scholarly journals VALUATION SYSTEMS IN POLAND, SLOVAKIA AND THE UNITED KINGDOM – COMPARATIVE STUDY

2013 ◽  
Vol 21 (4) ◽  
pp. 75-86
Author(s):  
Marek Walacik ◽  
Richard Grover ◽  
Adamuscin Adamuscin
Keyword(s):  
Real Estate ◽  
Comparative Study ◽  
Real Estate Market ◽  
Market Models ◽  
The Real ◽  
The Real Estate ◽  
Market Values ◽  
Property Valuation ◽  
The United Kingdom ◽  
The Real Estate Market

Abstract The real estate market is a domain of multi-faceted contemplations - ranging from economical, societal and sociological, to juridical aspects. These domains are important because they create an area of real estate (internal and external) and have an impact on the real estate market. The multifariousness of properties has an influence on the creation of market values. Investors and people whose jobs are connected with the real estate market describe it using points, variables and characteristic attributes and on their basis, create algorithms or real estate market models. We need to draw attention to the fact that, in most cases, the terms “features “, “variables”, and “attributes” are treated as the same. The authors of the present article do not agree with that kind of approach and would like to systematize the knowledge in this area. The goal of the article is to explain problematic terms, and indicate their genesis and sense of using them. The paper compares the legal systems of property valuation in three different countries. It describes their different valuation procedures and provides commentary on them.

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 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 Reflecting Sustainability in Property Valuation - Defining the Problem

2018 ◽  
Vol 26 (2) ◽  
pp. 60-70 ◽  
Author(s):  
Ewa Kucharska-Stasiak ◽  
Katarzyna Olbińska
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Sustainable Buildings ◽  
Sustainable Building ◽  
New Approach ◽  
The Real ◽  
The Real Estate ◽  
Property Valuation ◽  
Short Period ◽  
The Real Estate Market

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.

scholarly journals Pricked by the Virus for good? Real Estate Bubbles and the Grand European Shutdown

2021 ◽  
Author(s):  
Marko Malović ◽  
Miloš Roganović ◽  
Mustafa Özer
Keyword(s):  
United Kingdom ◽  
Real Estate ◽  
Research Question ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
Speculative Bubbles ◽  
The United Kingdom ◽  
The Real Estate Market ◽  
Real Estate Prices

Research Question: The objective of this particular piece of research was to evaluate the condition of the real estate market in the period preceding the pandemic outbreak. Motivation: Our goal was to determine whether real estate has been overpriced, i.e., whether and when speculative bubbles began to form and whether there were indications of their bursting. This paper brings together the need for discussing theories that can potentially explain the real estate market bubbles and boom-bust cycles (Gleaser &Nathanson, 2014) and the new approach which proved promising to detect the exuberance of economic and financial activities (Phillips, Shi &Yu, 2015). Potential collapse of real estate prices would have devastating effects and would likely cause a collapse of the financial system. Idea: The core idea of this paper was to evaluate whether speculative bubbles could be detected in the real estate market over the period immediately before the outbreak of the COVID-19 virus pandemic, and whether the pandemic or the financial crisis arising from it led to bursting of bubbles in this market and consequently brought their economies into even deeper crises. Data: Quarterly price movements were analyzed in the real estate market in six countries: Italy, Spain, the United Kingdom, Serbia, Croatia and Slovenia in the period Q1 1980 - Q4 2019 for Italy, Spain and the United Kingdom; Q1 2002 - Q4 2019 for Serbia and Croatia and Q1 2007 - Q4 2019 for Slovenia. Tools: Empirical analysis has been performed by utilizing generalized sub-augmented Dickey-Fuller (GSADF) test of unit roots for the detection and data stamping of bubbles in the real estate market in time series at hand. Findings: In conclusion, grand European shutdown and COVID pandemic apparently did not prick multiplicity of previously formed real estate bubbles, at least not for the time being. Moreover, in several developing countries with stunted financial markets, the virus may have somewhat paradoxically solidified real estate prices and even sustained a build-up of rational real estate bubbles. Contribution: This paper expands previous research on real estate bubbles and provides new insights into the initial consequences of the COVID-19 pandemic.

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