Today's Market Needs Modernized Property Appraisers

AbstractThe article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers’ competencies and effectively support real estate market entities and sustainable urban development.

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Is the Real Estate Market of New Housing Stock Influenced by Urban Vibrancy?

Complexity ◽

10.1155/2020/1908698 ◽

2020 ◽

Vol 2020 ◽

pp. 1-22

Author(s):

Alice Barreca ◽

Rocco Curto ◽

Diana Rolando

Keyword(s):

Real Estate ◽

Urban Areas ◽

Housing Stock ◽

Housing Prices ◽

Real Estate Market ◽

Sustainable Urban Development ◽

The Real ◽

The Real Estate ◽

The Real Estate Market ◽

Spatial Autoregressive

The attractiveness and vibrancy of an urban area are very complex aspects that both Public Administrations and real estate developers and construction companies have to carefully consider in order to correctly address their investments and sustainable urban development projects. The aim of this paper is to study urban vibrancy and its relationship with the neighbourhood services and the real estate market of new housing stock. Spatial analyses are performed to study the influence of the Neighbourhood Services Index (NeSI) and its Principal Components (PCs) on listing prices and the construction activity. Spatial autoregressive (SAR) models are applied both with lattice data and data points, in order to manage spatial dependence and to identify the variables that significantly influence housing prices and construction site density. Findings highlight that the NeSI significantly influences the real estate market of new housing stock and that above the analysed neighbourhood services and the retail activities have a great, significant, and positive influence on the density of housing construction sites. The results of this study represent a real support for both public and private bodies to identify the most and least attractive and vibrant urban areas and to deal with important aspects of urban complexity.

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Urban Vibrancy: An Emerging Factor that Spatially Influences the Real Estate Market

Sustainability ◽

10.3390/su12010346 ◽

2020 ◽

Vol 12 (1) ◽

pp. 346 ◽

Cited By ~ 7

Author(s):

Alice Barreca ◽

Rocco Curto ◽

Diana Rolando

Keyword(s):

Real Estate ◽

Urban Areas ◽

Housing Prices ◽

Real Estate Market ◽

Current Status ◽

The Real ◽

The Real Estate ◽

Activity Intensity ◽

The Real Estate Market ◽

Spatial Autoregressive

Urban vibrancy is defined and measured differently in the literature. Originally, it was described as the number of people in and around streets or neighborhoods. Now, it is commonly associated with activity intensity, the diversity of land-use configurations, and the accessibility of a place. The aim of this paper is to study urban vibrancy, its relationship with neighborhood services, and the real estate market. Firstly, it is used a set of neighborhood service variables, and a Principal Component Analysis is performed in order to create a Neighborhood Services Index (NeSI) that is able to identify the most and least vibrant urban areas of a city. Secondly, the influence of urban vibrancy on the listing prices of existing housing is analyzed by performing spatial analyses. To achieve this, the presence of spatial autocorrelation is investigated and spatial clusters are identified. Therefore, spatial autoregressive models are applied to manage spatial effects and to identify the variables that significantly influence the process of housing price determination. The results confirm that housing prices are spatially autocorrelated and highlight that housing prices and NeSI are statistically associated with each other. The identification of the urban areas characterized by different levels of vibrancy and housing prices can effectively support the revision of the urban development plan and its regulatory act, as well as strategic urban policies and actions. Such data analyses support a deep knowledge of the current status quo, which is necessary to drive important changes to develop more efficient, sustainable, and competitive cities.

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How different actors shape the real estate market for informal settlements in Lagos

Environment and Urbanization ◽

10.1177/0956247820917882 ◽

2020 ◽

Vol 32 (2) ◽

pp. 371-388

Author(s):

Akunnaya Pearl Opoko ◽

Adedapo Adewunmi Oluwatayo ◽

Bayo Amole ◽

Ekundayo Adeyemi

Keyword(s):

Real Estate ◽

Urban Areas ◽

Informal Settlements ◽

Real Estate Market ◽

Property Market ◽

Real Estate Markets ◽

The Real Estate ◽

The Real Estate Market ◽

Market Needs

The literature indicates that most housing in the urban areas of many countries in the global South is in informal settlements, provided through informal mechanisms that are often not well understood. This paper contributes to understanding the forces influencing real estate markets in informal settlements, drawing on a case study of the under-researched Ayobo community in Lagos, Nigeria. The paper examines the roles played by government agencies and other market actors, including buyers, sellers, informants, financiers and witnesses, in relation to the operation and regulation of informal land markets. The analysis of the data, drawn from a survey and interviews, reveals a thriving property market, which is socially if not formally regulated. The paper concludes that this flourishing informal market needs strengthening to effectively meet the housing needs of urban residents.

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Households and real estate: Strategies of accumulation and inequality in Spain, 2002-2017

Perspectives Demogràfiques ◽

10.46710/ced.pd.eng.25 ◽

2021 ◽

pp. 1-4

Author(s):

Diederik Boertien ◽

Antonio López-Gay

Keyword(s):

Real Estate ◽

Urban Areas ◽

Housing Prices ◽

Wealth Inequality ◽

Real Estate Market ◽

Economic Resource ◽

The Real ◽

The Real Estate ◽

The Real Estate Market ◽

Property Owners

Real estate has traditionally been an important economic resource for Spanish households. The development of the real estate market in Spain during the 21st century brings forth two very different stories. The first story is one of obstacles to access housing. It has become increasingly hard to buy or rent a home. Housing prices have risen considerably in urban areas while people’s income changed very little. The second story is one of accumulation of properties. Housing has been, and continues to be, a form of saving, investment and speculation for small and large property-owners. Falling housing prices permitted resourceful households to accumulate more properties during the financial crisis. These two stories lead to the following question: How did changes in the ownership of properties impact inequality in Spain? In this Perspectives Demogràfiques, we analyse how developments in the real estate market are connected to wealth inequality in Spain. The results point at a polarization of access to property; both the number of households without property and the number of households with multiple properties increased over time. Because real estate is the most important form of household’s wealth, the accumulation of properties has become a non-negligible part of wealth inequality between households in Spain.

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