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 Calculation and Spatial Distribution of Capitalization Rates in the Selected Segment of Reality Properties

2016 ◽  
Vol 4 (2) ◽  
pp. 37-50
Author(s):  
Eva Ardielli ◽  
Jiří Ardielli ◽  
David Slavata
Keyword(s):  
Spatial Distribution ◽  
Real Estate ◽  
Real Estate Market ◽  
Real Property ◽  
The Real ◽  
The Real Estate ◽  
Property Valuation ◽  
The Real Estate Market ◽  
Capitalization Rate ◽  
Apartment Ownership

Abstract The process of real property valuation by usage of income approaches is significantly affected by capitalization rate. This article deals with problematic of the capitalization rate determination in the real estate segment of apartments in the Ostrava city. It primarily aims to calculate the level of gross capitalization rate according to different urban localities of Ostrava, for various sizes of apartments, as well depending on the type of apartment ownership. The analysis of the real estate market is an important part of the research. It is focused on the offer of apartments from the perspective of market apartments for sale and also of market apartments for rent. The analyzed and calculated spatial values distributions are consequently processed into cartographic outputs.

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 Calculation and spatial distribution of capitalization rates in the selected segment of reality properties

2016 ◽  
Vol 4 (2) ◽  
Author(s):  
Eva Ardielli ◽  
Jiří Ardielli ◽  
David Slavata
Keyword(s):  
Spatial Distribution ◽  
Real Estate ◽  
Real Estate Market ◽  
Real Property ◽  
The Real ◽  
The Real Estate ◽  
Property Valuation ◽  
The Real Estate Market ◽  
Capitalization Rate ◽  
Apartment Ownership

The process of real property valuation by usage of income approaches is significantly affected by capitalization rate. This article deals with problematic of the capitalization rate determination in the real estate segment of apartments in the Ostrava city. It primarily aims to calculate the level of gross capitalization rate according to different urban localities of Ostrava, for various sizes of apartments, as well depending on the type of apartment ownership. The analysis of the real estate market is an important part of the research. It is focused on the offer of apartments from the perspective of market apartments for sale and also of market apartments for rent. The analyzed and calculated spatial values distributions are consequently processed into cartographic outputs.

scholarly journals Possibilities of the Practical Application of Remote Sensing Data in Real Property Appraisal

2015 ◽  
Vol 23 (2) ◽  
pp. 68-76
Author(s):  
Rafał Dąbrowski ◽  
Dorota Latos
Keyword(s):  
Remote Sensing ◽  
Real Estate ◽  
Remote Sensing Data ◽  
Real Estate Market ◽  
Sources Of Information ◽  
Multiple Sources ◽  
Remotely Sensed Data ◽  
Real Property ◽  
Sensing Data ◽  
Wide Range

Abstract In the process of real estate evaluation, there are many important elements that should be taken into consideration: for example the type of property which is under evaluation, real estate market analysis, and the selection of appropriate evaluation approaches, methods and techniques. In each of the approaches, different parameters are important. Most importantly, however, is the appropriate selection and identification of real estate characteristics, both physical and economic, as well as the determination of the importance of these qualities so that, when necessary, it will be possible to make the appraisal and select those characteristics which have the greatest impact on value of property. To acquire information about real estate, one can analyze data from multiple sources of information, such as: the land and mortgage register, land and buildings register, local town and country planning, industry data and other. Integrating data from all these sources allows comprehensive and up-to-date knowledge on the assessed property to be developed. One of best sources of data describing the characteristics of real estate is remote sensing. This method offers a high spectrum of information and, therefore, allows a wide range of analyses. As a result, one can obtain highly accurate facts about the property. Remote sensing data, however, are not a panacea for all problems and have some limitations that determine their applicability. This paper describes the possibilities of specifying some characteristics of the property under appraisal based on remote sensing data. For this purpose, the qualitative - quantitative analysis of the four most "common" types of remote sensing data were made, along with determining selected characteristics of 30 properties located in the Warsaw - Bemowo suburb area. The results of this research made it possible to answer the question of whether it is practicable and, if so, to what extent, to use remotely sensed data as the basis for determining the characteristics of a property as well as connecting the types of data to individual properties. The paper focuses on defining the characteristics of two kinds of real estate: land and buildings.

