ever since money was first used. At the time of the formation of modern science, this discipline was not included among the economic sciences. The stipulation of the value of property was based not only on theoretical knowledge of the economics, knowledge of goods, technology, agriculture and law, but also practical skills, knowledge of markets and the art of correctly assessing the requirements of customers. This situation continued until the end of the last millennium, when the evaluation of property stood apart from official science and was presented as an activity that links science and art and for this reason it was not possible to include it among the scientific disciplines. There is given analysis of value and valuation of property. On the base of philosophical approach to value and process of valuation, it can be stated that Valuation is a science in terms which in modern science have meaning. This would enable surveyors to participate also in the promotion of their profession on the academic floor and thus have more influence on the general opinion of value and its influence on contemporary society.
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Majumdar, Raju. "Valuation of hotel property: issues and challenges". Worldwide Hospitality and Tourism Themes 11, n.º 4 (12 de agosto de 2019): 418–28. http://dx.doi.org/10.1108/whatt-04-2019-0017.
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Purpose The purpose of this paper is to provide a practitioners’ perspective on the valuation models used for valuing hotel property and the challenges posed by traditional valuation models in their application and use. Set in the context of the Indian hospitality industry, the paper brings out the paradigm shifts that have taken place in recent years in the context of valuations. The paper also attempts to provide resolution to the issues and challenges raised. Design/methodology/approach This study assimilates data from senior finance professionals and by using semi-structured interviews, draws on a wide spectrum of hotels in India. Findings The findings suggest that the earnings-based models are largely followed in valuing hotel property in India. The major challenges encountered in the valuation process as highlighted by the respondents are related to (a) the growing uncertainty associated with projections of future earnings given the plethora of assumptions made at a micro and macro level, and (b) determination of an appropriate discounting factor for computing the present value of future cash flows. Research limitations/implications This paper generates useful qualitative information on existing practices in valuation in the Indian hospitality sector. The findings will be useful for hoteliers, policymakers and researchers in bringing forth the valuation challenges faced in the context of a developing economy and its characteristic institutional weaknesses. The findings of this paper may be furthered through appropriate and detailed quantitative analysis of primary and secondary data on the issues and challenges raised here. Originality/value This paper makes a sincere attempt to highlight the real challenges faced in valuing hotel properties and as such adds value to the existing literature.
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French, Nick y Jason Antill. "Property valuation in the UK: energy efficiency legislation and its impact on valuation". Journal of Property Investment & Finance 36, n.º 4 (2 de julio de 2018): 383–90. http://dx.doi.org/10.1108/jpif-05-2018-0031.
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Purpose The purpose of this paper is to provide an insight into how the new energy efficiency legislation in the UK is impacting upon the valuation of certain properties. This paper looks at how to adapt implicit valuation models to reflect the new risks of the impact of legislation. Design/methodology/approach This practice briefing is an overview of the new legislation and comments on the appropriateness of valuation models in different scenarios. Findings This paper analyses the likelihood of capital and rental value changes under the new energy efficiency guidelines. Practical implications The role of the valuer in practice is to identify the impact of the new legislation on the value of the subject property and choose the correct model for the valuation task in hand. Originality/value This provides guidance on how valuations can be undertaken to reflect any impact of the new energy efficiency legislation.
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Tymoshchyk, L. "Property Valuation in the Property Management System: Analysis of Conceptual Problems". Modern Economics 24, n.º 1 (16 de diciembre de 2020): 194–99. http://dx.doi.org/10.31521/modecon.v24(2020)-31.
