Journal articles: 'The appraisal of real estate'

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

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

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

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Abstract The countries in Central-Eastern Europe have been subjected to dynamic economic changes. Researchers from Poland and Slovakia study the history of the creation of and rules by which the real estate appraiser’s profession functions. They also present the methodological basics for property appraisals. The original value of this article is a comparative analysis depicting the similarities and differences occurring in the research area, in two countries from the same region of Europe. The analysis may also influence the methodological discussions of specialists concerning the correctness and purpose of certain approaches, methods or techniques of property appraisal. The main goal of this article is conducting research on the operational rules of the real estate appraiser profession and property appraisal methods. The detailed objectives include: a critical comparative analysis of the solutions used in the above-mentioned countries, searching for interesting, unusual methodological propositions, and presenting a current assessment of the applied property appraisal methodology. The foremost methods used in this article are: the analysis of legislative instruments, the analysis of literature concerning property appraisal methodology in Poland and Slovakia, and a questionnaire (CAWI and PAPI technique). Complementary knowledge was derived from official government internet portals and trade associations dealing with property appraisals. A comparative analysis was the basis for conducting research on the similarities and differences in the studied countries.

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Zhou, Gang, Yicheng Ji, Xiding Chen, and Fangfang Zhang. "Artificial Neural Networks and the Mass Appraisal of Real Estate." International Journal of Online Engineering (iJOE) 14, no. 03 (March 30, 2018): 180. http://dx.doi.org/10.3991/ijoe.v14i03.8420.

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<p>With the rapid development of computer, artificial intelligence and big data technology, artificial neural networks have become one of the most powerful machine learning algorithms. In the practice, most of the applications of artificial neural networks use back propagation neural network and its variation. Besides the back propagation neural network, various neural networks have been developing in order to improve the performance of standard models. Though neural networks are well known method in the research of real estate, there is enormous space for future research in order to enhance their function. Some scholars combine genetic algorithm, geospatial information, support vector machine model, particle swarm optimization with artificial neural networks to appraise the real estate, which is helpful for the existing appraisal technology. The mass appraisal of real estate in this paper includes the real estate valuation in the transaction and the tax base valuation in the real estate holding. In this study we focus on the theoretical development of artificial neural networks and mass appraisal of real estate, artificial neural networks model evolution and algorithm improvement, artificial neural networks practice and application, and review the existing literature about artificial neural networks and mass appraisal of real estate. Finally, we provide some suggestions for the mass appraisal of China's real estate.</p>

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Bondar, M. I., and А. A. Kulyk. "Foreign experience of real estate mass appraisal." Problems of Theory and Methodology of Accounting, Control and Analysis, no. 1(48) (April 29, 2021): 3–12. http://dx.doi.org/10.26642/pbo-2021-48-3-12.

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The article examines foreign experience in the formation and functioning of mass assessment systems on the example of individual countries. The sample of countries, on the one hand, includes the United States and Sweden as countries where the mass appraisal system has been successfully functioning for decades, and on the other hand, Lithuania, Slovenia, Belarus and Poland, where the formation of a mass appraisal system began only in the late 20th – early 21st centuries. The article covers a comparative analysis and generalization of key aspects of mass appraisal systems of selected countries such as legislative regulation of mass appraisal, administration of the mass appraisal process in the context of the division of functions and powers between key entities, accounting and analysis of input information on the economic and physical-technical characteristics of real estate objects, the use of appraisal approaches and methods for evaluating certain types of real estate, etc. As the world experience shows, the models and procedures of mass appraisal form the basis of modern value-based systems of real estate taxation, since they allow to effectively solving the problems of simultaneously evaluating a large number of objects in conditions of limited time and financial resources. That is why the results of the mass appraisal are primarily used for tax purposes, in particular, to determine the tax base for real estate tax. In some countries, the results of mass appraisal are additionally used in banking and insurance activities, as well as for the purpose of accounting and taxation of real estate in inheritance or donation, etc. Based on the analysis of foreign experience, the article discusses the problems and prospects of introducing a mass appraisal system in Ukraine, in particular, the emphasis is on the lack of appropriate legislative resolution, low openness and transparency of the real estate market, the inconsistency of existing real estate accounting registers with the information needs of mass appraisal, etc. Further research will be directed in the following directions. Firstly, the study of accounting systems for transactions with real estate and accounting systems for the physical-technical characteristics of real estate, corresponding to the information requests of the mass appraisal. Secondly, research of methods and models, development of mass appraisal procedures in accordance with the peculiarities of the local market using as the example the residential real estate market of one of Kyiv districts.

