Academic literature on the topic 'The appraisal of real estate'

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Journal articles on the topic "The appraisal of real estate"

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Gospavić, Zagorka, Dragana Milićević, and Jelena Cvetinović. "Real estate appraisal reports." Geonauka 01, no. 01 (May 30, 2013): 21–25. http://dx.doi.org/10.14438/gn.2013.03.

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Lusht, Kenneth M. "Real Estate Valuation and Appraisal." Real Estate Economics 14, no. 2 (June 1986): 175–78. http://dx.doi.org/10.1111/1540-6229.00381.

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Adamuscin, Andrej, Sławomir Palicki, and Izabela Rącka. "Real Estate Appraisal in Central-Eastern Europe: Comparative Analysis of Poland and Slovakia." Real Estate Management and Valuation 25, no. 4 (December 1, 2017): 50–62. http://dx.doi.org/10.1515/remav-2017-0029.

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Abstract The countries in Central-Eastern Europe have been subjected to dynamic economic changes. Researchers from Poland and Slovakia study the history of the creation of and rules by which the real estate appraiser’s profession functions. They also present the methodological basics for property appraisals. The original value of this article is a comparative analysis depicting the similarities and differences occurring in the research area, in two countries from the same region of Europe. The analysis may also influence the methodological discussions of specialists concerning the correctness and purpose of certain approaches, methods or techniques of property appraisal. The main goal of this article is conducting research on the operational rules of the real estate appraiser profession and property appraisal methods. The detailed objectives include: a critical comparative analysis of the solutions used in the above-mentioned countries, searching for interesting, unusual methodological propositions, and presenting a current assessment of the applied property appraisal methodology. The foremost methods used in this article are: the analysis of legislative instruments, the analysis of literature concerning property appraisal methodology in Poland and Slovakia, and a questionnaire (CAWI and PAPI technique). Complementary knowledge was derived from official government internet portals and trade associations dealing with property appraisals. A comparative analysis was the basis for conducting research on the similarities and differences in the studied countries.
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Zhou, Gang, Yicheng Ji, Xiding Chen, and Fangfang Zhang. "Artificial Neural Networks and the Mass Appraisal of Real Estate." International Journal of Online Engineering (iJOE) 14, no. 03 (March 30, 2018): 180. http://dx.doi.org/10.3991/ijoe.v14i03.8420.

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<p>With the rapid development of computer, artificial intelligence and big data technology, artificial neural networks have become one of the most powerful machine learning algorithms. In the practice, most of the applications of artificial neural networks use back propagation neural network and its variation. Besides the back propagation neural network, various neural networks have been developing in order to improve the performance of standard models. Though neural networks are well known method in the research of real estate, there is enormous space for future research in order to enhance their function. Some scholars combine genetic algorithm, geospatial information, support vector machine model, particle swarm optimization with artificial neural networks to appraise the real estate, which is helpful for the existing appraisal technology. The mass appraisal of real estate in this paper includes the real estate valuation in the transaction and the tax base valuation in the real estate holding. In this study we focus on the theoretical development of artificial neural networks and mass appraisal of real estate, artificial neural networks model evolution and algorithm improvement, artificial neural networks practice and application, and review the existing literature about artificial neural networks and mass appraisal of real estate. Finally, we provide some suggestions for the mass appraisal of China's real estate.</p>
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Bondar, M. I., and А. A. Kulyk. "Foreign experience of real estate mass appraisal." Problems of Theory and Methodology of Accounting, Control and Analysis, no. 1(48) (April 29, 2021): 3–12. http://dx.doi.org/10.26642/pbo-2021-48-3-12.