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Introduction. Today, significant property assets in the form of real estate and land are in the possession of Ukraine. To make a profit from property requires an effective management system, an important tool of which is the assessment of property value. Purpose. The main purpose of the article is to consider the obstacles to the development of property valuation as one of the tools of property management. The article also explores the peculiarities of the development of Ukrainian legislation in the field of property valuation and management, presents general recommendations for the development of the property procedure. Results. The author identifies eleven conceptual problems of use and development of property valuation in the property management system. Among the most important is the lack of detailed legislative and procedural support of the property valuation procedure, in particular – the lack of a register of state property (both functionally real estate and unfinished), insufficient regulation of land and property legislation. Insufficient guarantees of observance of the rights to possession and use of property (real estate) are considered as obstacles to the growth of the role of small and medium business, and as a negative trend in the lives of people in the temporarily occupied territory. The influence on the development of property valuation of such market characteristics as competitiveness and lack of free competition, which contribute to the determination of the final value of property such factors as monopoly and government decisions, is analyzed. Conclusions. The process of property valuation occupies a significant place in the process of effective property management, but in our country this procedure is still developing. The author emphasizes that a fair and objective assessment requires, above all, respect for constitutional rights and guarantees in the field of property. The second priority area for improvement is the formation of an integrated and complete legal framework in the areas of property management and land law, the creation of a complete register of all state-owned real estate. It is recommended to pay attention to the need to study the impact of the market on the final valuation. Keywords: property valuation; property management valuation; property valuation mechanism; small business; real estate use right.
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Chang, Jow‐Ran, Mao‐Wei Hung y Feng‐Tse Tsai. "Valuation of intellectual property". Journal of Intellectual Capital 6, n.º 3 (septiembre de 2005): 339–56. http://dx.doi.org/10.1108/14691930510611094.
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Lorenz, David y Thomas Lützkendorf. "Sustainability and property valuation". Journal of Property Investment & Finance 29, n.º 6 (27 de septiembre de 2011): 644–76. http://dx.doi.org/10.1108/14635781111171797.
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Atkins, Thomas L., Louise M. McCarthy y J. H. Albert. "Property insurance valuation issues". Perspectives in Healthcare Risk Management 9, n.º 1 (2 de septiembre de 2009): 5–8. http://dx.doi.org/10.1002/jhrm.5600090104.
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Ashaolu, Thomas y Mustapha Bello. "Acquired Body of Knowledge: a Core Valuation Influencing Factor in Inter-valuer Variance". Journal of African Real Estate Research 7, n.º 1 (28 de julio de 2022): 1–17. http://dx.doi.org/10.15641/jarer.v7i1.1115.
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Concerns over valuation accuracy and variance cannot be over-flogged, given the somewhat fluid nature of these concepts. It is however, more apt to dig into their fundamental causative factors. This paper realizes that specialist valuer or appraiser has a chain of sequential tasks anchored on his distinguishing competencies. At the heart of this is sufficient knowledge of the attributes of his subject of valuation. Twenty-two (22) Nigerian valuers based within Lagos Metropolis were made to carry out valuation assessment of selected landed and non-landed property assets and were also examined on their perception of the adequacy of their acquired Body of Knowledge (BOK) relevant to each asset category. The variation/dispersion in their valuations is revealed by the Standard Deviation of the distribution, for Landed Property, being 7.77 while that of Non-Landed Property is 32.24; By employing the 10% maximum variation rule of Glover (1985), 9% of the valuers fall outside the limit in respect of Landed Property whereas, the figure rose to 64% for Non-Landed Property assets. This is indicative of remarkably higher internal inconsistencies among respondent valuers on Non-Landed Property Assets. Multiple regression analysis of the results indicated that all the adaptive knowledge variables exert positive influence on valuer’s competence in valuation of both Landed Property and Non-Landed Property Assets. In view of these findings, there is urgent need to review and expand underlying curriculum for training prospective valuers towards aligning theory with practice and enhance their competence across property types.
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Gaca, Radosław, Robert Zygmunt y Michal Gluszak. "Comparative Analysis of Transaction Prices and the Values of Forest Properties in Poland". Forests 11, n.º 12 (13 de diciembre de 2020): 1323. http://dx.doi.org/10.3390/f11121323.
