Dissertations / Theses: '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 19921994. 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 19791992, 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 19791997 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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Freybote, Julia. "Market Feedback and Valuation Judgment: Revisited." Digital Archive @ GSU, 2012. http://digitalarchive.gsu.edu/real_estate_diss/11.

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Appraisers receive feedback from a variety of sources such as other appraisers, clients and the real estate market. Previous studies find client feedback to introduce an upward bias into commercial and residential appraisal judgments. Hansz and Diaz (2001) find that the provision of transaction price (market) feedback for a previously valued property biases commercial appraisers upwardly in subsequent valuations. The authors provide market optimism, client feedback and a reduced conservatism bias as explanations for their findings. However, previous client and market feedback studies were conducted in upward-trending or booming real estate markets. The identified upward bias in valuation judgments may have been the result of positive real estate market conditions. This study investigates the impact of transaction price feedback on residential appraisal judgment in a changed appraisal task environment, characterized by a depressed housing market, market pessimism, conservative lenders and a changed residential appraisal industry. As Hansz and Diaz (2001) find an upward appraisal bias in an upward-trending market, I expect market feedback to introduce a downward bias into residential appraisal judgments in a depressed market. Compared to a “no feedback” control group, residential appraisers receiving the feedback that their previous value estimates were too high, compared to the realized transaction price, are expected to make significantly lower subsequent value judgments for an unrelated property. The “too low” feedback is not expected to have an impact on subsequent value judgments. I test the hypotheses with a controlled experiment using a pre-posttest design. The experimental design has one factor (transaction price feedback) fixed at three different levels (“too low”, “too high”, “no feedback”). A posttest-only validity control group is added to test for a potential testing bias in the pre-posttest design. This study uses residential expert appraisers, defined as active Oregon State certified residential appraisers, from the Portland metropolitan statistical area (MSA) as subjects. Experimental subjects are randomly selected from a list of all certified residential appraisers in the Portland MSA. Experimental subjects are randomly assigned to the control and treatment groups (10 subjects per group; N=40). Subjects in the treatment groups and pre-posttest “no feedback” control group are asked to value a lot of vacant residential land in the geographically unfamiliar Roswell, Georgia. After they provide their value estimates for this first valuation case, subjects in the treatment groups are given a note from a seller’s broker stating the transaction price for the previously valued property. Subjects in the “too high” feedback group receive a transaction price that is 15% below their estimates and subjects in the “too low” feedback group receive a transaction price that is 15% above their value estimates. The control group receives no feedback. All treatment and control groups are then given a second (unrelated) valuation case of vacant residential land in Newnan, Georgia and asked for their value estimate. The experiment is concluded with an exit questionnaire containing demographic and professional questions as well as manipulation checks. The experimental data are analyzed using the parametric independent samples t-test. The assumptions of normality and equal variances are not violated by the dataset. A one-way ANOVA and the non-parametric Mann-Whitney U test are used as robustness checks. All statistical tests conclude that neither the mean of the “too high” feedback group nor the mean of the “too low” feedback group are statistically different at the 5% level from the mean of the “no feedback” control group. Thus, no evidence is found that transaction price feedback biases residential appraisal judgments in a depressed market. The insignificant results are further analyzed to assess whether they are due to a non-reception of the treatment by subjects, low statistical power or a non-existing relationship: The explanation that subjects did not read the treatment note can be excluded. A power analysis reveals low statistical power and very small effect sizes for both treatments. An alternative explanation for the insignificant results is the absence of the hypothesized relationship. The main client group of experimental subjects is appraisal management companies, which due to legislation passed after 2007, work with appraisers on behalf of lenders. As a consequence, residential appraisers do not receive direct client feedback anymore (compared to Hansz and Diaz, 2001) and may not respond subconsciously to the “too high” feedback.

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Schulz, Rainer. "Valuation of properties and economic models of real estate markets." Doctoral thesis, [S.l.] : [s.n.], 2003. http://deposit.ddb.de/cgi-bin/dokserv?idn=968959318.

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Fristedt, Victoria. "Will the Appraisal Process for Commercial Real Estate be Automated? A study on the perceptions amongst professionals operating within the Swedish CRE industry." Thesis, Malmö universitet, Fakulteten för kultur och samhälle (KS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-21496.

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Uppsatsens titel: Kommer den kommersiella fastighetsvärderingsprocessen automatiseras? En studie i uppfattningarna hos verksamma aktörer inom den svenska kommersiella fastighetsbranschen. Författare: Victoria Fristedt Handledare: Peter Palm Problemformulering: Digitaliseringen av den kommersiella fastighetvärderingsprocessen är på framfart. Genom allt snabbare utvecklad teknologi uppstår nya möjligheter att implementera effektiviserande tekniska lösningar. Det verkar kunna bli tekniskt möjligt att gå från en manuell till en automatiserad värderingsprocess för kommersiella fastigheter. Ingen tidigare forskning har genomförts med syfte att undersöka vad verksamma inom den svenska värderingsbranschen förutspår för framtiden. Således förefaller det relevant att undersöka vilka uppfattningar angående automatisering som finns hos personer som är verksamma inom kommersiell fastighetsvärdering. Dessutom är det intressant att undersöka på vilket sätt teknologi kan effektivisera värderingsprocessen. Syfte: Studiens syfte är att undersöka vilka uppfattningar verksamma aktörer inom den kommersiella fastighetsvärderingsbranschen har rörande automatisering samt framväxande teknologi. I tillägg syftar studien till att undersöka vilka fördelar respektive nackdelar det kan medföra att gå från en manuell till en mer automatiserad värderingsprocess. Frågeställningar: - Vilka uppfattningar finns kring en automatiserad värderingsprocess hos verksamma aktörer inom den kommersiella fastighetsvärderingsbranschen? - Skulle värderingsprocessen kunna effektiviseras med hjälp av teknologi, och om så är fallet, hur? Metod: Studien har en kvalitativ ansats. Semistrukturerade intervjuer har genomförts med professionella som är verksamma inom olika delar av den kommersiella fastighetsvärderingsbranschen. Syftet med detta var att få ett så nyanserat resultat som möjligt. Respondenternas svar har blivit analyserade med avstamp i tidigare forskning för att nå rimliga slutsatser. Slutsatser: Fastighetsbranschens inställning till en automatiserad värderingsprocess är vad som kommer avgöra om processen blir automatiserad eller ej. Det verkar troligt att teknologin kommer att vara tillgänglig innan branschen är övertygad om att den är pålitlig nog. Nyckelord: Kommersiella fastigheter, Fastighetsvärdering, Automatisering, Digitalisering
Title: Will the Appraisal Process for Commercial Real Estate be Automated? A Study on the Perceptions Amongst Professionals Operating Within the Swedish CRE Industry Author: Victoria Fristedt Supervisor: Peter Palm Problem: The digitalization of the appraisal process for commercial real estate is emerging. With rapid development of technologies, the opportunities to implement new efficient solutions arises. There seems to be a possibility that the process of appraising CRE can transfer from manual to automated. It has not yet been researched what professionals operating within the CRE appraisal industry in Sweden predict about the future. Thus, a study that aims to research what the perceptions of implementing automated systems are, as well as looking into how the appraisal process can become more efficient with help from technology, can be considered relevant. Aim: The aim of the study is to investigate the perceptions of automation and emerging technologies amongst Swedish appraisers, system developers, banks and CRE owners. Furthermore, the aim is to investigate potential advantages and disadvantages of going from a manual appraisal process to a more automated one. Research questions: - What is the perception of automation amongst people operating in the CRE appraisal industry in Sweden? - Could technology make the appraisal process for CRE more efficient and if so, then how? Method: The study is performed with a qualitative approach. Semi-structured interviews have been performed with professionals operating within different parts of the CRE appraisal industry in order to achieve an as nuanced results as possible. The respondents’ answers have been analyzed along with what previous research has shown in order to reach reasonable conclusions. Conclusion: The mindset of the industry is likely to determine the future of the automated appraisal process for CRE. The technology is most likely to be accessible long before the industry is convinced of its trustworthiness. Keywords: Commercial Real Estate, Automation, Appraisal, Digitalization

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Öhman, Jessica, and Robin Österberg. "Fastighetsvärderares trygghet i värderingsprocessen." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-74489.