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The article examines foreign experience in the formation and functioning of mass assessment systems on the example of individual countries. The sample of countries, on the one hand, includes the United States and Sweden as countries where the mass appraisal system has been successfully functioning for decades, and on the other hand, Lithuania, Slovenia, Belarus and Poland, where the formation of a mass appraisal system began only in the late 20th – early 21st centuries. The article covers a comparative analysis and generalization of key aspects of mass appraisal systems of selected countries such as legislative regulation of mass appraisal, administration of the mass appraisal process in the context of the division of functions and powers between key entities, accounting and analysis of input information on the economic and physical-technical characteristics of real estate objects, the use of appraisal approaches and methods for evaluating certain types of real estate, etc. As the world experience shows, the models and procedures of mass appraisal form the basis of modern value-based systems of real estate taxation, since they allow to effectively solving the problems of simultaneously evaluating a large number of objects in conditions of limited time and financial resources. That is why the results of the mass appraisal are primarily used for tax purposes, in particular, to determine the tax base for real estate tax. In some countries, the results of mass appraisal are additionally used in banking and insurance activities, as well as for the purpose of accounting and taxation of real estate in inheritance or donation, etc. Based on the analysis of foreign experience, the article discusses the problems and prospects of introducing a mass appraisal system in Ukraine, in particular, the emphasis is on the lack of appropriate legislative resolution, low openness and transparency of the real estate market, the inconsistency of existing real estate accounting registers with the information needs of mass appraisal, etc. Further research will be directed in the following directions. Firstly, the study of accounting systems for transactions with real estate and accounting systems for the physical-technical characteristics of real estate, corresponding to the information requests of the mass appraisal. Secondly, research of methods and models, development of mass appraisal procedures in accordance with the peculiarities of the local market using as the example the residential real estate market of one of Kyiv districts.
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NISHIJIMA, Atsushi. "Contributions and Challenges for the Real Estate Appraisal in Real Estate Sciences." Japanese Journal of Real Estate Sciences 28, no. 4 (2015): 96–101. http://dx.doi.org/10.5736/jares.28.4_96.

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Doszyń, Mariusz. "Algorithm of real estate mass appraisal with inequality restricted least squares (IRLS) estimation." Journal of European Real Estate Research 13, no. 2 (May 22, 2020): 161–79. http://dx.doi.org/10.1108/jerer-11-2019-0040.

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Purpose The purpose of this paper is to present an algorithm of real estate mass appraisal in which the impact of attributes (real estate features) is estimated by inequality restricted least squares (IRLS) model. Design/methodology/approach This paper presents the algorithm of real estate mass appraisal, which was also presented in the form of an econometric model. Vital problem related to econometric models of mass appraisal is multicollinearity. In this paper, a priori knowledge about parameters is used by imposing restrictions in the form of inequalities. IRLS model is therefore used to limit negative consequences of multicollinearity. In ordinary least squares (OLS) models, estimator variances might be inflated by multicollinearity, which could lead to wrong signs of estimates. In IRLS models, estimators efficiency is higher (estimator variances are lower), which could result in better appraisals. Findings The final effect of the analysis is a vector of the impact of real estate attributes on their value in the mass appraisal algorithm. After making expert corrections, the algorithm was used to evaluate 318 properties from the test set. Valuation errors were also discussed. Originality/value Restrictions in the form of inequalities were imposed on the parameters of the econometric model, ensuring the non-negativity and monotonicity of real estate attribute impact. In case of real estate, variables are usually correlated. OLS estimators are then inflated and inefficient. Imposing restrictions in form of inequalities could improve results because IRLS estimators are more efficient. In the case of results inconsistent with theoretical assumptions, the real estate mass appraisal algorithm enables having the obtained results adjusted by an expert. This can be important for low quality databases, which is often the case in underdeveloped real estate markets. Another reason for expert correction may be the low efficiency of a given real estate market.
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You, Quanzeng, Ran Pang, Liangliang Cao, and Jiebo Luo. "Image-Based Appraisal of Real Estate Properties." IEEE Transactions on Multimedia 19, no. 12 (December 2017): 2751–59. http://dx.doi.org/10.1109/tmm.2017.2710804.