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NISHIJIMA, Atsushi. "Contributions and Challenges for the Real Estate Appraisal in Real Estate Sciences." Japanese Journal of Real Estate Sciences 28, no. 4 (2015): 96–101. http://dx.doi.org/10.5736/jares.28.4_96.

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

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Purpose The purpose of this paper is to present an algorithm of real estate mass appraisal in which the impact of attributes (real estate features) is estimated by inequality restricted least squares (IRLS) model. Design/methodology/approach This paper presents the algorithm of real estate mass appraisal, which was also presented in the form of an econometric model. Vital problem related to econometric models of mass appraisal is multicollinearity. In this paper, a priori knowledge about parameters is used by imposing restrictions in the form of inequalities. IRLS model is therefore used to limit negative consequences of multicollinearity. In ordinary least squares (OLS) models, estimator variances might be inflated by multicollinearity, which could lead to wrong signs of estimates. In IRLS models, estimators efficiency is higher (estimator variances are lower), which could result in better appraisals. Findings The final effect of the analysis is a vector of the impact of real estate attributes on their value in the mass appraisal algorithm. After making expert corrections, the algorithm was used to evaluate 318 properties from the test set. Valuation errors were also discussed. Originality/value Restrictions in the form of inequalities were imposed on the parameters of the econometric model, ensuring the non-negativity and monotonicity of real estate attribute impact. In case of real estate, variables are usually correlated. OLS estimators are then inflated and inefficient. Imposing restrictions in form of inequalities could improve results because IRLS estimators are more efficient. In the case of results inconsistent with theoretical assumptions, the real estate mass appraisal algorithm enables having the obtained results adjusted by an expert. This can be important for low quality databases, which is often the case in underdeveloped real estate markets. Another reason for expert correction may be the low efficiency of a given real estate market.

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You, Quanzeng, Ran Pang, Liangliang Cao, and Jiebo Luo. "Image-Based Appraisal of Real Estate Properties." IEEE Transactions on Multimedia 19, no. 12 (December 2017): 2751–59. http://dx.doi.org/10.1109/tmm.2017.2710804.

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

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

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

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Wygaś, Sebastian. "DETERMINANTS OF REAL ESTATE EVALUATION IN THE ASPECT OF CREDITOR’S DECISION – MAKING PROCESS." Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 19, no. 1 (March 30, 2018): 259–72. http://dx.doi.org/10.5604/01.3001.0012.0535.

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Real estate evaluation carried by real estate appraisers allows to assess market value of the mortgage loan collateral. Appraisal report is often considered by creditor as mandatory requirement. Real estate evaluations are required by creditors to be in accordance with their guidelines and recommendations. Considering the above an analysis of guidelines of ING Bank Śląski S.A., Bank Millennium S.A. and Alior Bank S.A. for appraisal reports of real estates considered as collaterals was performed. Purpose of the following paper is to present and compare chosen solutions concerning evaluation process of real estate considered as claims collateral as well as propose good practices in this area.

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N., Elangovan, and Sridhar Rajendran. "Impact of functional interdependency on employee satisfaction with performance appraisal in the real estate industry." Problems and Perspectives in Management 18, no. 4 (December 10, 2020): 213–27. http://dx.doi.org/10.21511/ppm.18(4).2020.19.

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Unbiased performance appraisal tends to bolster the performance of employees. The studies indicate several inadequacies with the current performance appraisal systems. Functional interdependence is one such factor that has been ignored. The study aims to find the factors that can improve the satisfaction with performance appraisal of employees whose deliverables are highly interdependent on other functions. Organizational justice, rater competence, inter-functional conflict, and cohesion are considered the mediating variables. To test the model, the data are collected through a survey using a questionnaire from the executives of Indian real estate companies who have undergone the appraisal process at least once. Firms with more than 500 employees are randomly selected for the list of members of the real estate developers’ associations. The results show that functional interdependency has a negative impact on satisfaction with performance appraisal. Although conflict and cohesion are found to influence satisfaction with performance appraisal, they did not mediate the effect of functional interdependency on satisfaction with performance appraisal. However, the study found that rater competence and organizational justice have a mediating effect. The study provides practical implications to HR managers of real estate companies to train the raters and include the complexities of functional interdependencies in the appraisal system. A grievance mechanism should be created to address the employees’ concerns, ultimately improving satisfaction with performance appraisal.