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Bakgrunden till studien är att den kommersiella fastighetsmarknaden är en säregen marknad, med kännetecken som heterogenitet och illikviditet. Det råder en form av informationsasymmetri mellan olika parter på fastighetsmarknaden, detta på grund av att fastighetsbolag besitter mer information om fastigheterna än andra intressenter på marknaden. Detta samtidigt som det även råder en annan form av informationsasymmetri, att en stor del av fastighetstransaktioner idag sker genom bolagsförvärv, vilket leder till att dessa inte blir publika för allmänheten. Tidigare forskning menar att det finns olika metoder att tillgå vid värdering till verkligt värde samtidigt som professionsteori förklarar hur en yrkesroll som benämns profession arbetar i sin yrkesroll. Syftet med studien är således att med grund i problematiken kring fastighetsvärderingar till verkligt värde, förklara den process som fastighetsvärderare använder sig av för att känna sig trygg i sin värdering. För att besvara syftet med studien tillämpades en kvalitativ metod i form av semistrukturerade intervjuer med auktoriserade fastighetsvärderare i Sverige. Datan bearbetades och analyserades genom transkribering, och kodning genom indelning i kategorier och teman efter ett induktivt tillvägagångssätt. I diskussionen ställdes den teoretiska bakgrunden mot den insamlade empiriska datan. I slutsatsen skrivs att det är flera olika faktorer som skapar trygghet i värderingsprocessen. De värderingsmetoder som finns tillgängliga för en fastighetsvärderare att tillämpa för att värdera kommersiella fastigheter är inte alltid tillräckliga för att eliminera de osäkerheter som möjligtvis kan råda under en värderingsprocess. För att en fastighetsvärderare ska bli trygg i sin värderingsprocess krävs bland annat även erfarenhet, kollegialitet och autonomi.
The background to this thesis lies in the commercial property market’s unique characteristics, such as heterogeneity and illiquidity. There is also information asymmetry between different actors on the market, since the real estate companies have access to more knowledge regarding their properties. At the same time, there is also another form of information asymmetry, since many of the transactions within the real estate market occur through company acquisitions and these are not therefore made public. Previous research implies that there are different methods that can be used when appraising real estate at fair value while profession theory explains how a profession works. The purpose of this study is therefore, based on the complexity surrounding real estate appraisals to fair value, to explain the process an appraiser uses to feel assuredness in the appraisal. To answer the study’s purpose, a qualitative method was adapted by conducting semi-structured interviews with authorized appraisers in Sweden. The collected data were processed and analyzed through transcription and coding via division into categories and themes. An inductive approach was used. In the discussion the theoretical background was put up against the collected empirical data. In the conclusion it is made clear that several different factors create assuredness in the appraisal process. The methods that are available to an appraiser are not always enough to eliminate the uncertainties that might occur during an appraisal process. Experience, collegiality and autonomy are amongst the factors required for an appraiser to reach assuredness in the appraisal process.

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Konopáčová, Hana. "Ocenění rodinných domů v okolí města Hořice s ohledem na dostupnost služeb a posouzení vhodnosti použitých metod ocenění." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-232795.

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The first part of the diploma thesis defines the terms used in relation to real estate appraisal, description of the appraised localities, and description of the individual appraisal methods. The practical part of the diploma thesis provides a description and an appraisal of six family houses situated in various urban areas with different public facilities. It regards appraisal by the cost method, comparative method according to regulations and non-regulation comparative method. The aim of the thesis is to compare the impact of accessibility of services on the marketability of family houses in urban areas with different public facilities.

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Larsson, Veronica, and Susanne Lindberg. "Fastighetsvärdering : - processen att fastställa ett marknadsvärde." Thesis, University of Gävle, Department of Business and Economic Studies, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-7011.

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Syfte: Vi ska analysera hur fastighetsmäklare värderar småhus och hur de använder sig av taxeringsuppgifter, det vill säga de egenskapsuppgifter om tomtmark och småhus som samlats in vid fastighetstaxeringen från fastighetsägarna. Vi ska även sammanställa en modell över de faktorer som har central betydelse vid uppskattning av marknadsvärdet.

Metod: En kvalitativ metod har använts där vi genomfört personliga intervjuer med fastighetsmäklare. Teorin baseras på relevant litteratur, vetenskapliga artiklar och elektroniska källor. Empirin redovisas genom en kategorianalys.

Resultat & slutsats: Vi har kommit fram till att fastighetsmäklare med erfarenhet inte följer de steg som teorin tar upp vid fastighetsvärdering. Egenskapsuppgifterna från fastighetstaxeringen används endast som grundläggande information på grund av att de inte är helt tillförlitliga uppgifter.

Aim: In this thesis we analyze how real estate agents value small houses in Gävle. In addition, we examine how property information from property taxation is used in real estate appraisal. We will also present a model of the factors that are essential in the estimation of market value.

Method: A qualitative approach was used in which we conducted personal interviews with real estate agents. The theory is based on relevant literature, scientific articles and electronic sources. Empirical data reported by a category analysis.

Result & Conclusions: We have found that experienced real estate agents do not follow the steps of the theory when valuating property. Property information provided by property taxation is not completely reliable and is used only as basic information.

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Urbanavičiūtė, Eglė. "Skirtingos paskirties nekilnojamo turto masinio vertinimo tikslumas Kauno mieste." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120530_122657-08027.

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Baigiamojo darbo apimtis - 49 p. Darbe yra 20 paveikslų ir 3 lentelės, bei 4 priedai, kurie papildo tyrimo duomenis. Bibliografinį aprašą sudaro 38 literatūros šaltiniai. Tyrimo tikslas – išanalizuoti skirtingos paskirties nekilnojamojo turto masinio vertinimo tikslumą Kauno mieste. Tyrimo objektas – skirtingos paskirties nekilnojamojo turto masinio vertinimo metodu nustatytos vidutinės rinkos vertės. Tyrimo uždaviniai: 1. Ištirti literatūrą nekilnojamojo turto rinkos ir vertinimo klausimais. 2. Išanalizuoti masinio nekilnojamojo turto vertinimo motodiką.. 3. Ištirti Kauno miesto skirtingos paskirties nekilnojamojo turto vertes. 4. Įvertinti vidutinių pasiūlos kainų ir nustatytų pagal masinio vertinimo metodiką, verčių skirtumus. Tyrimų metodai – mokslinės literatūros, kurioje nagrinėjamas nekilnojamo turto masinis vertinimas ir jo tikslumas, analizė ir sintezė, tiesioginės apklausos, statistinių duomenų rinkimo, analizės, grupavimo, palyginimo ir grafinio vaizdavimo metodai. Nekilnojamojo turto vertinimas yra būtinas turto pirkėjams ir pardavėjams, , kreditų davėjams, hipotekos įstaigoms, investuotojams ir kiekvienam savininkui. Nekilnojamojo turto įvertinimas negali būti absoliučiai teisingas, tačiau siekti tikslumo, vertinant turtą, yra būtina. Tyrimo analizei panaudoti 2010 – 2012 metų 160 nekilnojamojo turto objektų, esantys Kauno mieste. Išanalizavus nekilnojamojo turto objektus ir jiems pritaikius masinio vertinimo modelį, nustatyta, kad pasiūlos kainos... [toliau žr. visą tekstą]
Final work of University Master Studies: 49 pages, 20 figures, 3 tables, 4 appendices, 38 reference sources. Aim of the research: analysis of mass appraisal accuracy of different real estate in the City of Kaunas. Subject of the research: average market values of different real estate, determined by mass appraisal method. Objectives of the research: 1) To review the reference sources on the real estate market and valuation; 2) To analyze the methods of real estate mass appraisal; 3) To survey the values of different real estate in the Kaunas City; 4) To assess the differences in values between average supply costs and those calculated by the mass appraisal methodology; Research methods: analysis and synthesis of scientific literature dealing with the mass appraisal of real estate and its accuracy, direct questioning, statistical data collection, analysis, grouping, comparison, and graphical visualization techniques. Real estate appraisal is necessary for property buyers and sellers, credit grantors, mortgage institutions, investors, and for every owner. Real estate appraisal can not be absolutely correct, but here it is necessary to seek precision. 160 units of real estate, located in the City of Kaunas and evaluated in 2010 - 2012, were chosen for the survey. The analysis of real estate units when their values were determined by a mass appraisal model evidence that the market supply prices are higher. It was found that the smallest difference in prices of... [to full text]

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Brazytė, Monika. "Nekilnojamojo turto mokestis Europos Sąjungos šalyse: situacijos analizė ir tobulinimo glimybės Lietuvoje." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2007. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2006~D_20070126_140306-21648.

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Magistriniame darbe analizuojama Europos Sąjungos šalių nekilnojamojo turto mokestinė sistema, siekiant numatyti šio mokesčio tobulinimo kryptis Lietuvoje. Lietuvos nekilnojamojo turto mokesčio sistema yra kūrimosi cikle, todėl nėra pritaikyta kiekvienam regionui kaip daugelyje Europos Sąjungos šalių. Tačiau daugelyje ES šalių, o ypatingai Lietuvoje įteisinta daug nekilnojamojo turto mokesčių lengvatų, kurios sudaro sąlygas korupcijai bei šešėlinei ekonomikai, o kartu iškreipia Mokesčių etikos kodekso taisykles. Tad norint skatinti smulkų ir vidutinį verslą, svarbu nustatant tarifus bei parenkant vertinimo metodiką atsižvelgti į regioninius ypatumus. Dabartinis pasirinktas turto vertinimo metodas, masinis turto vertinimas, neturi tokio efektyvumo, kaip buvo tikimąsi. Metodas ne tik, kad neišsprendė anksčiau buvusių problemų, bet sudarė prielaidas naujoms. Esant tokiai situacijai, tikslingiau būtų taikyti nekilnojamojo turto mokestį, susietą su žemės verte, apie kurio taikymą svarsto daugelis ES šalių.
The purpose of master work is to analyse the current situation of the real estate taxing system in the European Union countries and provide the perfect ways for this tax in Lithuania. The real estate tax system in Lithuania is on the creation cycle, so it doesn‘t adjust to each region as in many European Union countries. However in many EU countries, and especially in Lithuania are validate many privileges of the real estate tax, which make a reserve of the corruption and the black economy and also it twist the rules of the Taxes ethical codex. On purpose to stimulate a small and medium enterprises, it‘s very important estimate the rates and the value method regard to regional peculiarity. The current value method of the real estate, massive appraisal, doesn‘t have such efficiency, how was expected. The method doesn‘t crack the latest problems but made presumptions to new. In that case it would be advisable to practise the real estate tax, which is relate with the land value, about what consider many EU countries. The real estate tax impact not only laws or real estate value, but also taxing policy of the local government. From the local government chosen policy depends concatenations between authority and enterprisers, to manage motivate this tax incomes resorting for towns image and together for raising investment. To make the real estate system working in maximal function, it‘s necessary all named elements of jus base constantly development.