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Jochheim-Wirtz, Christoph. "The Official Real Estate Appraisal in Germany." Geonauka 01, no. 03 (December 23, 2013): 1–5. http://dx.doi.org/10.14438/gn.2013.09.

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Tian, Yuan, and Jian Ping Yang. "Application of Geographic Information System on Urban Residential Real Estate Mass Appraisal." Applied Mechanics and Materials 744-746 (March 2015): 1665–68. http://dx.doi.org/10.4028/www.scientific.net/amm.744-746.1665.

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Real estate mass appraisal is the key preliminary work of imposing real estate tax in urban area.Various methods have been used for real estate mass appraisal,among which geographic information system(GIS) is a powerful method to improve the efficiency due to it’s capacity of spacial analysis and management.This article tries to explore the combination of GIS and Hedonic model,and uses GIS spacial analysis function to quantitative analysis influencing factors of real estate.At last we have a real estate mass appraisal practice on Xi’an,the result shows it is feasible and efficient to apply GIS in urban residential real estate mass appraisal.
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Dissertations / Theses on the topic "The appraisal of real estate"

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Andersson, Fredrik, and Robert Landberg. "Real Estate Appraisal : A Study of Real Estate Appraisers in Sweden." Thesis, Jönköping University, Jönköping International Business School, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-209.

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Problem: Problemet som legat till grund för intresset och inriktningen med denna magisteruppsats är då tidigare kontorsfastigheten Skatteskrapan skulle byta ägare och användningsområde. En planerad ombyggnad ställde till problem med avseende på uppskattningen av ombyggnadskostnader. I slutändan handlar problemet om ett värderingsproblem. Detta problem tillsammans med andra ex-empel där fastigheter bytt användningsområden har väckt ett intresse att göra en ingående undersökning av det svenska fastighetsvärderingsområdet. Denna uppsats är indelad i fem olika delundersökningar. Initialt sker en presentation av svenska metoder för fastighetsvärdering. Vidare under-söks olika faktorer som har olika värdepåverkande effekter på fastighetsvärdet. Därefter genomförs en undersökning av hur nya användningssituationer kan vålla värderingsproblem samt hur ett värde fastställs i en sådan situation. Nästa steg består utav en undersökning av internationella värderingsmetoder. Studien avslutas sedan med en undersökning av nya trender som utvecklats inom fastighetsvärderingen.

Syfte: Syftet med denna magisteruppsats är att studera fenomenet fastighetsvärdering via svenska fastighetsvärderare för att erhålla en förståelse för hur de resonerar vid valet av värderingsmetod och bestämmer det slutliga värdet. Dessutom är syftet också att belysa relationen mellan svenska och internationella värderingsmetoder för att utröna likheter och skillnader.

Metod: Vi har valt en kvalitativ metod i form av åtta intervjuer. En förstudie, i form av en intervju, görs med professor Stellan Lundström, vilken ämnar till att ge en uppdaterad bild av forskningen inom området. Därefter hålls sju intervjuer med auktoriserade fastighetsvärderare. Värderarnas synpunkter analyseras sedan tillsammans med resultat från förstudien, teoretiskt ramverk samt tidigare studier. Analysen är baserad på en modifierad tankemodell som är skapad av forskaren Jan Matts-son. Genom denna modell har sedan fem viktiga nivåer, knutna till uppsatsens problemområde, analyserats.

Slutsats: Vi fann att de svenska värderingsmetoderna i stort sett utgörs av tre olika metoder. Dessa är avkastningsmetod, ortsprismetod samt produktionskostnadsmetod. De viktigaste värdepåverkande faktorerna var fastighetens läge samt dess skick och standard. Även hyreskontrakten och vakanser påverker till stor del. Beslut om ny användningssituation kan tas av olika anledningar. Det största problemet relaterat till denna förändring är uppskattningen av framtida kostnader, där ombyggnadskostnader utgör den största svårigheten. De internationella värderingsmetoderna är överlag de samma som de svenska. Kulturella skillnader föreligger i vilka metoder som används i olika situationer. De viktigaste nya trenderna är effekten av de internationella redovisningsstandarderna. En annan trend är det ökade användandet av automatiska analysverktyg.