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Sridhar, R., and N. Elangovan. "Perception and its Impact on Satisfaction on Performance Appraisal in Real Estate Industry in South India." Asian Review of Social Sciences 8, S1 (February 5, 2019): 60–63. http://dx.doi.org/10.51983/arss-2019.8.s1.1493.

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Traditionally, real estate industry is managed by small time entrepreneurs and considered as unorganized industry. However, in the last few decades, the real estate industry has become organized sector with many corporate houses started doing business and offering employment to millions. Like any other organized industry, Real estate industry too started practicing performance appraisal to reward their employees and to align their goal with the organization. The nature of the business allows the organizations in Real Estate industry to have diversified work groups. Thus, organization’s role on implementing better performance appraisal system becomes inevitable. This study aims at identifying the perception of the real estate employees on performance appraisal system, organizational role in educating the employee on performance appraisal system and their impact on the satisfaction of the employee on the performance appraisal system practiced in Real Estate companies

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NAKAJO, Yasuhiko. "The Issue of Real Estate Science from the Real Estate Appraisal Point of View." Japanese Journal of Real Estate Sciences 26, no. 1 (2012): 18–21. http://dx.doi.org/10.5736/jares.26.1_18.

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Greenhalgh, Paul Michael, and Roberto Soares Bendel. "An investigation of development appraisal methods employed by valuers and appraisers in small and medium sized practices in Brazil." Journal of Property Investment & Finance 33, no. 6 (September 7, 2015): 530–47. http://dx.doi.org/10.1108/jpif-03-2015-0019.

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Purpose – Whilst the real estate development appraisal practices of large national and international real estate companies are well understood, relatively little is known about how development appraisals are conducted by indigenous appraisers and valuers in developing countries. The purpose of this paper is to investigate how development appraisal is conducted in Brazil, compared to the UK, focusing primarily on the methods employed by small- and medium-sized real estate practices and their appraisers to appraise the viability of commercial real estate developments in the State of Sao Paulo. Design/methodology/approach – The study employs a two phase Delphi Method to capture and analyse empirical data from small- and medium-sized real estate appraisers in Brazil. Using the long established and relatively transparent UK Residual Method of development appraisal as a template against which to compare Brazilian appraisal methods, guidance and practice. To understand how indigenous development appraisers operate the Brazilian development appraisal methods, the research was conducted in Portuguese by a bi-lingual real estate expert who was familiar with both UK and Brazilian practice. Findings – The research establishes that appraisers working for small- and medium -sized real estate practices in Brazil rarely use the Residual Method. Instead, they employ a range of methods, the choice of which is heavily influenced by the availability of comparable market data, with Direct Comparison of market data and the Capitalisation of Income being the methods of choice. Appraisers rarely employ the Residual Method as the principal development appraisal technique, using instead the Comparative Method and Discounted Cash Flow (DCF) analysis. Land prices are usually agreed or already known and developer’s profit is usually determined using DCF analysis and is highly sensitive to fluctuations in construction costs. Research limitations/implications – The research engaged with a small number of appraisers and valuers in small- and medium-sized practices in the State of Sao Paulo using a two-phase Delphi Method. The long established UK Residual Method of development appraisal was used as a template against which to compare practice in Sao Paulo State. There is potential therefore to replicate the research in other Brazilian States and transfer the methodology to other developing countries. Practical implications – In Brazil, when development land in urban areas is acquired on the basis of plot exchange, land is often sold at less than market value and the original landowner retains an equity stake in the development and shares in the development overage. The practice of “permuta física”, giving landowners the freehold of part of the development, or “permuta financeira”, whereby the landowner receives an enhanced land price, indexed against development value, is of potential relevance to the UK and other developed countries that need help in urban unlocking land markets. Originality/value – The research is a unique comparative study of development appraisal methods employed by small- and medium-sized practices in Brazil. It contributes to the limited literature that has so far been published in English on Brazilian development appraisal methods and reveals the similarities and differences with the Residual Method of development appraisal that is widely used in the UK and other developed countries.

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Ren, Hong, and Jian Bing Liu. "Appraisal Model on the Values of the Green Ecological Real Estate Brand." Key Engineering Materials 480-481 (June 2011): 815–20. http://dx.doi.org/10.4028/www.scientific.net/kem.480-481.815.

