The Theory and Practice of Comparable Selection in Real Estate Valuation

2017 ◽  
pp. 307-330 ◽  
Author(s):  
William J. McCluskey ◽  
Richard A. Borst
Keyword(s):  
Real Estate ◽  
Theory And Practice ◽  
Real Estate Valuation

scholarly journals A Multi-Attribute Sales Comparison Method for Real Estate Valuation

2019 ◽  
Vol 28 (1) ◽  
pp. 1-11
Author(s):  
András Farkas ◽  
Bogdan Porumb
Keyword(s):  
Real Estate ◽  
Comparison Method ◽  
Theory And Practice ◽  
Distance Functions ◽  
Hedonic Price ◽  
Property A ◽  
Index Method ◽  
Valuation Method ◽  
Real Estate Valuation ◽  
Metric Distance

The theory and practice of real-estate valuation has attracted immense interest over the past decades. This paper is concerned with the sales comparison approach. First, a brief survey of some procedures used worldwide, the sales comparison by adjustments, the hedonic regression and the hedonic price index method, is presented. To improve the versatility of property appraisals a new valuation method, as a combination of multi-objective optimization (MOO) and multi-criteria decision analysis (MCDA) is developed. A unique feature of this model is that it enables the appraiser to evaluate the characteristics of a property on those scales of measurement to which they belong de facto. To comply with this objective, distinct metric distance functions on each scale of measurement, including the two qualitative scales (nominal and ordinal), are employed. After that, the physical worth of a property is derived as a weighted sum of the composite scores. This can be measured on an interval scale. To predict the monetary worth of a property, a simple linear regression model is developed. The benefits of the use of this multi-attribute valuation method is also discussed. A comprehensive real-world study showing the application of the procedure is included.

scholarly journals ANALYSIS OF INSTALLATION OF MARKET VALUE OF LAND INDUSTRY OF INDUSTRIAL PRODUCTION

2018 ◽  
pp. 88-93
Author(s):  
A.Yu. Palamar ◽  
Ya.V. Osipenko
Keyword(s):  
Real Estate ◽  
Social Life ◽  
Residential Buildings ◽  
Technical Condition ◽  
Commercial Real Estate ◽  
Theory And Practice ◽  
Practical Application ◽  
Distribution Method ◽  
The Real Estate ◽  
Real Estate Valuation

Purpose: 1) to study the concept of wear in the theory of valuation of real estate; 2) analyze the main types of wear and methods of their assessment; 3) to analyze the requirements for the procedure for determining the technical condition of residential buildings when planning and designing repairs; 4) analysis of the reconstruction and technical inventory of the commercial real estate object; 5) in the given example, determine the accumulated depreciation of the real estate by the method of partitioning. Methodology. Many different methods of estimating the value of real estate have been developed, which shows the importance of this task. However, the practical application of existing techniques is problematic. Most of them follow the international practice of evaluation without taking into account the specifics of legislation and the existing conditions of the economic, urban, political and social life of Ukraine. Findings. Thus, the development of the theoretical foundations of real estate valuation, the improvement of its methods, and the implementation of applied research seem rather relevant and practically significant for land management of settlements. Originality consists in the following: the analysis of the best and most efficient use of the land plot; the calculation of the value of the object of valuation by three independent methods of valuation has been made, namely: the method of taking losses into land improvements; income distribution method; the method of comparing the prices of sales of real estate. Practical value. To date, the situation of the domestic assessment school should be considered as being in the period of formation. A large number of modern methodological developments are based on the theory and practice of assessing foreign developments. Many different methods of estimating the value of real estate have been developed, which shows the importance of this task. However, the practical application of existing techniques is problematic. Most of them follow the international practice of evaluation without taking into account the specifics of legislation and the existing conditions of the economic, urban, political and social life of Ukraine. Keywords: estimation, real estate, tax, rent, foreign experience, land market, land payments

Real Estate Valuation use in Urban Transformation Projects

2015 ◽  
Author(s):  
Mehmet Levent ◽  
Semih Adil ◽  
Ayse Gokbayrak
Keyword(s):  
Real Estate ◽  
Urban Transformation ◽  
Real Estate Valuation

Comparative analysis of the real estate taxation basics in the Russian Federation and foreign countries

2018 ◽  
Vol 941 (11) ◽  
pp. 61-64
Author(s):  
A.M. Lelyuhina ◽  
М.V. Litvinenko ◽  
O.V. Miklashevskaya
Keyword(s):  
Real Estate ◽  
Russian Federation ◽  
Tax System ◽  
The Real Estate ◽  
Foreign Countries ◽  
Real Estate Valuation ◽  
Real Estate Tax ◽  
The Russian Federation ◽  
Rational Construction ◽  
The Uk

The current issues of reforming the current tax system in the Russian Federation in the context of the transition to determining the amount of real estate taxes based on the cadastral value of real estate objects are discussed. The decision on adopting elements of a tax system in practice should be scientifically and methodologically based. The rational construction of the tax system of Russia contributes to the study of foreign tax systems’ models. In the article, the systems for calculating real estate tax established in the foreign countries under consideration are highlighted. Everything is based on analyzing the practice of real estate valuation in the UK, France, Belgium, Latvia, Finland, USA and Chile. A comparison is made of the grounds for calculating the property tax, their distinctive features. The main approaches to determining the cadastral value taking place in the cadastral systems of foreign countries are summarized. The conducted studies provide grounds for identifying trends in real estate valuation, which are being introduced into modern Russian cadastral valuation practice.

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