Problem: The underlying problem within this Master of Science thesis is the emanating issues from the changed owner and usage situation of the former Tax Department. A planned reconstruction led to difficulties in estimating the reconstruction costs. In the end this problem is an appraisal issue. This problem led to an interest to make a thorough investigation of the area of Swedish real estate appraisal. The thesis is constituted by five different subinvestigations. Initially an exploration is made concerning Swedish real estate appraisal methods. Further, factors affecting the real estate value are examined. This is followed by an investigation of what appraisal issues that might occur in a new usage situation and how the value is estimated in such a situation. The relation between Swedish and International appraisal methods is then illuminated. The final investigation is concerning what new trends that have occurred on the Swedish real estate appraisal market.

Purpose: The purpose of this Master of Science thesis is to study the phenomenon real estate appraisal via Swedish real estate appraisers to gain an understanding of how they reason when choosing appraisal method and determine the real estate value. Additionally, the aim is also to highlight the relation between Swedish and International real estate methods to reveal differences and similarities.

Method: We have chosen a qualitative method taking the form of eight interviews. A total of eight interviews are performed. The study is offset by a pre-study with a professor at RIT, Stellan Lundström. The aim with this interview is to get an updated view of the latest research within real estate appraisal. This is followed by seven interviews with certified real estate appraisers. The results from the interviews with the appraisers are analysed together with the pre-study, theoretical framework and previous studies. The analysing process is based upon a modified thought model, originally developed by the researcher Jan Mattsson. The analysing process is presented in five steps that all are connected to the modified thought model and related to the problem area of this Master of Science thesis.

Conclusion: We found that the Swedish appraisal methods generally are constituted by three methods. These are the avkastnings method, the ortspris method and production cost method. The most influent factors on the real estate value are the location as well as the condition and standard. Also the rent contracts and vacancies to some extent affect the value. A rather large problem originates in the estimation of future costs, where the estimation of reconstruction costs is referred to as the largest issue. The international appraisal methods are equivalent to the Swedish methods. The largest differences are of cultural kind mostly caused by differences in legislation. New trends that are presented are the impact of the international accounting standards (IAS). Another significant trend is the increased use of automatic real estate analysis tools.

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Gunnelin, Åke. "Real options in real estate." Doctoral thesis, KTH, Fastigheter och byggande, 2000. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-2982.

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This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995. Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived. Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables. Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.

QC 20100611

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Tidwell, O. Alan. "An Investigation into Appraisal Bias: The Role of Decision Support Tools in Debiasing Valuation Judgments." Digital Archive @ GSU, 2011. http://digitalarchive.gsu.edu/real_estate_diss/10.

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Given the nature of the valuation task environment appraisers are often made aware of previous value opinions rendered by appraisers, commonly in the form of an historic appraisal. And, because an appraisal task involves the rendering of market value, a hypothetical, unobservable construct based on probabilities, direct feedback against this objective is typically not possible. Alternate signals derived from the task environment such as confirmation of previous appraised values may be employed, thereby potentially altering the appraiser’s perception of the valuation objective leading to divergence from the normative model. The real estate behavioral literature suggests commercial appraisers have been susceptible to anonymous value opinions of experts, often times resulting in biased valuation judgments. This research is the first to focus on decision support tools as a technique to eliminate systematic biases in the appraisal process. The study focuses on the value opinion of an anonymous expert as a source of potential bias, because the value opinion of an anonymous expert is a common non-sanctioned source of influence representing a clear departure in the normative appraisal process. To operationalize the research hypotheses a two-factor randomized experiment to investigate the stated research hypotheses was conducted.
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Bulut, Zeynep. "Real Estate Appraisal Methods And Their Application In Ankara." Master's thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613252/index.pdf.