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The real estate has become an important pillar industry in our current, green ecological real brand is one of the most important intangible assets of the real estate enterprises. How to appraise the value of green ecological real value is the difficult problem of the real estate enterprises and theory horizon, and is also the problem of the real estate enterprises very concerned about and urgent need to solve. This article analyzed the traditional methods of assessing the brand value assets ，the new appraisal method of green ecological real estate brand value is proposed based on the economic added value and the weighted average cost of capital model and β coefficient , the economic added value more reflects the objective earning power of green ecological real estate brand , the weighted average cost of capital models and β coefficient reflects the actual performance of green ecological real estate, the evaluation results approach the objective and reasonable results, The method provides an important technical support and guarantee for appraising the value of green ecological real estate brand.

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Albu, Svetlana. "Technical Assessment of Constructions in Real Estate Appraisal." Advanced Engineering Forum 21 (March 2017): 639–46. http://dx.doi.org/10.4028/www.scientific.net/aef.21.639.

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One of the modern society priorities is the tendency towards sustainable social and economic development. Sustainable development is possible through the preservation and efficient use of the values created by our ancestors and the ability to meet current needs so as not to endanger the ability of future generations to meet their own needs. Real estate appraisal activity evaluates the changes in property value over time. Physical or legal actions on the property are justified only if the future value is not affected.Theory and practice of appraisal activity quantifies three approaches to value:The Sales Comparison Approach – value is examined in terms of current market preferences;The Income Approach – determine the income the property is expected to generate over time as a result of the most probable use;The Cost Approach – value is perceived in terms of replacement cost of real estate with one with comparable utility.Technical assessment of constructions is applied as a rule mainly in the cost approach, and has a major impact on the estimate of market value. The role of technical assessment is reduced, even ignored and not taken into account in other approaches.The present research examined the role of technical assessment of constructions in the process of real estate appraisal and the impact of inspection on the real estate value.

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Kim, Yeong Mi, and Hee Soon Jang. "Conceptualizing the Market Value on Real Estate Appraisal." Residential Environment Institute Of Korea 17, no. 4 (December 31, 2019): 127–40. http://dx.doi.org/10.22313/reik.2019.17.4.127.

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Belyaeva, Anna V. "Spatial models in mass appraisal of real estate." Computer Research and Modeling 4, no. 3 (September 2012): 639–50. http://dx.doi.org/10.20537/2076-7633-2012-4-3-639-650.

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Adela, DEACONU, OPREAN Victor Bogdan, and BUIGA Anuta. "Trends in real estate appraisal: An emerging context." African Journal of Business Management 9, no. 11 (June 14, 2015): 478–89. http://dx.doi.org/10.5897/ajbm2014.7407.

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Popescu, Daniela, Emilia Cerna Mladin, Rodica Boazu, and Sven Bienert. "METHODOLOGY FOR REAL ESTATE APPRAISAL OF GREEN VALUE." Environmental Engineering and Management Journal 8, no. 3 (2009): 601–6. http://dx.doi.org/10.30638/eemj.2009.083.

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Pagourtzi, Elli, Vassilis Assimakopoulos, Thomas Hatzichristos, and Nick French. "Real estate appraisal: a review of valuation methods." Journal of Property Investment & Finance 21, no. 4 (August 2003): 383–401. http://dx.doi.org/10.1108/14635780310483656.

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Cha, Kyung Eun. "A Study on the Disciplines of Real Estate Appraisal: Focused on the Disciplines and Precedents of Real Estate Appraisal Corporation." Appraisal Studies 17, no. 1 (April 30, 2018): 5–25. http://dx.doi.org/10.23843/as.17.1.1.

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Yang, Jian Ping, and Qing Bai. "Research of Real Estate Appraisal Based on GIS Technology." Advanced Materials Research 859 (December 2013): 562–65. http://dx.doi.org/10.4028/www.scientific.net/amr.859.562.

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With the continuous development of the real estate industry, the real estate valuation business volume increasing coverage, valuation of more extensive, therefore it has become increasingly difficult. This article mainly from the characteristics of the real estate valuation and the existing problems, study of the geographic information system (GIS) is applied to real estate evaluation system of the necessity and feasibility, and puts forward the main function of the GIS system of real estate appraisal module.

