scholarly journals The Issues of Real Estate Valuation in the Process of Privatization

2017 ◽  
Vol 5 (1) ◽  
pp. 201-208
Author(s):  
Levan Kalandadze
Keyword(s):  
Real Estate ◽  
Early Stage ◽  
Market Value ◽  
The State ◽  
Soviet System ◽  
Real Estate Valuation ◽  
Privatization Process ◽  
Production Facilities

Abstract The process of privatization in our country was characterized and unfortunately is still characterized by very important difficulties. The purpose of the research is to analyze the issues of real estate valuation in the process of privatization. In Georgia, the privatization process began after dissolution of the Soviet system. It should be noted that the process of privatization is of particular importance in terms of activation of investment activities in the country. In this regard, privatization can be considered one of the essential and most important incentives for attracting investments by the state. Currently, thousands of enterprises have already been privatized, but there are still quite many stateowned production facilities and property. Determination of the market value of the items of state-owned property is especially important when selling them at auctions or on competitive basis. In addition, one of the causes for incompetent privatization of the state-owned property at the early stage is disregard of the institute of appraisers of movable and immovable property, who did not participate in determining the market value of the property and in the privatization process. The information assessment, analysis, comparison and generalization, as well as systematic, quantitative, qualitative and logical generalization methods are used in the article.

scholarly journals Civil Engineering Inspection for Real Estate Evaluation with the Use of Artificial Learning Algorithms and Fuzzy Logic

2020 ◽  
Vol 43 (338) ◽  
pp. 75-82
Author(s):  
Vladimir Surgelas ◽  
Irina Arhipova ◽  
Vivita Pukite
Keyword(s):  
Artificial Intelligence ◽  
Fuzzy Logic ◽  
Real Estate ◽  
Civil Engineering ◽  
Market Value ◽  
The State ◽  
The Real ◽  
The Real Estate ◽  
Technical Inspection ◽  
Physical Conditions

AbstractThe technical inspection of a building carried out by an expert in civil engineering can identify and classify the physical conditions of the real estate; this generates relevant information for the protection and safety of users. Given the real conditions of the property, and for the real estate valuation universe, using artificial intelligence and fuzzy logic, it is possible to obtain the market price associated with the physical conditions of the building. The objective of this experiment is to develop a property evaluation model using a civil engineering inspection form associated with artificial intelligence, and fuzzy logic, and also compare with market value to verify the applicability of this inspection form. Therefore, the methodology used is based on technical inspection of civil engineering regarding the state of conservation of properties according to the model used in Portugal and adapted to the reality of Latvia. Artificial intelligence is applied after obtaining data from that report. From this, association rules are obtained, which are used in the diffuse logic to obtain the price of the apartment per square meter, and for comparison with the market value. For this purpose, 48 samples of residential apartments located in the city of Jelgava in Latvia are used, with an inspection carried out from October to December 2019. The main result is the 9% error metric, which demonstrates the possibility of applying the method proposed in this experiment. Thus, for each apartment sample consulted, it resulted in the state of conservation and a market value associated.

scholarly journals Added value of sites suitable for sustainable office development

2021 ◽  
Vol 13 (2) ◽  
pp. 2465-2471
Author(s):  
Josef Kupec
Keyword(s):  
Real Estate ◽  
Free Market ◽  
Market Value ◽  
Commercial Real Estate ◽  
Added Value ◽  
The Real Estate ◽  
Real Estate Valuation ◽  
Valuation Methodology ◽  
The Impact ◽  
Office Development

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.

scholarly journals Considerations for a Regression-Based Real Estate Valuation and Appraisal Model: A Pilot Study

2019 ◽  
Vol 8 (2) ◽  
pp. 99
Author(s):  
Shawn L. Robey ◽  
Mark A McKnight ◽  
Misty R. Price ◽  
Rachel N. Coleman
Keyword(s):  
Pilot Study ◽  
Real Estate ◽  
Market Value ◽  
Residential Real Estate ◽  
Independent Variables ◽  
Real Estate Valuation ◽  
Scientific Approach ◽  
Traditional Approaches ◽  
Different Characteristics ◽  
Total Market

This paper advocates a more scientific approach to residential real estate valuation as opposed to more traditional approaches, which are flawed for two main reasons: (1) appraiser judgements are almost exclusively used and (2) appraisers’ sample sizes are too small to provide adequate estimated values. By using a regression model, this paper explores the impacts of different characteristics on market value. Three hundred and fifteen properties in Evansville, Indiana, were analyzed testing twelve different variables. This model suggests that 91.8% of the total market value variation is explained by four independent variables. These findings provide evidence that multiple linear regression could be used to better predict a property’s value.