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Research Highlights: In the paper, we explore systematic discrepancy between sale prices and values of forest properties in Poland. We argue that the systematic valuation bias found is partially caused by the simplified parametric appraisal methodology currently used in Poland. Background and Objectives: Most of the forests in Poland are state-owned, but in recent decades, the market for private forest properties has been dynamically growing. In the paper, we investigate the relations between the actual transaction prices, and the estimated value of forest properties in selected regions in Poland. We hypothesize that sale prices systematically deviate from valuations. An additional question arises regarding the determinants of forest property prices. We hypothesize that due to asymmetric information positive amenities are not fully capitalized in property prices in Poland. Materials and Methods: In the paper, we adopt two regression models used to investigate the valuation accuracy and bias. We test the hypothesis that valuations are unbiased estimates of transaction prices. Results: The results indicate that market prices for forest properties systematically differ from estimated values. Conclusions: Systematic deviation of forest property sales prices from market values may contribute to the imperfect information available to the market participants, especially when information is asymmetrically distributed between buyers and sellers. This may confirm the hypothesis that sellers are not fully aware of the advantages of the property being sold, and provide further explanations for large systematic differences between sales prices and valuations based on parametric valuation methods used in Poland.
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Kucharska-Stasiak, Ewa y Sabina Źróbek. "An Attempt To Exemplify The Economic Principles In Real Property Valuation". Real Estate Management and Valuation 23, n.º 3 (1 de septiembre de 2015): 5–13. http://dx.doi.org/10.1515/remav-2015-0020.
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Abstract The economic theory argues that the value of assets, including the value of real property, is influenced by many factors which determine the behavior of operators engaged in market transactions. The knowledge of basic principles and assumptions which underpin the development of value is essential to understanding the methods and procedures of valuation. The thesis, upon which the authors of this article based their theoretical and practical considerations, is formulated as follows: “The knowledge of economic principles of valuation improves the accuracy of valuation and allows for more appropriate interpretation of its results”. Therefore, these factors should be taken into account by appraisers estimating the value of property. Over a dozen so-called key principles of valuation have been formulated in literature. Among them are the principles of anticipation, change, substitution, supply and demand, competition, balance, highest and best use, conformity, and externalities. It is assumed that the most important principle in the valuation of property is the principle of anticipation. Some of the principles are relevant to all the traditional approaches to determining value, while others apply only to selected approaches e.g., the principle of opportunity cost, which is mainly used in valuations using the income approach. The thesis is supported by research results and an analysis of practical examples.
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Jansen van Vuuren, David. "Valuing specialised property: cost vs profits method uncertainty". Journal of Property Investment & Finance 34, n.º 6 (5 de septiembre de 2016): 655–63. http://dx.doi.org/10.1108/jpif-06-2016-0048.
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Purpose The purpose of this paper is to compare the value outcomes of the cost approach to the DCF profits method when valuing specialised property under different scenarios as a test for choice of method or model uncertainty; and to quantify valuation uncertainty under each scenario and to argue for an increasing adoption of the profits method of valuation. Design/methodology/approach A qualitative case study approach was used to analyse four physical valuations performed in practice under four specific scenarios, namely, a business-as-usual scenario, an underperforming business scenario, an expanding capacity scenario and a combined business-as-usual funding a start-up joint venture scenario. Findings The cost approach relative to the DCF profits approach consistently under-values specialised property under business-as-usual and business expanding scenarios while it over-values in instances of underperforming business scenario. Practical implications Financial institutions that predominantly uses or accepts the cost approach for valuing specialised property should consider adopting the DCF profits approach as the default approach when valuing for mortgage lending purposes. Business owners of specialised properties should contract practitioners knowledgeable and skilled in the application of the DCF profits method. Originality/value This paper quantifies choice of method or model uncertainty of four different scenarios of specialised properties where both the cost approach and DCF profits methods of valuation were employed. It suggests the adoption of the DCF profits method as the default method of valuation for specialised property.
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Renigier-Biłozor, Małgorzata y Maurizio d’Amato. "The Valuation of Hope Value for Real Estate Development". Real Estate Management and Valuation 25, n.º 2 (27 de junio de 2017): 91–101. http://dx.doi.org/10.1515/remav-2017-0016.