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Real estate is one of the reliable and important investment types for individuals and institutions. Interest in the price appraisal of real estate has increased with rapid development of real estate sector and its legal infrastructure in recent years. Conducting planned urbanization, choosing settlement areas and estimating their inner or outer transport costs, improving capital markets transparency, and reliability require a reliable price valuation of real estate assets. Appraisal in real estate is also important for the tax income of the national budget. In this thesis, it is investigated appraisal methods that are used in various countries and valuation approaches and methods that are used in Turkey are reviewed. The value, in the appraisal reports, is estimated with three traditional approaches: Sales Comparison, Cost, and Income Capitalization. In this thesis, Hedonic Price Approach and the availability of the application of this method in practice are investigated within the framework of seeking an alternative method for appraisal beyond three traditional approaches.
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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.

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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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Menzl, Tomáš. "Teorie oceňování nemovitostí a ocenění konkrétní vybrané nemovitosti." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74062.

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This diploma thesis compares various appraisal methods while appraising chosen real estate. The goal of this thesis is to compare different outcomes of those methods and to analyze the origin of incurred differences.
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Gronow, Stuart. "Explicit appraisals, valuation knowledge and professional competence : for what it's worth." Thesis, University of South Wales, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.341943.

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Söderberg, Bo. "Essay in real estate appraisel." Doctoral thesis, KTH, Real Estate and Construction Management, 1999. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-2882.

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This is an academic dissertation submitted in partialfulfilment of the requirements for the degree of Doctor ofTechnology. The dissertation consists of a short summary anddiscussion of seven enclosed essays. All seven papers aredevoted to central issues within real estate appraisal andvaluation, with emphasis on the market for income property.

Essay Ianalyses the market prices for mixed-use incomeproperties, with mainly residential use. A hedonic priceequation is estimated based on market transactions. The timeperiod under study is 1992—1994. The geographicalsub-market analysed is the city of Stockholm. The hedonictechnique is also used for estimating an assessment equation.Certain types of properties were found to be systematicallyunder-assessed.

Essay IIis an inquiry into the topic of choosing arelevant functional form for the hedonic equation applied toincome property. Certain characteristics of two common modelspecifications are identified. The shortcomings and advantagesare illustrated through the application of the two models toempirical data.

Essay IIIinvestigates if the distance to CBD affectsthe property prices, i.e. if there are (negative) distancegradients. The sub-market analysed is that of mainlyresidential income properties, though the residential market issubject to a rent control system. The distance gradient onrents was insignificant. However, there is a significantnegative price gradient. With one exception (direction east),there is also a significant negative assessment gradient.

Essay IVdeals with cycles on the market for incomeproperty. The time-period under study is 1979—1992, whichincludes the Swedish property crisis. The use of the grossincome multiplier (GIM) as an indicator of the phases of theproperty cycle is suggested. The analyses indicate that theproperty boom during the late 1980s may have been partly drivenby a speculative price bubble.

Essay Vanalyses the determinants of the rent level andthe rent drift on the residential rental market, which issubject to rent control. Furthermore, the rate of return oninvestment, as well as maintenance input (for increasing thequality of the property) is estimated. The micro-location isfound to affect the rent level, but not the age of thebuilding. The return on quality-improving investments andmaintenance was found to be reasonable. The rent increases wereslightly larger than what was agreed upon in officialnegotiations.

Essay VIanalyses the total rate of return (TRR) overthe time-period 1979—1997 within a portfolio of mixed-useincome property. Different definitions of TRR were estimated.The results do not vary over definitions used. The determinantsof the TRR are identified in regressions using panel datamodels. The TRR may be separated into a commercial and aresidential component, respectively. The average values forthese two components are found to be almost equal for the wholetime-period under study, however, the evolution over time isfound to follow patterns that show important differences.