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Borba, Robinson Antonio Vieira. "Um modelo para avaliação dos efeitos do impacto ambiental no valor imobiliário e sua aplicação com o estudo de caso da usina e compostagem de lixo da Vila Leopoldina." Universidade de São Paulo, 1992. http://www.teses.usp.br/teses/disponiveis/3/3146/tde-23112016-102130/.

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Um modelo de avaliação da propriedade imobiliária referenciado à qualidade ambiental pode ser um instrumento para os estudos de impactos ambientais, relacionando seus efeitos aos valores das propriedades, tendo por preocupação contribuir para o aprimoramento dos Estudos de Impacto Ambiental, e aperfeiçoamento dos Relatórios de Impacto Ambiental, dispositivos legais exigidos pela legislação ambiental brasileira. A metodologia foi desenvolvida a partir de uma abordagem analítica de trabalhos que, tendo por temática central o estudo do valor da propriedade, procuraram, através de um modelo matemático, relacioná-lo à qualidade ambiental da moradia. Parte-se da hipótese de que se uma moradia tem mais atributos desejáveis entre eles a qualidade ambiental do que outra esta avaliação será refletida em um preço mais alto no mercado. A partir do perfil metodológico encontrado neste painel de trabalhos, propõe-se um modelo para avaliação do impacto ambiental nos valores das propriedades imobiliárias e,finalmente, com dados imobiliários extraídos do mercado residencial, testa -se este modelo em um caso concreto na estruturação urbana da cidade de são Paulo: a Usina de Compostagem de Lixo da vila Leopoldina, com os efeitos de seu impacto ambiental nos valores das propriedades residenciais vizinhas. Concluiu-se que a partir do significativo prejuízo, calculado para 33 elementos da pesquisa, ocasionado pelo incômodo registrado como \"um mau cheiro\" pela população da região, pode-se afirmar que na totalidade do espaço físico desta região a magnitude da depreciação recomendaria um deslocamento da usina com efetivo ganho não apenas para a comunidade, como também para a municipalidade, com um previsível salto na tributação do imposto territorial e urbano proporcionado pela revalorização dos valores imobiliários.
A model for the evaluation of real estate regarding the environmental quality can be a tool for the environmental impact studies, relating its effects to the estate values, aiming at contributing to the improvement of the Environmental Impact Studies and the perfection of the Environmental Impact Reports, legal devices required by the Brazilian environmental legislation. The methodology was developed after an analytical approach to papers which, having the study of the estate value as central theme, have tried, through a mathematical model, to relate it to the environmental quality of housing. Starting from the hypothesis that if one housing happens to have more desirable attributes among them the environmental quality -than another, this evaluation will be reflected in a higher price in the market. From the methodological profile found in this collection of papers, a model for the evaluation of the environmental impact on the prices of the real estate is proposed and finally, with real estate data extracted from the housing market, this model is tested on a concrete case in the urban structuring o f S o Paulo city: the Vila Leopoldina Garbage Composting Plant, with the effects of its environmental impact on the prices of neighboring residential estates. It was concluded that judging from the significant loss calculated for 33 elements of the research, caused by the disturbance reported as \"a bad smell\" by the neighboring population, it can be stated that on the whole of the physical space in this area, the magnitude of the depreciation would recommend the removal of the plant with effective profit not only for the community, but also for the municipality, with a foreseeable increase of the urban and territorial taxes yielded by the restoration of the real estate prices.

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Tomec, Václav. "Metody hromadného oceňovaní nemovitostí." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2012. http://www.nusl.cz/ntk/nusl-225682.

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The aim of this thesis is to explore the use of Mass Appraisal Methods in Czech republic. This diploma thesis specifies main use of those methods, next specifies who uses this methods and in which cases this methods are used. At first, there is description of appraisal methods used in Czech republic and abroad in this diploma thesis. On the basis of this knowledge utilizations of Mass Appraisal Methods are described. For illustration of Mass Appraisal Methods the appraisal of two sets of similar houses is performed for use of property taxes in context of legislation in Czech republic. Further advantages of appraisal systems are described, which use a Mass Appraisal Methods in praxes.

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Amaro, Jorge Filipe Montez Vaz Monteiro. "Modelos de avaliação em massa : redes neuronais artificiais aplicadas ao sector imobiliário residencial em Portugal? : estudo de caso na cidade de Lisboa." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10737.

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Mestrado em Gestão e Avaliação Imobiliária
As redes neuronais artificiais são uma metodologia alternativa aos modelos tradicionais de previsão. A sua utilização tem-se vindo a massificar, sobretudo nas áreas da medicina, finanças, indústria automóvel e, mais recentemente em modelos de avaliação em massa aplicados ao mercado imobiliário. Este trabalho teve como objectivo fundamental a realização de experiências que utilizassem esta metodologia de previsão não paramétrica (não linear). No estudo de caso apresentado, foram analisadas 2.013 transacções, que ocorreram entre 2007 e 2012, mediadas pela rede de franchisados RE/MAX, relativas ao segmento residencial na cidade de Lisboa. Com esta base de dados, e depois de encontrada a melhor rede neuronal, foi possível obter um erro médio percentual absoluto (MAPE) na ordem dos 19%, em que para cerca de 67% da amostra foi alcançado um erro de estimação abaixo dos 20%. Utilizando esta metodologia, também foi observado que a rede neuronal funciona melhor se eliminados os outliers da amostra, aumentando a sua precisão. Foi ainda experimentada a introdução de variáveis temporais e de localização, tais como o ano de transacção de um determinado imóvel e a sua idade, ou ainda a freguesia onde está inserido, tendo sido obtidos comportamentos positivos no desempenho das redes. Para além da originalidade do tema, é de destacar que foram utilizados para este trabalho, valores reais de transacção relativos ao sector residencial em Portugal, tendo sido verificada uma aproximação do comportamento e da tendência do valor de transacção estimado pela rede, aos verificados pelo mercado.
The artificial neural networks are an alternative approach to traditional forecasting. Its use has been largely used, particularly in the areas of medicine, finance, automotive, and more recently in mass valuation models applied to the real estate market. This work had as main objective conducting experiments that used this methodology to forecast nonparametric (nonlinear). In the case study were analyzed 2013 transactions that occurred between 2007 and 2012, mediated by the network of franchisees RE / MAX, for the residential segment in Lisbon. With this database, and after found the best neural network, it was possible to obtain an mean absolute percent error (MAPE) of around 19%, in which to approximately 67% of the sample was reached estimation error below 20 %. Using this methodology, it was also observed that the neural network works better if the outliers are removed from the sample, increasing its accuracy. It also experienced the introduction of temporal variables and location, such as the year of a particular property transaction and its age, or the parish where it is located, having obtained positive behaviors in network performance. Beyond the originality of the subject, it is worth noting that was used for this work, actual transaction values for the residential sector in Portugal, having been verified an approximation of the behavior and trend of the transaction value estimated by the network, verified by the market.

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Martel, Jean-Jacques. "La valeur venale ou locative des biens, droits immobiliers ou droits sociaux : une conception juridique pour une concretisation economique." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20018/document.

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La valeur vénale et locative se définit en droit, en jurisprudence et en doctrine, mais elle se concrétise en économie…C’est toute l’ambiguïté et la différence entre une valeur et un prix.A l’inverse de l’agent immobilier qui se focalise sur le prix du bien qu’il envisage de vendre, l’expert se concentre sur l’objectivation juridique d’une valeur qu’il va déterminer en s’appuyant sur la comparaison des prix dont il va avoir connaissance.Depuis plus d’une dizaine d’années, j’ai essayé à travers mes différentes recherches, enseignements et publications d’éclaircir les problématiques juridiques, économiques, techniques et maintenant écologiques, liées à la valeur vénale ou locative.J’ai pu publier une cinquantaine de contributions sur des sujets transversaux.Mon projet de thèse sur travaux envisage d’effectuer la synthèse de ces travaux en approfondissant et en complétant certains sujets, en explorant les nouvelles problématiques environnementales et en examinant les possibilités de transposition dans notre droit interne des nouvelles directives européennes liés à l’évaluation immobilière
Market and rental value is defined in law, in jurisprudence and in doctrine, but is put into concrete form in economics.There in lies the ambiguity of the difference between value and price.Unlike the estate-agent, who focuses on the price of the property he plans to sell, the real estate valuer concentrates on the juridical objectification of the value, which he will determine by comparing the prices which he has knowledge of. For over ten years I have been trying, through my various research projects, teaching and publications, to throw some light on the juridical, economic, technical and now environmental issues linked to market and rental value.I have published some fifty papers on cross-discipline subjects.In my thesis project I plan to synthesize this work, going more deeply into certain subjects and adding to them, exploring the new environmental issues and examining the possible ways in which the new European directives concerning real-estate appraisal could be transposed into our domestic law

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Jaššová, Marta. "Stanovení výše pojistného plnění za škodu na rodinném domě v Brně – Přízřenicích způsobenou požárem." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-232837.