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Abstract In the valuation of a property subject to development, the valuer may consider the potential aspect of the value of both land to be improved and a building to be refurbished. These kinds of valuations are complex, especially when a prudent assessment of value is required. In general terms, all properties may have potential development which, in some cases, can be termed “hope”. In particular, uncertainty regarding the change in the legal framework may create expectations as to the uncertain variation of property value in the future. In these cases, it may be necessary to deal with hope value or future value, trying to reach the value of a property subjected to uncertain changes. Hope value is the difference between the existing use value and the price that the market might pay for future transformation. The main aim of the paper is the elaboration of a methodology to determine the hope value. In this work, a real option model for the valuation of hope value in the real estate market will be applied to a small sample of residential properties located in Olsztyn that are subject to possible transformation. The possibility of a transformation may create expectations and may influence the value of the property. Although the applications of these methods to real estate valuation are fairly recent, the International Valuation Standards have included real option theory in the income approach as a valuation method since 2011.
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Kupec, Josef. "Added value of sites suitable for sustainable office development". Organization, Technology and Management in Construction: an International Journal 13, n.º 2 (1 de julio de 2021): 2465–71. http://dx.doi.org/10.2478/otmcj-2021-0026.
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Abstract Valuations of real estate are widely used for various purposes and it relied always upon the financial and other markets. Valuation methodology is based on the operation of the free market economy and the real estate properties. The issue of certified properties is relatively new in the field of real estate valuation and is not sufficiently explored. Certified buildings are preferred by major corporate tenants with international field of activity who often have ethical rules for sustainable development. Therefore, certified properties are attractive to international commercial real estate investors who have higher purchasing power and are willing to pay a higher purchase price. Sustainable property certification is an element affecting the market value of the property. The purpose of this presented research is to quantify the impact of property certification on the value of office properties in Prague and subsequently to determine the impact of sustainability certificates on the market value of the land by using basic valuation techniques. The outcome of the project could be used by real estate valuation experts as a guideline to consider the future project certification and its impact on the land market value.
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Michaletz, Vladimir y Andrey I. Artemenkov. "The transactional asset pricing approach". Journal of Property Investment & Finance 37, n.º 3 (10 de abril de 2019): 255–88. http://dx.doi.org/10.1108/jpif-10-2018-0078.
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Purpose The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of professional property valuation. Design/methodology/approach The TAPA is a novel analytical valuation methodology recasting the traditional derivations of the income approach techniques, including DCF, from a transactional perspective based on the principle of inter-temporal transactional equity, instead of the conventional investor-specific view originating from I. Fisher (1907, 1930). Findings The authors present DCF analysis as a specific case of a more general TAPA approach to valuation under the income method. This also leads to novel analytical derivations of the Direct income capitalization, Gordon, Inwood, Hoskold and Ring models. Based on the TAPA framework, the authors also research the value-enhancing effects of benchmark market volatility on the subject property value and conclude that such effects can be statistically significant depending on the DCF analysis period. Research limitations/implications The research has a direct bearing on time-variable discount rate forecasting capabilities, as it uses a time-variant structure for the discount rates. Practical implications Using the US Case-Shiller and BLS rental indices as a valuation benchmark, the paper contains an example of applying the general TAPA framework to value a notional property under a TAPA’s DCF version. Such property valuations can be easily replicated in practice – especially in the context of equitable/fair value determination under the International Valuation Standards Council valuation standards. Social implications TAPA is a deductive principles-based theory of asset valuation especially fit for the transactional and illiquid asset valuation contexts – thus enabling a more efficient pricing for such assets in a sense of reflecting the transactional interests of the parties more closely than achievable under the conventional valuation methods. Originality/value TAPA is an original filiation of research with roots going as far back as Aristotelian Catallactics. It contains analytical formalizations of certain transactional equity principles.
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Grover, Richard. "Mass valuations". Journal of Property Investment & Finance 34, n.º 2 (7 de marzo de 2016): 191–204. http://dx.doi.org/10.1108/jpif-01-2016-0001.