scholarly journals Function Modelling Of The Market And Assessing The Degree Of Similarity Between Real Properties - Dependent Or Independent Procedures In The Process Of Office Property Valuation

2015 ◽  
Vol 23 (3) ◽  
pp. 36-46
Author(s):  
Anna Barańska ◽  
Dominika Nowak
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Model Parameters ◽  
Real Property ◽  
Two Stage ◽  
Final Value ◽  
Real Estate Valuation ◽  
Calculation Step ◽  
Function Modelling ◽  
Degree Of Similarity

Abstract Referring to the developed and presented in previous publications (e.g. Barańska 2011) two-stage algorithm for real estate valuation, this article addresses the problem of the relationship between the two stages of the algorithm. An essential part of the first stage is the multi-dimensional function modelling of the real estate market. As a result of selecting the model best fitted to the market data, in which the dependent variable is always the price of a real property, a set of market attributes is obtained, which in this model are considered to be price-determining. In the second stage, from the collection of real estate which served as a database in the process of estimating model parameters, the selected objects are those which are most similar to the one subject to valuation and form the basis for predicting the final value of the property being valued. Assessing the degree of similarity between real properties can be carried out based on the full spectrum of real estate attributes that potentially affect their value and which it is possible to gather information about, or only on the basis of those attributes which were considered to be price-determining in function modelling. It can also be performed by various methods. This article has examined the effect of various approaches on the final value of the property obtained using the two-stage prediction. In order fulfill the study aim precisely as possible, the results of each calculation step of the algorithm have been investigated in detail. Each of them points to the independence of the two procedures.

Prawne i merytoryczne aspekty wyceny nieruchomości na potrzeby ustalania opłaty planistycznej

2021 ◽  
pp. 211-236
Author(s):  
Jan Kuryj ◽  
Anna Klimach ◽  
Ryszard Źróbek
Keyword(s):  
Real Estate ◽  
Legal Regulations ◽  
Real Property ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Appraisal ◽  
Property Valuation ◽  
The Difference ◽  
Calculated Difference

The Act of March 27, 2003, on spatial zoning plan and development, regulates establishing zoning plan fees. Thus, the executive bodies of the municipalities have legally created instruments to collect the fee if the conditions outlined in the Act are met. Amendments to this provision resulted in inaccuracies in establishing the fee. The zoning plan fee is established based on the increase in the value of the real property, taking into account two legal statuses. The real estate appraiser confirms the change in the value of the real property in the appraisal report, which constitutes evidence in the proceedings for determining the amount of the zoning fee.In practice, the determination of the zoning plan fee causes many misunderstandings and problems. The main reason for them is the difference in the value of the real property. It becomes the basis for the municipality’s claims against the property owner. Owners (perpetual usufructuaries), in most cases, take action to reduce the calculated difference in value. Most often, they question the correctness of the real estate appraisal and the way it was documented in the appraisal report.The article presents selected charges directed at real estate appraisers concerning the correctness of property valuation for this purpose, with a commentary supported by legal regulations and court rulings (judgments of the Supreme Administrative Court and the Supreme Administrative Court). In the paper, some findings of the Local Government Appeal Colleges are also indicated.

scholarly journals Simulative Verification of the Possibility of using Multiple Regression Models for Real Estate Appraisal

2019 ◽  
Vol 27 (3) ◽  
pp. 109-123
Author(s):  
Sebastian Kokot ◽  
Sebastian Gnat
Keyword(s):  
Real Estate ◽  
Multiple Regression ◽  
Regression Models ◽  
Negative Impact ◽  
Real Estate Market ◽  
Real Property ◽  
The Real ◽  
Real Estate Valuation ◽  
Multiple Regression Models