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This thesis addresses the requirements and procedure for determining the amount of indemnity for a home insurance claim within the selected period of time. Introductory chapter describes general principles of insurance and types of insurance. It clarifies differences between insurance and insurance industry. Next section is devoted to the particulars of the insurance contract, one of the mandatory legislation at the conclusion of the insurance policy and, therefore, this topic received considerable attention. The work also focuses on property insurance, on the valuation methods for the liquidation of assets and, finally, discusses the basic concepts of the topic. The main chapter describes a case study of insurance claim process and indemnification process in the event of property damage. The beginning of the section describes the case study property in general. Later in the chapter it is described property appraisal throughout past decades, the event of property damage, process of determination of the amount of indemnity in accordance with the insurance contract and general insurance conditions. The final chapter focuses on the evaluation of the results and their comparison.

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Florindo, José Manuel Bastos. "O impacto da certificação energética na valorização dos edifícios de escritórios na Grande Lisboa." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/10050.

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Mestrado em Gestão e Avaliação Imobiliária
A Comissão Europeia tem publicado directivas sobre a eficiência energética, com o principal objectivo de reduzir o consumo de energia nos edifícios e sensibilizar para a importância da eficiência energética. Pretende-se ainda que os certificados energéticos sirvam de ferramenta de decisão em qualquer negócio imobiliário, de compra e venda ou de arrendamento. Este trabalho tem como objectivo verificar se a classificação energética atribuída aos edifícios de escritórios da Grande Lisboa tem influência na renda de mercado, ou seja a renda que é publicitada para determinado edifício. Além deste objectivo principal, pretendemos destacar a importância da integração dos atributos da eficiência energética nas metodologias de avaliação imobiliária de edifícios de escritórios. A amostra neste estudo, obtida através das consultoras imobiliárias Jones Lang LaSalle, Cushman&Wakefield, CBRE, Worx, B.Prime e Abacus Savills, é constituída por 48 edifícios de escritórios da Grande Lisboa, e pela Adene ? Agência para a Energia. A metodologia do trabalho tem por base modelos de regressão linear múltipla para isolar as diversas características que possam ter impacto na determinação da renda ou numa característica particular, neste caso a classificação energética atribuída. Concluímos que a certificação energética, estatisticamente, não tem impacto nas rendas de mercado dos edifícios de escritórios e que os factores que as influenciam são: localização (zona de escritórios), número de pisos e idade.
The European Commission has published guidelines on energy efficiency, with the primary objective of reducing energy consumption in buildings and raise awareness of the importance of energy efficiency. It is also intended that the energy certificates serve as a decision tool in any real estate business, buying and selling or leasing. This work aims to verify if the energy rating assigned to office buildings of Lisbon has influence on market rents, this is, rent that is advertised for a specific building. In addition to this primary objective, we intend to highlight the importance of integrating energy efficiency attributes in the methodologies of real estate appraisal office buildings. The sample in this study, obtained from the real estate consultants Jones Lang LaSalle, Cushman & Wakefield, CBRE, Worx, B.Prime and Abacus Savills, consists of 48 office buildings of Lisbon, and the Adene - Agency for Energy. The methodology of the work is based on multiple linear regression models to isolate the various characteristics that may impact the determination of rents or a particular characteristic, in this case the assigned energy rating. We conclude that the energy certification statistically has no impact on market rents of office buildings and the factors influencing them are: location (office area), number of floors and age.

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Moström, Elin, and Lukas Theander. "Client pressure, does it exist, in which form and what is done to prevent it?" Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-191461.

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The value of real estate is a fundamental part of the economy as it is used both as a collateral for loans as well as a key basis for a company’s annual reports. Today there are more than three million real estates in Sweden, and the market value of these can not be directly observed but have to rather be based on estimates. Thus, it is critical to attain reliable assessment and hire appraisers before making an investment decision or finalising an annual report. However, depending on the purpose and context of a valuation, the client may posses incentives to influence the outcome of the valuation in some direction. Such impact on the valuation of an asset is referred to as “client pressure,” and may come in various forms; expert pressure, information pressure and reward pressure. Does this have a real impact on market values? According to previous scholarly research, both domestic and international, client pressure is an observable phenomenon but its outcome is difficult to accurately assess. The purpose of this thesis is to provide evidence that supports the existence of client pressure within the commercial real estate market in Stockholm, and to establish a framework that may better understand the outcomes that such skewed valuations may lead to. In order to conduct this study, the authors have carried out a number of personal interviews with authorised appraisals, as well as further research into what can be done to prevent client pressure. The results of this study supports the notion that client pressure, primarily that of expert pressure, can be observed in the commercial real estate market in Stockholm. Moreover, what has been accentuated by the interviewed appraisals though is that such pressures do not affect the valuation outcome and that the discussion may actually provide a more accurate valuation as long as the appraisal manages to stay objective. However, several of the appraisals pointed out that they knew of others that have allowed themselves to be influenced. In order to counteract client pressure an authorization has been established by the organization Samhällsbyggarna - a development which has received great support by a large group of appraisals. Ultimately, the research in this study concludes that the best way to counteract client pressure is through knowledge, and our findings lead to the belief that experienced appraisals are willing to help less experienced ones if they are exposed to client pressure.
Värdet på fastigheter är en samhällsangelägenhet och gäller som bland annat säkerhet för lån och underlag för bolags årsresultat. I Sverige finns drygt tre miljoner fastigheter och marknadsvärdet på dessa är ingenting som kan observeras, bara bedömas. Därför har man behov av tillförlitliga bedömningar och anlitar värderingsmän inför såväl investeringsbeslut som årsredovisningar. Vad det bedömda värdet på fastigheten ska användas till kan ge incitament för kunden till att vilja påverka det åt något håll. Beroende på olika egenskaper hos kunden kan försök till att påverka värdet yttra sig i olika former utav press; expertpress, informationspress samt belöningspress. Kan det påverka bedömningen av marknadsvärdet? Pressen finns enligt tidigare forskning, det har undersökts både nationellt och internationellt, men konsekvenserna är svåra att avgöra. Studien i den här uppsatsen har fokuserats på att undersöka om press finns på Stockholmsmarknaden för kommersiella fastigheter och i vilken form den i så fall förekommer. För att ta reda på resultaten har ett antal intervjuer gjorts med aktiva värderare och det har också undersökts vad man i så fall gör för att motverka pressen. Det som kunnat konstateras är att kundpress finns och främst i form av expertpress. Värderarna menar dock att det inte påverkar deras egna bedömningar och att det till och med i vissa fall kan vara nyttigt att få en diskussion med kunden om de använda värdena så länge man fortsatt är objektiv. Flertalet har dock meddelat att de vet om fall där en värderare låtit sig påverkas. För att motverka kundpress finns auktorisering från organisationen Samhällsbyggarna och en stor del av värderarna tycker att det är ett bra stöd. Man motverkar även press med kunskap, erfarna värderare kan gå in och hjälpa de mer oerfarna med argument om man blir utsatt för press.

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Funiok, Ondřej. "Využití statistických metod při oceňování nemovitostí." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359241.

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The thesis deals with the valuation of real estates in the Czech Republic using statistical methods. The work focuses on a complex task based on data from an advertising web portal. The aim of the thesis is to create a prototype of the statistical predication model of the residential properties valuation in Prague and to further evaluate the dissemination of its possibilities. The structure of the work is conceived according to the CRISP-DM methodology. On the pre-processed data are tested the methods regression trees and random forests, which are used to predict the price of real estate.

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Fiorio, César Finger. "Avaliação de imóveis para fins tributários com a inserção da variável sustentabilidade." Universidade do Vale do Rio dos Sinos, 2018. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7451.

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Diante do atual cenário imobiliário, o progresso sustentável tem se apresentado como alternativa para a diferenciação dos empreendimentos frente ao mercado de imóveis. Ainda, de modo a promover a preservação ambiental, as isenções fiscais para imóveis sustentáveis têm se apresentado como proposta para abatimento de parte das tributações imobiliárias. Por objetivo, este trabalho busca desenvolver um modelo avaliatório de apartamentos para uma cidade de pequeno porte inserindo variáveis sustentáveis. Além disso, este modelo servirá de base para análise dos valores de mercado sobre as avaliações imobiliárias realizadas pela prefeitura municipal e de suas devidas arrecadações tributárias. Com este intuito, a Engenharia de Avaliações utiliza-se da metodologia científica de pesquisa e caracteriza-se como ferramenta indispensável para o avaliador, orientando-o na escolha das informações de interesse, na forma de coleta, análise e tratamento de dados. Para a obtenção dos resultados, requerem-se um planejamento prévio, levantamento bibliográfico, delimitação da área de mercado a ser explorada, definição das variáveis significativas para o modelo, obtenção de uma amostra confiável e tratamento científico por inferência estatística. O estudo indica que os apartamentos tratados ainda carecem da utilização de recursos sustentáveis em sua construção, e como justificativa, os investidores alegam que o custo de implantação é inviável para os padrões locais. Embora, as edificações que fazem o uso destas alternativas apontem maior valor venal, elas agregam benefícios econômicos e elevam a qualidade de vida de seus usuários. Ademais, com relação à arrecadação de alíquotas imobiliárias, existe uma ampla defasagem nos valores venais apresentados pelos órgãos públicos em suas avaliações contrapondo-se aos do modelo estatístico desenvolvido, e consequentemente, geram-se prejuízos econômicos a sociedade e desvaloriza a justiça social.
Faced with the current real estate scenario, the sustainable progress has been presented as an alternative for the differentiation of developments in the real estate market. Also, to promote environmental preservation, tax exemptions for sustainable properties have been proposed as a proposal to reduce part of real estate taxes. The objective of this work is to develop an appraisal model of apartments for a small city by inserting sustainable variables. In addition, this model will serve as a basis for analyzing the market values of the real estate valuations carried out by the municipal government and its due tax collections. For this purpose, the real estate appraisal uses the scientific methodology of research and is characterized as an indispensable tool for the evaluator, guiding it in the choice of information of interest, in the form of data collection, analysis and treatment. To obtain the results, it is required a previous planning, bibliographic survey, delimitation of the market area to be explored, definition of significant variables for the model, obtaining a reliable sample and scientific treatment by statistical inference. The study indicates that treated apartments still lack the use of sustainable resources in their construction, and as justification, investors claim that the cost of implementation is infeasible to local standards. Although the buildings that make use of these alternatives point to higher market value, they add economic benefits and raise the quality of life of their users. In addition, with respect to the collection of real estate rates, there is a wide gap in the venal values presented by the public agencies in their evaluations, in opposition to those of the developed statistical model, and consequently, economic losses are generated in society and devalues social justice.