Real Estate Valuation Fraud

2015 ◽  
pp. 278-291
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Real Estate Market ◽  
Personal Gain ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Valuation ◽  
The Real Estate Market ◽  
Real Market

Valuation profession is a link between the borrower and the lender. Fraud is an intentional deliberate deception committed for illegitimate personal gain. There are several forms of real estate fraud, especially when the real estate market is facing a boom. The most widespread types of real estate fraud include the preparation of two sets of settlement statements, property flipping, and fraudulent qualifications. There are mainly three types of valuation to look out for. Valuation may be received from an unauthorized agency. Furthermore, a real valuation may be altered from the original to generate profit. Thirdly, intentional inflation of the value of a property will hide the real market value. It is usually difficult to spot real estate fraudulent activities, so deep investigations and professionalism is needed. This chapter explores real estate fraud.

scholarly journals Current trends and tasks of training of land management specialists

2020 ◽  
Vol 13 ◽  
pp. 30-36
Author(s):  
Vladimir Kosinsky ◽  
Mikhail Burov
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Land Management ◽  
Land Use Planning ◽  
Social Protection ◽  
Bologna Process ◽  
The United States ◽  
The State ◽  
State University ◽  
Real Estate Valuation

In 2015-2016 the State University of Land Use Planning and land management faculties of higher educational institutions released the final mass enrollment of graduates who studied “engineer” qualification for five years. Starting from 2016-2017, bachelors and masters of land management began to leave the walls of the State University of Land Use Planning and land management departments of universities. Has the division into two parts - bachelor's and master's been justified? Basically, we can say that this is an international practice and we would not want to live separately from the international community, since we study foreigners from many countries of the world who want to receive education in a Western way; in addition, our students also study abroad. But, unlike the Western baccalaureate, we remain specializations. There are profiles in the undergraduate program: land administration, land management, real estate cadastre, urban cadastre, land valuation, real estate valuation, and so on, that is students receive professional knowledge. Mastership is designed to deepen them. But it is absolutely not necessary to choose undergraduate and graduate programs in the same direction, it can be changed. If a student is not satisfied with the direction or specialization chosen before, he can correct it by studying another mastership program. One undoubted positive consequence of Russia's accession to the Bologna process is the simultaneous assumption of international obligations to maintain the wide accessibility of higher education regardless of financial situation of young people. Europe seeks to provide broad social protection in this area, where Russia has been catastrophically losing ground in recent years. The United States, with all its wealth, has never tried to positively solve this problem and is not going to accept the Bologna rules, and they have enough compelling arguments for this. First of all, do we need a bachelor degree? How will a master match with a candidate of science? Today, the heads of land surveying firms and companies, sociologists, professors of universities as well as educational and scientific institutions are discussing this problem.

scholarly journals Application of AHP Method in Assessment of the Influence of Attributes on Value in the Process of Real Estate Valuation

2019 ◽  
Vol 27 (4) ◽  
pp. 15-26
Author(s):  
Krzysztof Dmytrów ◽  
Sebastian Gnat
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Comparative Approach ◽  
Ahp Method ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Valuation ◽  
The Impact ◽  
Hierarchy Process

Abstract Property valuation in the comparative approach requires the determination of the impact of market characteristics on the formation of prices on the local real estate market. Valuers have a variety of methods for determining weights. Some of them require the collection of a sufficiently large database of information on transactions. However, this is not always possible. In the absence of sufficient data, alternative approaches, including an expert approach, may be used. The goal of the article is the proposal of an expert approach at the stage of assessing the influence of attributes on the value of the real estate. The AHP (Analytical Hierarchy Process) method will be used. On its basis, pairwise comparisons of the importance of attributes will be done by experts (valuers). By means of the AHP method, the weights of each attribute will be obtained and, subsequently, the influence of each attribute on the real estate value will be assessed. Research will be done on the basis of 318 real estates in Szczecin.