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Purpose – The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so. Design/methodology/approach – The method makes use of case studies of and fieldwork in countries that have either recently introduced mass valuations, brought about major changes in their systems or have been working towards introducing mass valuations. Findings – Mass valuation depends upon a degree of development and transparency in property markets and an institutional structure capable of collecting and maintaining up-to-date price data and attributes of properties. Countries introducing mass valuation may need to undertake work on improving the institutional basis for this as a pre-condition for successful implementation of mass valuation. Practical implications – Although much of the literature is concerned with how to improve the statistical modelling of market prices, there are significant issues concerned with the type and quality of the data used in mass valuation models and the requirements for successful use of mass valuations. Originality/value – Much of the literature on mass valuation takes the form of the development of statistical models of value. There has been much less attention given to the issues involved in the implementation of mass valuation.
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Skarzyński, Andrzej. "RESIDUAL METHOD OF PROPERTY VALUATION". Technological and Economic Development of Economy 12, n.º 3 (30 de septiembre de 2006): 253–56. http://dx.doi.org/10.3846/13928619.2006.9637749.
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In the paper the residual method as one of the methods used for property valuation by mixed approach is presented. The paper contains the description of the most often used applications of the residual method and two examples of the practical usage of this method. The first example relates to the valuation of a family house being built for the purpose of obtaining a mortage loan to complete construction work. The second example concerns the valuation of an office building considered for purchasing by a potential buyer. The paper ends with the conclusions concerning the conditions of property valuation.
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d’Amato, Maurizio. "Supporting property valuation with automatic reconciliation". Journal of European Real Estate Research 11, n.º 1 (8 de mayo de 2018): 125–38. http://dx.doi.org/10.1108/jerer-01-2017-0005.
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Purpose Valuation is a professional activity based on international and local standards. In the valuation process more than one method can be modified. In this case, a final reconciliation of different opinions of value may be required. It is a matter of fact that the final result of these different valuation methods may vary. Therefore, in the final part of the valuation process, the valuer is required to assign a weight to the different methodologies to reach an appropriate opinion of value. This process is essentially based on valuer’s expertise. This paper aims to propose an automatic procedure of calculating the weights to assist the valuer in the valuation process. Design/methodology/approach The work provides methodologies to assign the weights through simple mathematical procedures that can be used to support subjective judgement in the valuation process. The models proposed can be applied to other phases of reconciliation inside the valuation process and are based on the collection of previous property data in the same market segment. Findings Two different methodologies are proposed to support valuers in the valuation process and in particular in the phase of the choice of the weights for final reconciliation purposes. Research limitations/implications The implication is the development of an information system to support the appraiser in providing these weights. The models proposed are only two but represent a future, much larger field of research. Practical implications The models may help in determining more consistent valuation reports. Social implications Consistent valuation reports for the determination of mortgage lending value may contribute to the stability of the social and economic system, especially after the 2008 non-agency mortgage crisis. Originality/value These are original models proposed in literature for such kind of problems.
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Hager, David P. y David J. Lord. "The property market, property valuations and property performance measurement". Journal of the Institute of Actuaries 112, n.º 1 (junio de 1985): 19–60. http://dx.doi.org/10.1017/s0020268100041974.
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1.1. The Institute has discussed papers on most aspects of institutional investment in recent years, with the notable exception of property. This is not due to the lack of importance of this investment sector to pension funds and life offices, but perhaps to the greater role of actuaries (rather than surveyors) in the other investment media and to the interest in mathematical models for gilts and equities.1.2. In this paper we have not tried to produce a mathematical model of the property market, a new valuation method for property or solutions to the extensive problems of property performance measurement and indices. We have, however, tried to pull together, in a single paper, the volumes of material on the property market and property valuation methods. We have also tried to set down some of the pitfalls of property performance measurement, which often tend to be overlooked in the relentless pursuit for more statistics in this important area.
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Buuveibaatar, Munkhbaatar, Kangjae Lee y Wonhee Lee. "Developing an LADM Valuation Information Model for Mongolia". Land 12, n.º 4 (15 de abril de 2023): 893. http://dx.doi.org/10.3390/land12040893.