Essay VIIpresents a literature review of studies whereprice equations on the property market are estimated byregression analysis. In all, 145 papers are investigated. Theessay analyses how the methodological procedures, andparticularly those related to econometrics, are presented inthe papers.

Keywords: property, real estate, real estate economics,appraisal, assessment, income property, hedonic technique,model specification, distance gradients, property crises,speculative bubble, gross income multiplier, GIM, rent control,total rate of return, Sweden.

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Fetibegovic, Ahmed, and Adam Nilsson. "Real Estate Discounted Cash Flow Model Development and Design : The process of developing a new DCF model at a multinational real estate consultancy." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-76078.

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Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources. At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.
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Dellstad, Michael. "Comparing three machine learning algorithms in the task of appraising commercial real estate." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-235284.

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In a unique opportunity to examine rare appraisal data from the commercial real estate sector, the accuracy of three machine learning algorithms is compared in the task of appraising commercial real estate. The algorithms; random forests, support vector regression and artificial neural networks, are tested in research about residential real estate, but the area of commercial real estate has remained relatively unexplored due to corporate secrecy. The mean absolute percentage error of the trained models range from 44% to 24% and is held as a baseline. The best performing baseline model, Random forests, was then made more sophisticated in order to evaluate how much performance could increase. It was found that the introduction of Gradient boosting reduced the aforementioned error from 24% to 20%. In comparison, the average human expert appraiser performs at an average error of 12%. The conclusion is that more work is needed in order to compete with human expert appraisers - and that this is a feasible task considering some of the inherent issues within the used data could be resolved with much manual labor.
Med hjälp av en unik datamängd från den kommersiella fastighetssektorn utvärderas prestandan hos tre maskininlärningsalgoritmer i uppgiften att värdera kommersiella fastigheter. Dessa algoritmer; slumpmässig skog, stödvektormaskin samt artificiella neurala nätverk, förekommer ofta inom forskning vid värdering av privata boenden, men på grund av datasekretess inom företagsvärlden är det kommersiella fastighetsområdet idag relativt outforskat. Den genomsnittliga procentuella felmarginalen för de tränade modellerna ligger inom intervallet 44% till 24% och detta hålls som en baslinje för prestandan. Den bäst presterande modellen, slumpmässig skog, görs sedan mer sofistikerad i syfte att utforska hur mycket prestandan kan öka. Det konstateras att en implementering av så kallat Gradient boosting sänker den tidigare nämnda felmarginalen från 24% till 20%. Jämförelsevis presterar den genomsnittliga mänskliga värderaren vid en felmarginal omkring 12%. Slutsatsen är att mer arbete krävs för att konkurrera med mänskliga värderare - och att detta bedöms vara genomförbart med tanke på att vissa underliggande problem i den använda datamängden kan lösas med en stor mängd manuellt arbete.
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Books on the topic "The appraisal of real estate"

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Schram, Joseph F. Real estate appraisal. 2nd ed. Bellevue, Wash: Rockwell Pub., 2006.

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Schram, Joseph F. Real estate appraisal. 3rd ed. Bellevue, WA: Rockwell Pub., 2007.

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Schram, Joseph F. Real estate appraisal. 4th ed. Bellevue, WA: Rockwell Pub., 2008.

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Smith, Judy. Real Estate Appraisal. New York: John Wiley & Sons, Ltd., 2009.

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Bottger, Roy K. Real estate appraisal. Laguna Hills, Calif: Ashley Crown Systems, Inc., 2006.

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Smith, Halbert C. Real estate appraisal. 2nd ed. Dayton, Ohio: Century VII Pub. Co., 1987.

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Smith, Halbert C. Real estate appraisal. 3rd ed. Scottsdale, Ariz: Gorsuch Scarisbrick, 1995.

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Carr, Dennis H. Mastering real estate appraisal. Chicago: Dearborn Real Estate Education, 2003.