Abstract The possibility of using multiple regression models in real estate valuation is the subject of disputes, both in theory and in practice. Econometric modelling is a difficult process, since a number of issues of substantive and numerical nature occur during that process. Modern technologies enable quick and easy model estimation with the use of virtually any quality of data. Naturally, it provokes property appraisers to use such models in the practice of real property valuation, particularly in mass appraisal, frequently without taking those issues into account. Consequently, the models obtained and applied in practice turn out to be of poor quality and, objectively speaking, should not serve as the basis for determining real estate value. The specificity of the real estate market and of the real properties themselves as objects traded in that market additionally exert a negative impact on the quality of the obtained models. In this article, the authors present the results of research which involved a simulation of various types of disturbances of a model artificially developed database of real estate prices and attributes as well as their impact on the quality of estimated models. The research will make it possible to answer the question of the degree and type of disturbances that are permissible in the functioning of a real estate market if the estimated models are to still satisfy the qualitative requirements defined for them, and thereby produce accurate valuation results. A model database will be disturbed by the deviation of prices from model prices and by reducing its size. Radom generators were used to obtain database disturbances.

scholarly journals The Problem of Reflecting the Market in the Legal Principles of Real Estate Valuation in Poland. How to Eliminate the “Legal Footprint”?

2017 ◽  
Vol 25 (2) ◽  
pp. 44-57
Author(s):  
Jan Konowalczuk
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Real Estate Market ◽  
Market Development ◽  
Negative Effects ◽  
Legal Principles ◽  
Property Valuation ◽  
Real Estate Valuation ◽  
Valuation Methodology ◽  
Market Needs

Abstract This paper presents and subjects to criticism the current principles of real estate valuation, which were introduced in Poland in the 1990’s during the return to a market economy, under the conditions of an underdeveloped real estate market. Against the background of the hypothesis of institutional maladjustment of the methodology to the current level of real estate market development, the author assesses the imitative manner of creating the valuation methodology and its discontinuation in 1998, resulting from the introduction of rigid legal regulations, which have significantly limited the ability of ongoing adjustment of the methodology to the market needs. The paper deals with the problems of defining market value and classifying valuation. The author assumes that the appraisal regarding the market value should be based on a descriptive model of real estate valuation, which should make it possible to reflect the market. He draws attention to the negative effects of valuation methodology which prevents or hinders the mapping of the market in appraisal reports. He proposes a change in the order of the legal principles of property valuation, based on a hierarchical model consisting of three elements: the definition and interpretation of value, the market and the methods of valuation.

The real property report the early aftermath

CISM journal ◽  
1989 ◽  
Vol 43 (1) ◽  
pp. 21-24
Author(s):  
G.K. Allred ◽  
S.M. Loeppky ◽  
N.R. Mattson
Keyword(s):  
Real Estate ◽  
Extra Cost ◽  
Real Property ◽  
The Real ◽  
Development Officers ◽  
Physical Attributes ◽  
The Subject ◽  
Considerable Discussion ◽  
Mortgage Lenders

On September 1,1987, the Alberta Land Surveyors’ Association implemented a codified standard for the certification of building locations relative to property boundaries, i.e., building location certificates. Despite considerable discussion on the subject between members of the surveying profession and mortgage lenders, development officers and lawyers over the last several years, the implementation of this standard received instant attention from all participants in real estate transactions. The reaction to the implementation of this standard for real estate surveys varied from outright hos¬tility on the part of some purchasers, who view the requirement for a surveyors’ certificate as an unneces¬sary and extra cost imposed by mortgage companies, to total acceptance of the standard as a bare mini¬mum by most solicitors, who fully comprehend the problems where the paper title does not agree with the physical attributes of the property on the ground. Meetings were held with various interested groups to discuss the requirements of the Real Property Report with regard to determination of “marketability of title” and in particular “extent of title.”

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