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Modern land/property valuation practice requires three-dimensional (3D) valuation, which is crucial to better valuate and assess values of property units. However, conventional land/property valuation systems primarily exist in 2D form, which hinders the accurate valuation of buildings, condominiums and land. The present study introduces the first step toward establishing an advanced land/property valuation system in Mongolia, where it is urgent to meet such requirements. We examined relevant Mongolian geospatial standards and documents, those related to land valuation (i.e., cadastral parcels and buildings), and a valuation information model, which is based on the ISO 19152:2012 Land Administration Domain Model (LADM), with the aim of developing an LADM Valuation Information Model country profile for Mongolia. After the in-depth analysis of the data model of both the LADM Valuation Information Model and the national geospatial relevant standards, we proposed the LADM Valuation Information Model country profile as a conceptual model. Our study results demonstrate how the LADM Valuation Information Model can be adapted to the Mongolian land administration system. Our findings can be used to serve a reference data model to construct 3D land/property valuation systems for efficient valuation of land (e.g., mass appraisal) and taxation purposes.
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Kazak, Jan, Jarosław Malczyk, David Garcia Castro y Szymon Szewrański. "Carbon Sequestration in Forest Valuation". Real Estate Management and Valuation 24, n.º 1 (1 de marzo de 2016): 76–86. http://dx.doi.org/10.1515/remav-2016-0007.
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Abstract Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services. A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.
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Jansen van Vuuren, David. "Valuing specialised property using the DCF profits method". Journal of Property Investment & Finance 34, n.º 6 (5 de septiembre de 2016): 641–54. http://dx.doi.org/10.1108/jpif-06-2016-0047.
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Purpose The purpose of this paper is twofold: primary, to argue that the profits method, specifically a discounted cash flow (DCF)-based profits method, should be the preferred method of valuation when valuing specialised property. Secondary, to make technical recommendations in the application of the method. Design/methodology/approach Literature was reviewed on the theory of the profits method as well as physical valuations performed in practice. Improvements for the profits method are suggested from the review of six valuations conducted in South Africa in the specialised property sectors. A qualitative approach is followed in the research as broad principles are extracted from the valuation reports as implications and improvements for the profits method. Findings The profits method is more flexible and sophisticated than the cost approach in taking into account systematic and unsystematic risk. The profits method is more accurate than the cost approach in delivering a true reflection of the value of specialised property for any purpose but specifically for mortgage lending purposes and reduces the credit exposure risk of financial institutions. It also decreases pricing inefficiencies to be exploited by buyers and sellers. Practical implications Three improvements to the profits method are suggested. First, revenue could be forecasted based on a probability-weighted approach. Second, a modified capitalisation rate is suggested to the capitalisation rate formula in the calculation of G. Third, a market rental aggregation anchoring and judgement-based approach is suggested as rationale for determining the hypothetical rental split. Originality/value There seems to be a general lack in literature on the profits method of valuation and its application to specialised properties, specifically a DCF-based approach, with this paper being a technical contribution to the body of knowledge on this topic.
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Malienė, Vida, Edmundas K. Zavadskas, Artūras Kaklauskas y Saulius Raslanas. "PROPERTY VALUATION BY MULTIPLE CRITERIA METHODS/NEKILNOJAMOJO TURTO VERTINIMAS DAUGIAKRITERINIU METODU". JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 5, n.º 4 (31 de agosto de 1999): 272–84. http://dx.doi.org/10.3846/13921525.1999.10531475.