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28

Hlavsa, Petr. "Vady a poruchy rezidenčních nemovitostí z pohledu tepelné techniky a jejich možný dopad na cenu nemovitosti." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-233063.

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This master’s thesis deals with issues of faults and defects of building structures in residential real estate in terms of thermal technique. This thesis deals with their possible impact on the value of a residential real estate. In the theoretical part of this thesis, properties and quantities, which are used for an assessment of the building structures according to legislature, are described. Assessments of the steady state temperature are described closely. The thesis mentions usual sources and causes of faults and defects, which frequently occur. The possibilities of the non-destructive assessment of structures are also described. The reparability of faults or defects is related to the influence on the price of real estate. The practical part of the thesis deals with the value of a dwelling in an apartment house, which is affected by a fault manifesting surface condensation. An analyzed technical cause of this fault is described. Possible ways of remedying are shown, including the quantification of costs. The apartment is appraised in a faultless condition and afterwards the probable impact of this fault on the price of apartment is determined.

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29

Ödmark, Victoria. "Samhällsfastigheter som investeringstrend : Hur kan priset motiveras utifrån det man vet om framtida kassaflöden?" Thesis, KTH, Bygg- och fastighetsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-96570.

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Det finns idag en trend i viljan att investera i samhällsfastigheter, det vill säga fastigheter där olika typer av samhällsservice bedrivs. Fördelen med denna typ av investeringar är att ägarna kan teckna långa hyresavtal med kommuner, landsting och staten som hyresgäst, vilket ger säkra kassaflöden i och med låg vakansrisk. Investeringsmarknaden för samhällsfastigheter är relativt ny för privata aktörer då dessa fastigheter tidigare ägdes i princip uteslutande av kommun och landsting, men som idag av olika anledningar valt att sälja och istället hyra tillbaka fastigheten av specialiserade fastighetsägare. Studien syftar till att identifiera de osäkerheter/risker som existerar vid investeringar i samt förvaltande av samhällsfastigheter och främst vårdfastigheter i Sverige. Genom att intervjua aktörer som deltagit i tre studerade transaktioner av vårdfastigheter från 2011 har en investeringskalkyl samt en känslighetsanalys utformats och legat till grund för de slutsatser som dragits. Att investera i samhällsfastigheter har visat sig vara en relativt stabil och säker investering, då de långa kontraktens driftnetton bidrar till att investeringen kan räknas hem redan under första kontraktstiden. Dock med antagande om att inga oväntade kostnader uppstår. De största riskerna som föreligger gällande dessa fastigheter är restvärdesrisk på grund av svår alternativanvändning för dessa hyresgästanpassade byggnader, teknisk risk då fastigheterna behöver upprätthålla standard och viktiga funktioner samt politisk/jurisdisk risk där förändring i demografi, miljölagar, regleringar och krav påverkar samhällsfastigheters utveckling. Företagen som investerar i samhällsfastigheter är vanligtvis inriktade på denna typ av investering, vilket genom ökad kompetens inom området bidrar till en bra och långsiktig relation med hyresgästerna. Vidare har de inblandade aktörer en tämligen homogen syn på ansvarsfördelningar, kontraktsuppbyggnad och så vidare. Dessutom visar den demografiska utvecklingen i landet på en stor efterfrågan på samhällsfastigheter i framtiden och framför allt på vård- och omsorgsboenden.
There is currently a trend in the willingness to invest in public property, i.e. properties where different types of community services are provided. The advantage of this type of investment is that owners can sign long leases with tenants such as municipalities, counties and the state, providing secure cash flows and low vacancy risk. The investment market for public properties is relatively new to private operators as these properties have previously been owned almost exclusively by the municipality and county. Today, for various reasons, the municipalities and counties have decided to sell their properties and rent them back from specialized property owners. The study aims to identify the uncertainties/risks that are associated with investment and management of public properties, with a special focus on care properties in Sweden. An investment calculation and a sensitivity analysis were made through studies of three care property transactions in 2011 and interviews with the participating actors. The calculation and analysis have been the basis for the conclusions drawn. Investing in public real estate has proven to be a relatively stable and safe investment. The net operating income of the long leases that contribute to the investment could be considered as being paid back during the first contract period, assuming that no unexpected costs arise. The main risks that exist in these properties is salvage value risk due to severe alternative use for these tenant adjusted buildings, technical risk as the properties need to maintain standard and essential functions and at last political/legal risk where changes in demography, environmental laws, regulations and requirements affect public property development. Companies that invest in public real estate are usually focused on this type of investment, which through enhanced capabilities in the area contributes to a good and long-term relationship with tenants. Furthermore, the players involved have a rather homogeneous view of delegation of responsibility, contract structure and so on. Moreover, the demographic development in the country shows a high demand for public buildings in the future and especially in nursing and care homes.

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Karlonas, Marius. "Individualių gyvenamųjų namų rinkos analizė Alytaus rajone." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2009. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2009~D_20090603_100414-70550.

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Nekilnojamojo turto rinkos tyrimai yra svarbūs žemės reformos metu privatizuojant valstybinę žemę, nekilnojamojo turto apmokestinimui, sudarant nekilnojamojo turto sandorius, nustatant realią turto vertę. Skirtingos rūšies nekilnojamasis turtas savo fizinėmis bei teisinėmis savybėmis skiriasi, todėl, atliekant nekilnojamojo turto analizę, būtina žinoti vertinamojo turto rūšį ir ją apibūdinančias savybes. Pagal vieną metodiką sistemą ir skalę įvertintą nekilnojamąjį turtą galima tarpusavyje palyginti. Turėdami nekilnojamojo turto įvertinimą, išreikštą tam tikrais jo naudingumą vaizduojančiais skaičiais (balais), žinosime kiek kartų, keliais procentais ir balais vienos kokybės, vienodų teisinių ir techninių charakteristikų nekilnojamasis turtas yra geresnis ar blogesnis už kitos kokybės nekilnojamąjį turtą. Atlikus tyrimą nustatyta, kad didžiausią reikšmę individualių gyvenamųjų namų vertei turi pastatų įvertinimo veiksniai, sklypo teritorinis išsidėstymas, rinkos konjunktūra, mažiausią reikšmę - sklypo patrauklumas, oro, aplinkos užterštumo, triukšmo lygis. Galima prognozuoti, kad artimiausius kelerius metus viso nekilnojamojo turto kainos kasmet mažės nuo 5 iki 10 %. Alytaus rajone didžiausia individualių gyvenamųjų namų pasiūla yra balandžio - rugpjūčio mėnesiais, o mažiausia lapkričio - vasario mėnesiais. 2003 - 2004 metais nekilnojamojo turto kainos didėjo. Pasiūlos kainos šiek tiek aukštesnės nei kainos, gautos atlikus daugiakriterinį nekilnojamojo turto vertinimą taip... [toliau žr. visą tekstą]
Investigations of the real property market are very important while privatising state-owned land during the land reform as well as for the real property taxation, while making real property agreements and defining the real property value. The real property of different types differs in its physical and legal characteristics, therefore, while carrying out the analysis of the real property, the type of the valuated property and characteristics defining it should be known. The evaluated real property could be compared according to one method, system and scale as well as between them. Having the evaluation of the real property, expressed in particular numbers (points) representing its usefulness, we will be aware of how many times, in how many percents or points the real property of the same quality, the same legal and technical characteristics is better or worse than that of other quality. After the investigation it has been determined that the biggest influence on the value of individual dwelling-houses has building evaluation criterion, territorial distribution of parcels, market conjuncture, and the smallest one has attractiveness of parcel, air and environmental pollution, noise level. One can prognosticate that the real property prices at an early date will increase from 5 to 10%. The biggest supply of individual dwelling-houses in Alytus district is during the period of April - August, and the smallest one - during the period of November - February. During the period of 20... [to full text]

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31

Skovajsa, Štěpán. "Softwarové řešení pro tržní komparativní oceňování v realitní praxi." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-377742.

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This diploma thesis is about real estate market comparative appraisement, statistical approach and how to use software for data gathering and processing in its practical part. Practical part also includes draft of appraising algorithm. In the end of practical part, there are check of application's output and comparison of computed prices to both real traded prices and advertisement prices.

