scholarly journals THE APPLICATION OF MULTI-CRITERION METHODS FOR VALUATION OF RECREATION PROPERTY/DIE ANWENDUNG DER MEHRKRITERIELLEN METHODE BEI DER BEWERTUNG VON ERHOLUNGSGRUNDSTÜCKEN

2001 ◽  
Vol 7 (4) ◽  
pp. 327-333 ◽  
Author(s):  
Edmundas Kazimieras Zavadskas ◽  
Arturas Kaklauskas ◽  
Saulius Raslanas ◽  
Vida Malienė
Keyword(s):  
Theoretical Model ◽  
Market Value ◽  
Market Analysis ◽  
Multiple Criteria ◽  
Multiple Criteria Analysis ◽  
Real Property ◽  
Valuation Methods ◽  
Property Valuation ◽  
Real Estate Valuation ◽  
The World

Multi-criterion valuation methods are widely used in real estate valuation all over the world. In USA, UK and other countries these methods are part of techniques based on comparative and reinstatement values as well as on income use [1]. A number of problems in the valuation of real property can be eliminated by the methods of multiple criteria analysis, which came into existence only at the second half of the 20th century. Currently, they have become very important in the international practice of the real property valuation. In most cases they are based on market modelling and economic assumptions. Therefore, sometimes they are referred to as separate valuation methods, and classified as modern ones. This article describes a new method of multiple criteria analysis. This method based on the market analysis and valuation principle is in line with the traditional comparative value method, therefore it can be attributed to the group of the indirect comparative value methods. These methods facilitate the universal and more extensive multiple criteria analysis of the property, since they take account of a number of different criteria, ie qualitative, quantitative ones, market conditions. The proposed method can meet the demands and needs of many interested groups since it enables to estimate not only the market value of the property, but also other values, eg investment value, value of use, market value of the current use of the property, etc. This article analyses the theoretical model of the method, which was used to estimate the market value of the recreation premises.

scholarly journals PROPERTY VALUATION BY MULTIPLE CRITERIA METHODS/NEKILNOJAMOJO TURTO VERTINIMAS DAUGIAKRITERINIU METODU

1999 ◽  
Vol 5 (4) ◽  
pp. 272-284
Author(s):  
Vida Malienė ◽  
Edmundas K. Zavadskas ◽  
Artūras Kaklauskas ◽  
Saulius Raslanas
Keyword(s):  
Real Estate ◽  
Multiple Criteria ◽  
Multiple Criteria Analysis ◽  
West Germany ◽  
Value Analysis ◽  
Market Data ◽  
Valuation Methods ◽  
Advantages And Disadvantages ◽  
Property Valuation ◽  
Real Estate Valuation

Multiple criteria valuation methods are widely used in real estate valuation all over the world. In USA, UK and other countries these methods are part of techniques based on comparative and reinstatement values as well as on income of use. They are used in valuating various property characteristics, ie its location or obsolescence degree. In Germany, however, multiple criteria valuation technique refers to a separate group of property valuation methods applied when market data are unavailable or insufficient (ie purchasing, selling or renting prices are not known). The above methods have been used for real estate valuation since 1976. Dr. H. E. Auerhammer [1] was the first to apply these approaches to solving real estate valuation problem caused by the scarcity of market data. These methods supplemented with systems of criteria developed by other authors were later applied to particular cases when three major commonly used property valuation methods could not be applied. Thus, K. Gablenz [2] suggests using the method described in assessing plots intended for agriculture, while B. Bischoff [3] offers to use it for determining the investments into plots. R. Vogel [4] thinks that the approach may be used for determining the approximate value of land, whereas G. Sommer and P. Zimmermann [5] and Piehler [6] developed a system of criteria to be used as a part of the method described in determining the differences between the value of quantitative and qualitative characteristics of an object and its market value. T. Gierardy and R. Moeckel [7] described the advantages and disadvantages of methods based on multiple criteria analysis. The above methods are widely used in Germany for property valuation, the peak of their application being associated with the unification of East and West Germany in 1990 [8]. Multiple criteria analysis presented in this paper for property valuation may be used to the advantage of various interested parties (see Fig 1). The representatives of various parties including appraisers, buyers, sellers and investors may use it for their particular purposes: appraiser may apply this method to real estate value analysis for determining the market, use and other values of real estate being mortgaged, ensured, privatised, divided or nationalised; investor may rely on it for more efficient use of this property; buyer may use it for choosing property which would satisfy his personal needs to the best advantage; seller has to determine the market price of his property that would ensure its competitive ability on the market. To satisfy all the needs described multiple criteria valuation method presented in the paper may be successfully used. To show its efficiency the solution of a sample problem, representing a real case is provided.