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Multiple criteria valuation methods are widely used in real estate valuation all over the world. In USA, UK and other countries these methods are part of techniques based on comparative and reinstatement values as well as on income of use. They are used in valuating various property characteristics, ie its location or obsolescence degree. In Germany, however, multiple criteria valuation technique refers to a separate group of property valuation methods applied when market data are unavailable or insufficient (ie purchasing, selling or renting prices are not known). The above methods have been used for real estate valuation since 1976. Dr. H. E. Auerhammer [1] was the first to apply these approaches to solving real estate valuation problem caused by the scarcity of market data. These methods supplemented with systems of criteria developed by other authors were later applied to particular cases when three major commonly used property valuation methods could not be applied. Thus, K. Gablenz [2] suggests using the method described in assessing plots intended for agriculture, while B. Bischoff [3] offers to use it for determining the investments into plots. R. Vogel [4] thinks that the approach may be used for determining the approximate value of land, whereas G. Sommer and P. Zimmermann [5] and Piehler [6] developed a system of criteria to be used as a part of the method described in determining the differences between the value of quantitative and qualitative characteristics of an object and its market value. T. Gierardy and R. Moeckel [7] described the advantages and disadvantages of methods based on multiple criteria analysis. The above methods are widely used in Germany for property valuation, the peak of their application being associated with the unification of East and West Germany in 1990 [8]. Multiple criteria analysis presented in this paper for property valuation may be used to the advantage of various interested parties (see Fig 1). The representatives of various parties including appraisers, buyers, sellers and investors may use it for their particular purposes: appraiser may apply this method to real estate value analysis for determining the market, use and other values of real estate being mortgaged, ensured, privatised, divided or nationalised; investor may rely on it for more efficient use of this property; buyer may use it for choosing property which would satisfy his personal needs to the best advantage; seller has to determine the market price of his property that would ensure its competitive ability on the market. To satisfy all the needs described multiple criteria valuation method presented in the paper may be successfully used. To show its efficiency the solution of a sample problem, representing a real case is provided.
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Grosz, Gabriella, Evelyn Herbert, Gábor Izsák y Katinka Szász. "Issues Relating to the Creation of a Central Database to Support Statistical Property Valuations". Financial and Economic Review 20, n.º 4 (2021): 86–117. http://dx.doi.org/10.33893/fer.20.4.86117.
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The valuation of real estate collateral is a long-established area of the lending process that is currently undergoing increasingly dynamic development and in which the use of statistical valuation methods is becoming more and more common instead of on-site valuations. The legal conditions for this have been created by amendments to European and national legislation in the past year, but for the method to be truly widely used and operational and to ensure the accuracy of the resulting valuations, access to detailed, accurate, up-to-date and regularly checked data on real estate must be also created. As the databases currently available for Hungarian real estate are very fragmented, in our study, we propose to create a central database that would provide a uniform, up-to-date set of data, by harmonising the existing separate databases. Such a database would help create a level playing field in the market and automate data transfer in a cost-effective, fast and reliable manner. This would greatly facilitate the uptake of statistical valuation methods, supporting the further spread of digitalisation, increasing banking competition, speeding up administration and reducing the cost of lending for all parties.
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Volchek, R. "DISCUSSION ASPECTS OF PROPERTY VALUATION FOR TAX PURPOSES". Аграрний вісник Причорномор'я, n.º 94 (25 de diciembre de 2019): 64–75. http://dx.doi.org/10.37000/abbsl.2019.94.11.
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The author's vision on the process of estimating the value of real estate objects for the purposes of taxation is given. It is established, that the current norms of valuation of property for taxation purposes, established by the main regulator of valuation activity in Ukraine − the State Property Fund of Ukraine, deprive transparency the process of valuation of property in our state, and offset personal accounting judgments when assessing real estate. Opacity and distortion of the current norms of normative legal acts regulating the process of valuation of property and property rights in Ukraine, as well as the norms of the International Financial Reporting Standards (further − IFRS) 13 «Fair Value Measurement» during the valuation of real estate objects, consists, according our opinion, representatives of the State Property Fund of Ukraine during the approval of property valuation reports for tax purposes are based on the estimated value of the objects, which should be determined solely on the basis of the prices of real estate offers and solely by means of a comparative approach. But, IFRS 13 «Fair Value Measurement» and National Standard 1 «General Principles of Valuation of Property and Property Rights» demand to determine the value of objects of evaluation in three methods: costly, cost-effective and comparative. Recommendations are introduced, implementation of which will allow to observe the transparency and correctness of determining the value of property for tax purposes.
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Bellman, Lina y Peter Öhman. "Authorised property appraisers’ perceptions of commercial property valuation". Journal of Property Investment & Finance 34, n.º 3 (4 de abril de 2016): 225–48. http://dx.doi.org/10.1108/jpif-08-2015-0061.