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32

Gonçalves, Rogério. "Avaliação do desempenho de empresas do setor de incorporação imobiliária." Universidade Presbiteriana Mackenzie, 2010. http://tede.mackenzie.br/jspui/handle/tede/868.

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Instituto Presbiteriano Mackenzie
The objective of this research is to study the variables and indicators used to evaluate the performance of real estate development companies. This research was based on the variables and indicators disclosed to the market by real estate companies listed on Bovespa, members of the Bovespa index, and the reports published by market analysts. A questionnaire was used as a tool for data collection, featuring a return of 63 responses from 136 requests. For this we used statistical tool Factor Analysis, divided into two groups: variables used by business and real estate development indicators adopted by enterprises of real estate. The data analysis demonstrate the vision of the capital market on the management process, identify which variables are most important in the process of performance evaluation, identify the most relevant indicators for the sector analysis, collect qualitative information, not disclosed by companies industry and not used by analysts, who have demonstrated great importance in the evaluation of performance, study the influence of these variables and these indicators in the management of these companies.
O objetivo desta pesquisa é estudar as variáveis e os indicadores utilizados para avaliar o desempenho de empresas de incorporação imobiliária. Esta pesquisa foi baseada nas variáveis e nos indicadores divulgados, ao mercado, pelas empresas de incorporação imobiliária listadas na Bovespa, integrantes do Ibovespa, e nos relatórios publicados pelos analistas de mercado. Foi utilizado um questionário como instrumento de coleta de dados, apresentando um retorno de 63 respostas das 136 solicitações. Para tanto, foi empregada a ferramenta estatística Análise Fatorial, dividida em dois grupos: variáveis utilizadas pelas empresas de incorporação imobiliária e indicadores adotados pelas empresas de incorporação imobiliária. A análise dos dados permitiu demonstrar a visão do mercado de capitais sobre o processo de gestão, identificar quais varáveis têm maior importância no processo de avaliação de desempenho, identificar os indicadores mais relevantes para a análise do setor, coletar informações qualitativas, não divulgados pelas empresas do setor e não utilizados pelos analistas de mercado, que demonstraram ter grande importância no processo de avaliação de desempenho, estudar a influência destas variáveis e destes indicadores na administração destas empresas.

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Gamito, Ana Rita Ferreira. "Understanding appraiser independence : a multi-method research." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/11001.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Este estudo foca-se na relação entre gestores e avaliadores no sector nacional, de fundos de investimento imobiliário, com o objetivo de desenvolver um quadro teórico de como a independência dos avaliadores é percebida por ambos os agentes. Sobre a metodologia, o estudo combina uma pesquisa qualitativa através de entrevistas com especialistas para entender quais são os principais conceitos relacionados com a independência do avaliador e uma pesquisa quantitativa com base num questionário distribuído individualmente a vários gestores de fundos imobiliários e avaliadores. Podemos concluir que o conceito de independência do avaliador não tem uma definição simples e que os fatores mais citados na definição são a pressão, os conflitos de interesses, ter ética de trabalho e ser qualificado. A pesquisa qualitativa trouxe grande valor acrescentado a este estudo permitindo entender os fatores que influenciam a independência dos avaliadores. Os resultados estatísticos mostram que os cinco fatores mais correlacionados com a independência do avaliador são a dimensão do cliente, o risco de sanções disciplinares impostas por autoridades reguladoras ou de associações profissionais, o acesso a trabalhos anteriores do mesmo imóvel, forma de remuneração das avaliações e a experiência do avaliador. Além disso, também concluiu que os avaliadores e os gestores de fundos têm as mesmas perceções sobre a importância de cada fator para a independência das avaliações. Algumas limitações deste estudo são a falta de controlo direto sobre os inquiridos ao responder ao questionário e o fato dos fatores terem sido todos tratados da mesma forma.
This study focuses on the relationship between fund managers and appraisers in the national sector, of real estate investment funds, with the aim of developing a theoretical framework of how the independence of the appraisers is perceived by both agents. Regarding the methodology, this study combines a qualitative interview survey with experts to understand which are the main concepts related to the appraiser´s independence and a quantitative survey based on a questionnaire distributed individually to several real estate fund managers and appraisers. We can conclude that the concept of appraiser independence does not have a simple definition and that the factors more mentioned in the definition are the pressure, the conflicts of interests, work ethic, and be qualified. The qualitative research brought great added value to this study allowing us to understand the factors that influence the appraisers? independence. The statistic results show that the five factors more correlated with the appraiser´s independence are client dimension, risk of disciplinary sanctions imposed by regulatory authorities or professional associations, access to the previous works of the same real estate, form of remuneration of the appraisals, and appraiser´s experience. Additionally, we also found that appraisers and other agents have the same perceptions about the importance of each factor to the appraisals independence. Some limitations of this study are the lack of direct control over respondents while answering the questionnaire and the fact we have handled all factors the same way.

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Figueiredo, Filho Antonio Dias. "Avaliação de terras em processo de transformação para cultivo de soja e milho no centro oeste: um projeto de agregação de valor a terra." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/15575.

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A avaliação de imóveis é uma prática normatizada pela ABNT que vem desde a década de 60, quando surge a necessidade de se fazer grandes desapropriações. A normatização para imóveis rurais ganha corpo na década de 70 e desde então a ABNT NBR 14653-3 organiza e padroniza os conceitos da engenharia de avaliações. O método utilizado para se avaliar imóveis rurais se baseia em preços de mercado e este apresenta algumas fragilidades. Neste contexto, o objetivo deste trabalho é de propor o uso de uma metodologia, baseada no valor presente da renda do imóvel rural, que complemente a metodologia de preços de mercado, incorporando assim geradores de valor que são importantes para a gestão na alocação de capital em propriedades agrícolas. Discorre-se também ao longo deste trabalho a exemplificação da metodologia proposta por meio de um estudo de caso, abordando a caracterização do imóvel, premissas utilizadas para análise e a valoração do hectare da propriedade, comparando-a com a avaliação pelo método de preços de mercado. Acredita-se que esta abordagem baseada em fundamentos econômico-financeiros, aliada ao levantamento de preços de mercado trarão mais robustez para a avaliação de imóveis agrícolas com propósito gerencial, trazendo para discussão outras variáveis de relevância para a gestão agro imobiliária.
Real estate appraisal is a well established discipline in Brazil, which is standardized by ABNT, a Brazilian private entity, member of the International Organization for Standardization (ISO). Rural real estate appraisal standardization starts to build up from the 70´s and since then ABNT NBR 14653-3 organizes the appraisal discipline. The commonly used method to value land in Brazil is the sale value estimates from comparable sales, but it offers some fragilities. In this context, the objective of this research paper is to suggest a methodology capable of incorporating value drivers into farmland price, assessing the agricultural potential available at the property being analyzed. This method takes into account farmland rents to estimate its value, which adds to the current method applied by appraisers. This research paper also develops a case study to test the proposed methodology, approaching issues such as property agronomical characteristics, economic and financial assumptions to realize the property value. It is believed that this approach, based upon economic and financial fundamentals, coupled with sale value estimates will bring together a robust and comprehensive appraisal toolkit.

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Reis, Ricardo Jorge Antunes. "Avaliação de empreendimentos residenciais em Lisboa: estimativa de valor de um apartamento novo." Master's thesis, Instituto Superior de Economia e Gestão, 2008. http://hdl.handle.net/10400.5/523.

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Mestrado em Gestão e Avaliação Imobiliária
A avaliação imobiliária em Portugal teve um grande desenvolvimento profissional nas últimas duas décadas, mas apresenta ainda muito potencial de melhoria técnicocientífica. O objectivo deste estudo é desenvolver e aplicar um modelo econométrico a uma amostra de oferta de apartamentos em empreendimentos residenciais novos em Lisboa, de gama média e média/alta, considerando as principais características que influenciam a formação do valor. O Modelo de Regressão Linear tem sido testado e aplicado em outros estudos empíricos, sendo considerado que responde às necessidades dos avaliadores imobiliários com um grau de fiabilidade aceitável. A amostra consiste em 539 apartamentos distribuídos por 102 empreendimentos. Recorre-se a um modelo seccional (cross-section) em que a variável dependente é o valor de oferta por m2, e variáveis independentes são a área bruta do apartamento,nº de lugares de estacionamento, prestígio da zona, distância ao pólo primário, etc.. O modelo utiliza variáveis semelhantes às que um avaliador “tradicional” implicitamente utiliza na sua prática. A vantagem de usar uma técnica estatística como a regressão múltipla é a de oferecer uma base científica ao trabalho empírico quando tradicionalmente os avaliadores recorriam mais a pressupostos subjectivos, baseados essencialmente na sua experiência e sensibilidade.
The professionalism in real estate valuation in Portugal improved substantially during the last two decades. However, it has still a large margin to develop in the utilization of new techniques with more scientific grounds. The objective of this study is to develop and apply an econometrical model to a sample to value apartments in new residential developments in Lisbon, of medium and medium/high standards, considering their value drivers. The Linear Regression Model has been applied and tested in other empirical research and is considered as a reliable technique for real estate valuation. The model was developed based on a sample of 539 apartments from 102 real estate developments. The cross-section model considered as the dependent variable the Bid Value per Square meter and the independent variables, the gross area, number of parking places, prestige of the zone, distance to the centre, etc.. The regression model uses variables that are implicitly used by “traditional” appraisers in their practice. However, the advantage of regression model is that brings a scientific base to the valuation instead of using subjective assumptions, based in the experience of the appraiser.