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Betts, Richard M. Basic real estate appraisal. 2nd ed. New York: Wiley, 1990.

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H, Miller George. Residential real estate appraisal. 3rd ed. Upper Saddle River, NJ: Prentice Hall, 1998.

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Book chapters on the topic "The appraisal of real estate"

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Gallimore, Paul. "The Components of Appraisal Accuracy." In Real Estate Valuation Theory, 45–59. Boston, MA: Springer US, 2002. http://dx.doi.org/10.1007/978-1-4615-0909-7_3.

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Liermann, Volker, and Norbert Schaudinnus. "Real Estate Risk: Appraisal Capture." In The Impact of Digital Transformation and FinTech on the Finance Professional, 177–91. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-23719-6_11.

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Fisher, Jeffrey D., and Demetrios Louziotis Jr. "Real Estate Appraisal and Valuation." In Alternative Investments, 185–211. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2013. http://dx.doi.org/10.1002/9781118656501.ch10.

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Huang, Shwu-huei. "Grid-Adjustment Approach — Modern Appraisal Technique." In Real Estate Valuation Theory, 341–54. Boston, MA: Springer US, 2002. http://dx.doi.org/10.1007/978-1-4615-0909-7_14.

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Crosby, Neil, and Steven Devaney. "Appraisal-based indices." In Routledge Companion to Real Estate Investment, 172–91. Abingdon, Oxon ; New York, NY : Routledge, 2018.: Routledge, 2018. http://dx.doi.org/10.1201/9781315775579-9.

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Ratcliffe, John, Michael Stubbs, and Miles Keeping. "Development Site Appraisal." In Urban Planning and Real Estate Development, 384–402. 4th ed. New York: Routledge, 2021. http://dx.doi.org/10.4324/9780429398926-12.

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Kummerow, Max, and Hanga Galfalvy. "Error Trade-offs in Regression Appraisal Methods." In Real Estate Valuation Theory, 105–31. Boston, MA: Springer US, 2002. http://dx.doi.org/10.1007/978-1-4615-0909-7_6.

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Kinnard, William N. "New Thinking in Appraisal Theory." In Research Issues in Real Estate, 147–59. Boston, MA: Springer US, 2003. http://dx.doi.org/10.1007/978-1-4419-8953-6_10.

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Colwell, Peter F., and David W. Marshall. "The Unit-comparison Cost Approach in Residential Appraisal." In Real Estate Valuation Theory, 357–72. Boston, MA: Springer US, 2002. http://dx.doi.org/10.1007/978-1-4615-0909-7_15.

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Chinloy, Peter. "Valuation and Appraisal of Properties." In Real Estate: Investment and Financial Strategy, 25–47. Dordrecht: Springer Netherlands, 1988. http://dx.doi.org/10.1007/978-94-009-2663-9_3.

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Conference papers on the topic "The appraisal of real estate"

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Xu, Lin, and Yan Xiao. "Study on Appraisal of Real Estate Industry Based on Appraisal of Real Estate." In 3rd International Conference on Management Science, Education Technology, Arts, Social Science and Economics. Paris, France: Atlantis Press, 2015. http://dx.doi.org/10.2991/msetasse-15.2015.78.

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Valier, Agostino, and Ezio Micelli. "Digital innovation and Real estate appraisal." In 26th Annual European Real Estate Society Conference. European Real Estate Society, 2019. http://dx.doi.org/10.15396/eres2019_320.

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"Non-liner Adjustments by Real Estate Appraisal." In 8th European Real Estate Society Conference: ERES Conference 2001. ERES, 2001. http://dx.doi.org/10.15396/eres2001_259.

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"REVISITING THREE APPROACHES OF REAL ESTATE APPRAISAL." In 17th Annual European Real Estate Society Conference: ERES Conference 2010. ERES, 2010. http://dx.doi.org/10.15396/eres2010_259.