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Purpose – The purpose of this paper is to describe and analyze the thought patterns of authorized property appraisers (APAs) when valuing commercial properties, and draw conclusions about their collective thinking in terms of content, complexity, and homogeneity. Design/methodology/approach – A standard set of value-adding factors and bipolar constructs was included in a grid form used for data collection. The repertory grid technique and principal component analysis were used to map and analyze the thought patterns of nearly half of the APAs in Sweden. Findings – Analysis of the mean grid for all respondents revealed three dimensions in the aggregated APA thought pattern: property object – property market focus, abstract – specific information, and expert – superficial assessments. The aggregated thought pattern was found to be moderately complex, and the APAs demonstrated relatively strong homogeneity in their thought patterns. Practical implications – Based on the moderate complexity and relatively strong homogeneity in respondent thought patterns, this study discusses the upcoming establishment of a profession. Originality/value – To the authors’ best knowledge, this is the first study using the repertory grid technique to map and analyze APA thought patterns at an aggregated level.
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Asnis, A. Ya, M. A. Ivanova y Sh N. Khaziev. "Forensic Valuation of Intellectual Property". Theory and Practice of Forensic Science 14, n.º 3 (23 de octubre de 2019): 40–45. http://dx.doi.org/10.30764/1819-2785-2019-14-3-40-45.
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Valuation of objects of intellectual property can be important when considering civil disputes, criminal cases of copyright and related rights infringements, criminal bankruptcies, cases of administrative offenses (violations of copyright and related rights, inventor’s and patent rights). At present, there is no generally accepted and accessible methodology of forensic valuation of intellectual property items.The main aspects of the forensic valuation of intellectual property are reviewed. It is shown that when assessing the value of intellectual property special knowledge should be applied in the field of forensic merchandising expertise, forensic economics, as well as other kinds and types of forensic expertise according to the characteristics of the intellectual property in question: forensic trace evidence analysis, computer forensics, forensic linguistics, forensic materials analysis, etc. It is necessary to develop and implement a new type of forensic examination in the forensic institutions of the Ministry of Justice of the Russian Federation - forensic examination of intellectual property which will also include the value assessment of such objects.
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French, Nick. "The valuation of specialised property". Journal of Property Investment & Finance 22, n.º 6 (diciembre de 2004): 533–41. http://dx.doi.org/10.1108/14635780410569506.
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Meszek, Wieslaw. "Uncertainty phenomenon in property valuation". International Journal of Management and Decision Making 8, n.º 5/6 (2007): 575. http://dx.doi.org/10.1504/ijmdm.2007.013419.
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Diaz III, Julian y J. Andrew Hansz. "SPECIAL ISSUE ON PROPERTY VALUATION". International Journal of Strategic Property Management 14, n.º 1 (31 de marzo de 2010): 1. http://dx.doi.org/10.3846/ijspm.2010.01.
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French, Nick y Niall Sloane. "Property valuation in the UK". Journal of Property Investment & Finance 36, n.º 4 (2 de julio de 2018): 397–406. http://dx.doi.org/10.1108/jpif-04-2018-0024.
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Purpose The purpose of this paper is to comment upon the on-going debate about the preferred use of implicit models of valuation vs their explicit counterparts. The last few decades have seen changing complexities in UK leasing structures, and there is a suggestion that the implicit models are incapable of dealing with these complexities. This paper looks to address the issues and concerns with implicit models. Design/methodology/approach This education briefing is an overview of the pros and cons of both models and collates comments from industry to give an indication of the use of each model. Findings This paper analyses the appropriateness of implicit models of valuation and the areas in which they prove useful. Although the explicit models prove to be more useful in certain situations, the implicit models are also proved just as useful. The appropriate model needs to be used as appropriate to the property type. Practical implications Rather than seeing implicit and explicit models as “rivals”, they should be seen as two sides of the same coin. Both have advantages and disadvantages. The role of the valuer in practice is to choose the correct model for the valuation task in hand. Originality/value This is a review of existing models.