scholarly journals Analysis on Effect of COVID -19 on Property Valuation in Real Estate Market

2021 ◽  
Vol 9 (12) ◽  
pp. 1467-1473
Author(s):  
Urmika Vishwakarma
Keyword(s):  
Real Estate ◽  
Swot Analysis ◽  
Real Estate Market ◽  
Real Property ◽  
Property Valuation ◽  
Real Estate Valuation ◽  
Wide Range ◽  
Central Tenet ◽  
Investment And Financing

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

scholarly journals Analytical Method for Correction Coefficient Determination for Applying Comparative Method for Real Estate Valuation

2020 ◽  
Vol 28 (2) ◽  
pp. 52-62
Author(s):  
Valentas Gružauskas ◽  
Andrius Kriščiūnas ◽  
Dalia Čalnerytė ◽  
Valentinas Navickas
Keyword(s):  
Real Estate ◽  
Analytical Method ◽  
Comparative Method ◽  
Correction Coefficient ◽  
Real Estate Valuation ◽  
Machine Learning Approach ◽  
Price Estimation ◽  
Macroeconomic Indicators ◽  
Alternative Research

AbstractReal estate valuation uses 3 main approaches: income, cost and comparative. When applying the comparative method, correction coefficients based on similar real estate transactions are determined. In practice, the coefficients and similar real estate objects are usually determined by using qualitative approach based on the valuators’ experience. The paper provides an analytical method for the determination of correction coefficient, which limits subjectivity when using the comparative method for valuation. The provided analytical approach also integrates macroeconomic indicators in the calculation process. It also addresses issues when available historical real estate transaction data is limited. A machine learning approach was applied to determine the average price of real estate in the region, with the possibility of using this information to obtain correction coefficients where historical data was unavailable. Alternative research usually focuses on final price estimation of the selected real estate object; however, the valuation standard of Tegova released in 2018 does not allow for applying analytically based approaches for individual real estate object evaluation; these approaches can be used only as a supportive tool for valuators.

scholarly journals Forms and Effectiveness of the Client's Influence on the Market Value of Property - Case Study

2018 ◽  
Vol 26 (3) ◽  
pp. 82-92 ◽  
Author(s):  
Ewa Kucharska-Stasiak ◽  
Sabina Źróbek ◽  
Radosław Cellmer
Keyword(s):  
Statistical Analysis ◽  
Real Estate ◽  
Market Value ◽  
Ethical Standards ◽  
Gender And Age ◽  
Real Estate Valuation ◽  
Valuation Process ◽  
Survey Responses

Abstract Although real estate valuation is supposed to make the market transparent, it has been noted to be partial in many countries. Analysis of literature and results of the statistical analysis of survey responses of Polish property appraisers indicated that: Property valuers operate in an environment which exerts influence on the final result of valuation. The attempts of the client to influence the valuation process and their effectiveness do not depend on the gender and age of the property appraiser. The problem of valuation bias should be seen in the weakness of the system enforcing compliance with ethical standards, with this being an area which requires reinforcement in many countries.

scholarly journals Conditional Model of Real Estate Valuation for Land Located in Different Land Use Zones

2018 ◽  
Vol 26 (1) ◽  
pp. 122-130 ◽  
Author(s):  
Agnieszka Bieda
Keyword(s):  
Land Use ◽  
Real Estate ◽  
Land Uses ◽  
Conditional Model ◽  
The Real ◽  
The Real Estate ◽  
Transaction Prices ◽  
Real Estate Valuation

Abstract* Real estate valuation is carried out correctly if it takes into account all the conditions occurring on a given market at the time of its performance. One of the important determinants of correct valuation is the proper determination of the land use class of the property being valued. It is equally important to find similar properties with the same land use classes as the property subjected to valuation. This does not pose a problem when a property is located within an area with one specific land use zone. If, however, its land use zoning is not homogeneous, finding similar properties may be difficult. If those contained in the database of comparable properties differ from the real estate being valued with regard to land uses of individual areas or proportions of areas with a specific use, it is suggested to divide transaction prices obtained for the whole property into components of those prices that correspond to the fragments of this property with specific land uses. In this paper, the conditional model has been used for this purpose.

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