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36

Wåhlin, Johannes. "Real Estate Tokenizing : Blockchain Technology in Real Estate." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298315.

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Real estate assets are often considered as illiquid due to capital and transaction barriers. As a response, real estate tokenizing is a rising phenomenon. Real estate tokenizing combines the benefits from the private and the public real estate market, by creating a product with direct real estate commitment to low capital requirements and efficient transaction processes. The product is called real estate token, a digital share of an asset. Real estate tokens enable hypothetical fractionalization of properties with means of blockchain technology and smart contracts. This study investigate the pros and cons of real estate tokenizing as well as the financial performance of publicly traded US residential real estate tokens. The study states that fractionalization of properties increases access and customizability of real estate investments. Furthermore, the blockchain technology and the smart contracts enable automatization of transaction processes and asset management. Altogether, the benefits may result in a higher liquidity. However, the study also states several drawbacks with real estate tokenizing, such as lack of management and deeds, scalability problems and liquidity paradoxes. Furthermore, this study shows that US residential real estate tokens underperform both S&P 500 and housing index in terms of risk-adjusted return. Moreover, the real estate token market seems to correlate more with the S&P 500 than with the housing market. The study concludes that the cons with real estate tokenizing exceed the pros, although the phenomenon has great potential in a more mature market. However, real estate tokenizing will face implementation obstacles when converting the real estate industry to blockchain technology. As such, the success of real estate tokenizing is dependent on the global view of blockchain technology.
Fastigheter betraktas ofta som illikvida på grund av kapital- och transaktionsbarriärer. Som svar på den bristande likviditeten är blockchainteknologi inom fastigheter, även känt som ”real estate tokenizing”, ett växande fenomen. Real estate tokenizing ämnar till att kombinera fördelarna från den privata och den publika fastighetsmarknaden genom att skapa en produkt med direkt fastighetsexponering till låga kapitalkrav och effektiva transaktionsprocesser. Produkten kallas ”real estate token”, en digital andel av en tillgång. Real estate tokens möjliggör hypotetisk fraktionering av fastigheter med hjälp av blockchainteknologi och smarta kontrakt. Denna studie undersöker för- och nackdelar med real estate tokenizing såväl som finansiell prestation av publikt handlade real estate tokens inom det amerikanska bostadssegmentet. Studien konstaterar att fraktionering av fastigheter ökar tillgängligheten och anpassningsbarheten i fastighetsinvesteringar. Vidare möjliggör blockchainteknologi och smarta kontrakt automatisering av transaktionsprocesser och förvaltning. Sammantaget kan fördelarna med real estate tokenizing leda till högre likviditet. Studien konstaterar emellertid också flera nackdelar med real estate tokenizing, såsom brist på management och panträtt, storskalbarhetsproblem och likviditetsparadoxer. Vidare visar studien på att publikt handlade real estate tokens inom det amerikanska bostadssegmentet underpresterar både S&P 500 och bostadsindex i termer av riskjusterad avkastning. Dessutom verkar marknaden för publikt handlade real estate tokens inom det amerikanska bostadssegmentet korrelera mer med S&P 500 än med bostadsmarknaden. Studien konkluderar att nackdelarna med real estate tokenizing överstiger fördelarna i dagsläget, även om fenomenet har stor potential på en mer mogen marknad. Real estate tokenizing riskerar dock att möta implementeringshinder när fastighetsbranschen ska konverteras till blockchainteknologi. Således är framgången för real estate tokenizing beroende av den globala synen på blockchainteknologi.

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Juan, He. "China's real estate policies and real estate market responses." View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r3/juanh/hejuan.pdf.

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Pertl, Marek. "Porovnání tržních cen nemovitostí s cenami zjištěnými porovnávacím způsobem podle oceňovacích předpisů se zaměřením na posouzení jednotlivých kvalitativních pásem." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-234417.

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PhD thesis solves problems of mutual comparison of real estate market prices with prices found out in a comparison way according to price regulations. The thesis is focused on real estates of type housing units, flats which are found within the area of former district city Havlíčkův Brod. From time point of view, years 2009 - 2014 were solved. Within this period, first of all data collection was under way followed by grouping information on separate trading in housing units, flats. Obtained market prices were consequently confronted with prices found out in a comparison way according to relevant price regulations. Obtained results were analyzed, this analysis was focused on chosen marks and their qualitative zones at separate indexes. Upon achieved results and newly gained knowledge, partial modifications or corrections in price regulations are proposed. Another output of this thesis is a proposal for introducing new coeficients. These make provision for difference of market and found out prices of housing units, flats in area of former district city Havlíčkův Brod in years 2009, 2010, 2011, 2012, 2013 and 2014. Thanks to this, common price is possible to estimate retrospectively with the help of price regulations. At the very conclusion of the thesis, these coeficients were applied in different former district city in Vysočina Region, in concrete terms in Žďár nad Sázavou. In this way, possible use of these newly proposed coeficients was introduced in other former district cities as well which is, nevertheless, necessary to be verified in practice or subject to other research.

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39

Björklund, Kicki. "Real estate performance." Doctoral thesis, KTH, Real Estate and Construction Management, 1999. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-2885.

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This dissertation consists of five papers addressing variousreal estate performance issues (see full titles in italicsbelow). The dissertation is empirical in nature and the dataused in most of the empirical sections consist of figures forincome-producing property returns. Paper 1 was presented atseminar and accepted as a Licentiate Degree in Engineeringthesis. Papers 2 to 5 were all written jointly with others (thenames of the co-authors appear later in the dissertation).Paper 3 has been published in theJournal of Real Estate Research, and Papers 2, 4, and 5,are also intended for publication in academic journals.

The objective of Paper 1, entitledCapital Recovery and Long-run Profitability, was to findempirical and scientific support for adopting measurements ofprofitability featuring stability, simplicity and reliability,that could easily be implemented into existing administrativeroutines, and which could also support effectivedecision-making. The model was empirically tested throughanalysing the profitability of individual properties andproperty portfolios. The portfolios studied were put togetherfeaturing variation in property location, usage and initialperformance expectations.

Paper 2, entitledAn Investigation of Property Price Studies, constitutesan untraditional literature review covering articles whereprice equations in the real estate market have been estimatedusing regression techniques. This paper examines the degree towhich these studies follow good scientific practice whenreporting on the econometric issues. It also presents adescriptive overview of the prevalence of these articles in theliterature, and the significance of the various topicsaddressed by these studies. This paper was prepared in 1996 andexamines 145 articles published between 1990 and 1995 from 12highly regarded (see later) research journals on real estate,housing and urban economics.

Paper 3,entitledProperty Cycles, Speculative Bubbles and the Gross IncomeMultiplier, addresses the issue of whether or not theoccurrence of significant price increases during the upturn ina property cycle can be attributed to a speculative bubble. Thefindings of this study indicate that a speculative bubble mayhave driven the Swedish income-producing real estate marketduring the 1980s. This conclusion is based on an analysis ofpanel data where the state of the property cycle has beenmirrored by the value of the Gross Income Multiplier (GIM).

In Paper 4, entitledAnalysing Performance in a Constant Sample of Mixed-useProperties, property performance was analysed using annualtotal rate of return (TRR) data for a sample of 138 mixed-useincome-producing properties from 1979 to 1997. The empiricalanalysis using panel data models involve three-step analyses.In step 1, various different TRR definitions were compared andfound to provide almost identical results at the portfoliolevel. In step 2, regression analyses were used to explain thevariation in the TRR. The percentage of commercial space inparticular was found to have an important and cycle-dependentimpact. Regression has also been used for explaining theindividual deviation from the mean TRR. In step 3, maintenancecosts and investments were found to have a significanteffect.

In Paper 5, entitledRent Determinant and Rent Drift in a Housing Market underRent Control, residential rent 1990− 1997, wasstudied from an investors point of view. Estimations wereconducted using rent equations to analyse whether or not rentlevels varied between locations while other rent-affectingvariables were held constant, and found evidence suggestingthat they did. Annual increases in the effective rent chargedfor privately owned residential properties were compared withthe official increases set via official negotiation formunicipality owned residential housing to see whether excessiverent increases (indicating rent drift) could be found. Evidencewas found to support the existence of rent drift, and also thatthis rent drift is partly explainable in terms of investmentand maintenance.

Keywords: Depreciation, gross income multiplier, netoperating income, property performance, real estateprofitability, profitability, residential rent, total rate ofreturn,

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40

Eichholtz, Petrus Mattheüs Alphonse. "Real estate diversification." Maastricht : Maastricht : Rijksuniversiteit Limburg ; University Library, Maastricht University [Host], 1994. http://arno.unimaas.nl/show.cgi?fid=5759.

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41

Knapp, Eric A. "Real estate acquisition." Thesis, Massachusetts Institute of Technology, 1986. http://hdl.handle.net/1721.1/75515.

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42

Luque, Arancibia Paula, and Ureta Gonzalo Andrés Román. "Real estate consultants." Tesis, Universidad de Chile, 2014. http://www.repositorio.uchile.cl/handle/2250/117599.