Property valuation in the UK: material uncertainty and COVID-19

2020 ◽  
Vol 38 (5) ◽  
pp. 463-470
Author(s):  
Nick French
Keyword(s):  
Design Methodology ◽  
Property Values ◽  
Market Value ◽  
Content Type ◽  
Property Valuation ◽  
The World ◽  
The Uk ◽  
Value Changes ◽  
Practical Implications ◽  
Rental Value

PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.

Pricing to market: property valuation methods – a practical review

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laura Gabrielli ◽  
Nick French
Keyword(s):  
Specific Property ◽  
Market Value ◽  
Content Type ◽  
Valuation Methods ◽  
Property Valuation ◽  
Valuation Method ◽  
Valuation Process ◽  
Valuation Task ◽  
The Right

PurposeValuation is the process of determining Market Value. Property valuation, as with the valuation of all assets, is an estimation of price in the market. It is value in exchange. The valuer role is to determine the appropriate approach, the method and use the right model to achieve this aim as best as possible. It is a combination of analysing the market and determining the critical variables for the valuation method/model. The method is separate from the valuation process which should be followed (according to the International Valuation Standards Council Valuation Standards) regardless the valuation method chosen. There are valuation approaches, valuation methods and, as a subset of the methods, techniques or models.Design/methodology/approachThis practice briefing is an overview of the Valuation Methods and Models available to the valuer and comments on the appropriateness of valuation each in assessing Market Value for specific property types.FindingsThis briefing is a review of the valuation methods and models and models that can be applied to determine market value.Practical implicationsThe role of the valuer in practice is to identify the method of valuation and then apply the correct mathematical model for the valuation task in hand.Originality/valueThis provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.

scholarly journals APPLICATION OF METHOD OF MULTIPLE CRITERIA ANALYSIS FOR ESTABLISHING VALUE/DAUGIAKRITERINĖS NEKILNOJAMOJO TURTO ANALIZĖS VERTĖS NUSTATYMO METODAS IR JO TAIKYMAS

2000 ◽  
Vol 6 (5) ◽  
pp. 295-306 ◽  
Author(s):  
Vida Malienė ◽  
Artūras Kaklauskas ◽  
Edmundas Kazimieras Zavadskas
Keyword(s):  
Real Estate ◽  
Competitive Ability ◽  
Market Price ◽  
Multiple Criteria ◽  
Multiple Criteria Analysis ◽  
Real Case ◽  
Sample Problem ◽  
Value Analysis ◽  
Property Valuation ◽  
Valuation Method

Multiple criteria analysis presented in this paper for property valuation may be used to the advantage of various interested parties. The representatives of various parties including appraisers, buyers, sellers and investors may use it for their particular purposes: appraiser may apply this method to real estate value analysis for determining the market, use and other values of real estate being mortgaged, ensured, privatised, divided or nationalised; investor may rely on it for more efficient use of this property; buyer may use it for choosing property which would satisfy his personal needs to the best advantage; seller can use it for determining the market price of his property that would ensure its competitive ability on the market. To satisfy all the needs described, multiple criteria valuation method presented in the paper may be successfully applied. To show its efficiency, the solution of a sample problem representing a real case is provided.