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"Monte-Carlo Simulations for Building Appraisal." In 2005 European Real Estate Society conference in association with the International Real Estate Society: ERES Conference 2005. ERES, 2005. http://dx.doi.org/10.15396/eres2005_116.

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Fu, Yanjie, Hui Xiong, Yong Ge, Zijun Yao, Yu Zheng, and Zhi-Hua Zhou. "Exploiting geographic dependencies for real estate appraisal." In KDD '14: The 20th ACM SIGKDD International Conference on Knowledge Discovery and Data Mining. New York, NY, USA: ACM, 2014. http://dx.doi.org/10.1145/2623330.2623675.

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Kauko, Tom, and Maurizio d'Amato. "Mass Appraisal Valuation Methodologies. Between Orthodoxy and Heresy." In 11th European Real Estate Society Conference. ERES, 2004. http://dx.doi.org/10.15396/eres2004_162.

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Gohs, Andreas. "Correction Procedures for Appraisal-Based Real Estate Indices." In 24th Annual European Real Estate Society Conference. European Real Estate Society, 2017. http://dx.doi.org/10.15396/eres2017_274.

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Shin, Seungwoo, Eunjung Shin, Yoo Seonjong, and Hyun Lee. "Ethical climate in the Korean appraisal industry." In 26th Annual European Real Estate Society Conference. European Real Estate Society, 2019. http://dx.doi.org/10.15396/eres2019_34.

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Ogunba, O., and T. Archibong. "A Study of Variances in Development Appraisal in Uyo." In 18th African Real Estate Society Conference. African Real Estate Society, 2018. http://dx.doi.org/10.15396/afres2018_121.

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Reports on the topic "The appraisal of real estate"

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Wickham, John A., Delandro Jr., and Donald J. Real Estate: Disposal of Real Estate. Fort Belvoir, VA: Defense Technical Information Center, May 1985. http://dx.doi.org/10.21236/ada403048.

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Liu, Chang, and Wei Xiong. China's Real Estate Market. Cambridge, MA: National Bureau of Economic Research, November 2018. http://dx.doi.org/10.3386/w25297.

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Sullivan, Gordon R., and Milton H. Hamilton. Real Estate: Homeowners Assistance Program. Fort Belvoir, VA: Defense Technical Information Center, June 1992. http://dx.doi.org/10.21236/ada403031.

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Glaeser, Edward. Real Estate Bubbles and Urban Development. Cambridge, MA: National Bureau of Economic Research, December 2016. http://dx.doi.org/10.3386/w22997.

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Engel, Eduardo, Ronald Fischer, and Alexander Galetovic. Highway Franchising and Real Estate Values. Cambridge, MA: National Bureau of Economic Research, February 2002. http://dx.doi.org/10.3386/w8803.

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Grenadier, Steven. An Equilibrium Analysis of Real Estate. Cambridge, MA: National Bureau of Economic Research, February 2003. http://dx.doi.org/10.3386/w9475.

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Vorobyov, V. S., I. V. Yanshina, I. A. Repina, and O. B. Bolbat. Fundamentals of project and real estate management. OFERNIO, April 2020. http://dx.doi.org/10.12731/ofernio.2020.24505.

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Glaeser, Edward, Wei Huang, Yueran Ma, and Andrei Shleifer. A Real Estate Boom with Chinese Characteristics. Cambridge, MA: National Bureau of Economic Research, October 2016. http://dx.doi.org/10.3386/w22789.

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Watkins, Gary Steven. Air Monitoring Stations Preliminary Real Estate Plan. Office of Scientific and Technical Information (OSTI), June 2019. http://dx.doi.org/10.2172/1529522.

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Case, Bradford, William Goetzmann, and K. Geert Rouwenhorst. Global Real Estate Markets - Cycles and Fundamentals. Cambridge, MA: National Bureau of Economic Research, February 2000. http://dx.doi.org/10.3386/w7566.

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