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Tesis para optar al grado de Magíster en Administración
No trae autorizaciones, para ser publicada en el Portal de Tesis Electrónicas de la U. de Chile.
Luque Arancibia, Paula [Parte I Análisis estratégico y de mercado],Román Ureta, Gonzalo Andrés [Parte II Análisis organizativo-financiero]
rescon es una consultora pensada para evitar o solucionar problemas de propiedad común, que afecten a inmobiliarias, comunidades y gestores de negocios inmobiliarios, en un mercado donde hay clientes insatisfechos y empoderados para legalizar sus requerimientos, lo cual conlleva a los oferentes a proteger su marca, en una ciudad donde la escasez de espacio incrementa la cantidad de proyectos en comunidad (ver anexo n°17). Agregar valor a los activos de los clientes, disminuir costos ocultos, evitar compensaciones y mejorar la imagen de marca, son algunos de los beneficios que el grupo objetivo podrá obtener, mediante una propuesta fundamentada en compromiso y profesionalismo. Con experiencia y know-how, la empresa responderá a una nueva necesidad, siendo pioneros en un incipiente mercado estimado de MM$1.100, donde obtener una participación del 20% al quinto año en la Región Metropolitana es factible, ya que el servicio no existe y se trata de un sector específico con escasos profesionales. Para cumplir con los objetivos de la compañía, se ha diseñado un plan de marketing multisegmento para proyectos en gestación y en marcha, que ofrece rapidez y profesionalismo a un precio competitivo, a través de una fuerza de ventas cercana y especializada. El modelo contempla una estructura de costos basada en colaboradores externos en función de las ventas, con tecnologías de gestión de clientes, y un centro de operaciones con una ubicación estratégica, que permitirá entregar un servicio de calidad optimizando el tiempo. El capital humano, su formación continua, y las relaciones con las instituciones que validan la información de la industria, son los factores críticos para el éxito de un proyecto fundamentado en el conocimiento, la empatía de sus personas y la calidad de servicio. Evaluado a 8 años, para llevar a cabo el negocio se requiere una inversión inicial de MM$30, la cual se estima recuperar al cuarto año de operación. Con bajos costos fijos y bajas barreras de salida, los flujos del modelo arrojan una TIR de 34,3%, mientras que el VAN es de MM$28 con una tasa de descuento de un 17,9%.

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43

Ho-Shon, Kevin Peter. "Real Estate Leases and Real Options." University of Sydney, 2008. http://hdl.handle.net/2123/3692.

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Doctor of Philosophy(PhD)
This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

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44

Ennis, Jeffrey L. (Jeffrey Lake). "The institutional real estate clearinghouse : implications for institutional investment in real estate." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11393.

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45

Cercone, Michael. "Real estate auctions as a market-clearing mechanism for repossessed real estate." Thesis, Massachusetts Institute of Technology, 1991. http://hdl.handle.net/1721.1/65027.

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46

Huaug, S. Z., and 黃聖智. "Study on Real Estate Appraisal Model-Landed Estate as Examples." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/58505990939533980476.

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碩士
高苑科技大學
土木工程研究所
98
There are three different prices for the domestic real estate transactions, the announced land values, publicly announced current land values, and actual transaction prices. Usually, the announced land values are used as the basis for land tax collection. According to the announced current land values, the land value increment taxes after the real estate transactions are collected. The actual transaction prices are the deal prices of real estate by the commitment of contracting parties. Actually, under the asymmetric informational conditions of the contracting parties, the disadvantages could loss profits. Therefore, how to establish a reasonable and credible model for land appraisal and fit the needed of markets are absolutely necessary. Also, it is the main purpose of this study. First of all, using the annual consumer price index(CPI), the fixed-term deposit interest rate of Taiwan bank, national income (NI) and urban land price indexes(ULPI), the annual price change ratio for the land appraisal models was calculated by this paper. Secondly, according to the formula of the regulations on real estate appraisal article 69, the current building value and the publicly announced current land value of the base year, the weights of building and land were computed respectively. Therefore, the land cost values was detracted from the real estate price. Finally, making use of the land cost values, annual price change ratio, a new model for the land appraisal of real estate was developed, can estimate the land valuation of real estate quickly and precisely. Land valuations need a mass, detail data, and its related statistical information, to use as valuation foundation. By the transaction examples of real estate at the regions of Tainan City and Kaohsiung city, the validation of land appraisal model developed by this paper was preceded, and compared with the market comparison method. The analysis results show that the differences of the appraised land valuation between the proposed model and the market comparison method are within 12%. Furthermore, the land appraisal model constructed in this paper can faithfully reflect the cost of land prices, and fit with the changes of real estate market transaction mechanism. Moreover, the proposed model can provide the general populace with a quickly and effectively land valuation method for buying or selling the land.

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47

Gan, Dai-yuan, and 甘黛媛. "The Study of Present Real Estate Tax Appraisal." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/74477609734335309438.

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碩士
國立高雄應用科技大學
商務經營研究所
99
Present real estate tax adopts the separated system – separated appraisal and separated taxation respectively. Whereas, house tax appraisal via cost method would result in that the more floor-counts, the higher construction cost, therefore the higher appraisal price per house. The study, applying the case study methodology, is to discuss the phenomenon of higher house tax for House-building than for Townhouse with the same condition but only of different floor-count. Since the house price is also the taxation basis for house transfer and for property transaction income, this phenomenon – heavier house tax to House-building than Townhouse, would begin from house buying, possessing, to transacting. Considering the floor-counts of newly-built houses vary in different Counties/Cities, this study focuses on how appraisals influent the local government taxation owing to floor-counts of newly-built houses. The land tax is levied according to “Announced Land Value” and “Current Assessed Land Value”. Since those values are off-market, rigid, and have to be appraised by zones, without considering the Land Price Distribution Rate base on Utility Ratio for Floors; the system results in heavier land tax for person in building over 2 floors; as well as leads the local government taxation to the incapability of “Land appreciation to the public” and “Tax holiday phenomenon”. Furthermore, present taxation is separated into two parts - land and house, plus the former one is tax-free for sale and transaction income; therefore, the OL-UH real estate transfers, which consist of Over-reported Land Value (OL) - appraised still to Current Assessed Land Value, and Under-reported House Value (UH) - levied lower the property transaction income tax; would result in improper taxation toward value increment, as well as would let huge real estate profits always exist, without realizing the tax fair and justice effectively. Suggestions from this research are shown as follow: 1. Levy on unification values of land and house, then to report increment value tax based on real transaction price. 2. Take good advantage of present report system for increment value tax on land, enhance the function of manual double-check of land and house tax system. 3. The ratio policy of real estate taxation should adopt proportional tax rate. 4. Recognize the deduction reasonably toward increment values of improved real estate. 5. Secure sound real estate transaction system, by promoting the profession ethics and legal responsibility to Land Administration Agents, and Real Estate Brokers. 6. Apply the real reported transaction price as the basis of appraisals for land tax and house tax. 7. To put emphasis on the Utility Ratio for each Floor. 8. Add/Amend “Management Act for Real Estate Agent”, and “Regulation for Land Registration”, so as to facilitate the Special Goods and Service Tax.

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Jan, Yi Xuan, and 冉怡瑄. "Using Regression Tree Algorithm in Real Estate Appraisal." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/91404160276601134586.

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碩士
長庚大學
資訊管理學系
99
This research aims to predict the price of house in Kaohsiung City. The instruments use in this research included regression trees model and linear regression model, we use these methods with house factors, building factors and neighborhoods factors to evaluate the value of the house. Regression tree model was performed and the result indicated a significant main effect for the house price prediction, and it’s more suitable than the traditional linear regression model. In conclusion, The results of this research may help real estate sales to various estimating reference tool involing house price prediction in Kaohsiung City. For this research, we find out that housing age, housing type, floor, distance from Kaohsiung Railway Station, district, right shpes, park area, special landscape , district population, bathroom used to distinguish the rules. The most important factors which indicate the house price are neighborhoods environment and building factors. In addition, although growing numbers of researchers have considered the neighborhoods environment impact of the house price, but very little attention has been given specifically to special landscape, the first row special features are particularly valuable because their rarity and special, so we add it to the hedonic equation to evaluate analyze the house prices, the we find out the house prices have been influenced by the special landscape.

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Chin, Yu-Kang, and 秦宇康. "Grey Model For The Appraisal Of Real Estate." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/29146139469939584008.

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碩士
國立中興大學
土木工程學系所
94
The business operation life cycle of the development industry, starts from land acquisition which determines whether an investment could be profitable. Due to land’s un-moveable and special characteristics, upon land acquisition, sinking cost is usually finalized. Once a developer acquires a piece of land, he has to go through entire construction and sales cycle completely to earn his profit. Therefore, land price becomes the major business operation issue of the development. This paper create prediction model by grey system theory and use Microsoft Excel to build minimum square program and each known slope. To forecast the price of land for given distance. Considering mean and standard deviation, and accuracy between 74.67%~89.00% is achievable, which means the grey theory is a good method for real estate appraisal and meet our requirement. The research also concludes the impact factors of land price as base for analysis of grey relation. All of the impact factors could easily be obtained by estimate, thereby reducing the affect of meteorology personal equation, which is beneficial to the analysis of grey relation. Finally, it uses the simulated results of artificial neural network compare to the merits and demerits of the grey theory analysis and considers the ease of future development and extension so as to allow it to be used for real estate appraisal.

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CHI, JEN-CHENG, and 紀仁政. "The Study of Professionalize and Appraiser*s Professional Commitment in Real Estate Appraisal." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/89998249293183499360.

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Dissertations / Theses on the topic 'The appraisal of real estate'

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