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 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.

Evidence-based regulation of labour migration in OECD countries: setting quotas, selection criteria, and shortage lists

2014 ◽  
Vol 11 (1) ◽  
pp. 11-22 ◽  
Author(s):  
Jonathan Chaloff
Keyword(s):  
Labour Market ◽  
Selection Criteria ◽  
Oecd Countries ◽  
Market Analysis ◽  
Multiple Criteria ◽  
Labour Migration ◽  
Evidence Based ◽  
Periodic Review ◽  
Market Data ◽  
Almost All

The growing complexity of selection criteria for discretionary labour migration in OECD countries has been accompanied by an expanded demand for labour market analysis and consultation with stakeholders. While some features of general or detailed criteria may be fixed in legislation, numerical quotas or targets, shortage lists, and multiple-criteria points-based systems are generally subject to periodic review and revision based on labour market data and consultation with stakeholders. Official government bodies have maintained co-ordination of this process, with varying degrees of externalization. In most countries expertise is internal, with recourse to external mandated bodies rare. In almost all cases, however, the process is designed to promote consensus around the policy while maintaining political control.

COMPARATIVE METHOD IN CONSTITUTIONAL LAW: BETWEEN PRESUMPTIONS OF SIMILARITIES AND DIFFERENCES

2019 ◽  
Vol 14 (5) ◽  
pp. 84-113
Author(s):  
ALEXANDRA A. TROITSKAYA
Keyword(s):  
Political Philosophy ◽  
Theoretical Model ◽  
Constitutional Law ◽  
Comparative Method ◽  
Comparative Law ◽  
Middle Level ◽  
Legal Research ◽  
Universal Principles ◽  
The World ◽  
Similarities And Differences

The two main approaches to the use of the comparative method in legal research, functional and cultural, have some "predetermined" considerations regarding the results that will (or should) be discovered by comparing various legal phenomena — should the emphasis be on similarities or differences between these phenomena. These considerations are based on the vision of, respectively, the universal or pluralistic nature of law of various societies, and in fact they are able to correct substantially the process of cognition of legal phenomena using the comparative method, adjusting it to the desired result. In the case of similarities, we can talk about artificially narrowing the circle of countries under investigation. In the case of differences, the isolation of systems and the uniqueness of their cultural characteristics are unreasonably exaggerated. The alternative assumptions presented in the theory of comparative law regarding the existence of universal principles of law or the fundamental uniqueness of each legal system require a critical rethinking of constitutional provisions and practice in comparative studies. The use of the comparative method in constitutional law is not reducible to the implementation of the ideas of political philosophy, and objective conclusions should not be replaced by predetermined normative guidelines. The similarities and differences revealed by the researcher of constitutional ideas, norms and practices can be considered as a result of comparison of independent value.Constitutional law is associated with a variety of substantial constructs existing in the world, not excluding, however, their intercommunication. Understanding these constructions requires attention to both the similarities and the differences in specific legal orders (as well as the reasons for their functioning in this, and not another form). The use of the comparative method in the absence of striving for predetermined results is simultaneously aimed at understanding the laws of development of constitutional institutions and maintaining the horizon of their diversity as an important component of this development. Each time, the researcher should distance himself from his prejudices regarding the similarities or differences between the institutes under study, rechecking whether the obtained results are really the results of applying the comparative method, and not the initial constructions.The logic of a comparative study corresponds to the construction of theories of "middle level", aimed at forming the theoretical model of a particular legal in-stitution, taking into account the practice of implementing this institution in specific states. The focus on middle-level theories within the framework of the comparative method allows one to go beyond the description of single systems, formulate conclusions at the level of generalization that ensure the comparability of the studied objects, and at the same time maintain an understanding of the diversity of constitutional models.

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