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Mäki, Juha. "The role of investment property appraisal in European real estate companies." Journal of European Real Estate Research 13, no. 1 (February 7, 2020): 105–22. http://dx.doi.org/10.1108/jerer-11-2019-0038.

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Purpose This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations. Design/methodology/approach The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016. Findings The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties. Practical implications The research produces beneficial information for investors and other stakeholders interested in the real estate industry. Originality/value This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

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Doszyń, Mariusz. "Econometric Support of a Mass Valuation Process." Folia Oeconomica Stetinensia 20, no. 1 (June 1, 2020): 81–94. http://dx.doi.org/10.2478/foli-2020-0005.

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AbstractResearch background: The issues undertaken in the paper include the specification of an econometric model in real estate mass appraisal. Advantages and disadvantages of using econometric models in real estate mass appraisal are discussed.Purpose: The issue of aiding the valuation process with an econometric model based on the Szczecin algorithm of real estate mass appraisal is discussed in the paper. Such problems like multicollinearity, lack of coincidence and nonmonotonic influence of attributes are pointed out. Also, potential solutions to these problems are mentioned. Moreover, the paper features a discussion of cases in which econometric appraisal is not sufficient.Research methodology: The base for constructing an econometric model is the so-called Szczecin algorithm of real estate mass appraisal. Based on the algorithm, the econometric model was created to enable determining the impact of real estate attributes and location on their value.Results: problems related with specification, estimation and verification of the real estate mass appraisal econometric model are discussed in an empirical example.Novelty: A non-linear model is proposed, which features explanatory variables introduced into the model, and by taking into consideration the scale of their measurement. The proposed model, by introducing dummy variables, also account for the impact of a location, which significantly improves the fit to empirical values.

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Hozer, Józef, Sebastian Gnat, Sebastian Kokot, and Wojciech Kuźmiński. "The Problem of Designating Elementary Terrains for the Purpose of Szczecin Algorithm of Real Estate Mass Appraisal." Real Estate Management and Valuation 27, no. 3 (September 1, 2019): 42–58. http://dx.doi.org/10.2478/remav-2019-0024.

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Abstract One of the key determinants of the quality of real estate mass appraisal is the algorithm used for conducting such an appraisal. Other determinants include detailed methodological and substantive solutions within the scope of a selected, applied algorithm. This article is dedicated to one of the major stages of the process of land real estate mass appraisal with the use of the Szczecin Algorithm of Real Estate Mass Appraisal (SAREMA), namely defining and determining the so-called elementary terrains. The paper aims to present the methods for designating the boundaries of elementary terrains, the manner of defining their number and size and, consequently, the number of real properties that will be covered by an automated process of mass appraisal in a given area. Ways of defining the boundaries of elementary terrains were proposed in the paper based on the existing surveying districts, zoning plans, background maps, thematic map layers, real estate market analyses as well as statistical methods. Elementary terrain boundaries thus designated were verified with the use of actual real estate resources of the city of Szczecin.

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Oliver, Robert P. "MOVING BEYOND THE REAL ESTATE APPRAISAL: VALUING FRACTIONAL INTERESTS IN CLOSELY HELD REAL ESTATE COMPANIES." Business Valuation Review 5, no. 2 (June 1986): 16–19. http://dx.doi.org/10.5791/0882-2875-5.2.16.

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Adamczyk, Tomasz, Agnieszka Bieda, and Piotr Parzych. "Appraisal of Real Estate with Various Functions in the Context of Sustainable Development." Journal of Applied Engineering Sciences 9, no. 1 (May 1, 2019): 7–18. http://dx.doi.org/10.2478/jaes-2019-0001.

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Abstract The value of a piece of real estate depends on the purpose it is used for and on its function in planning documents. Unfortunately, current land development trends and the provisions of the law that are applicable in these documents often lead to real estate with heterogeneous functions. The valuation of such properties requires a special approach. One method is to divide the prices of real estate similar to the appraised real estate into components that correspond to areas with certain functions. The aim of this paper is to present statistical methods that can facilitate such a solution. The valuation models (parametric and conditional) presented in this article come from geodetic methods for the reconciliation of results. The presented calculations suggest that it is necessary to verify whether the heterogeneous functions of real estate should be considered in its appraisal.

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del Giudice, Vincenzo, and Pierfrancesco de Paola. "Undivided Real Estate Shares: Appraisal and Interactions with Capital Markets." Applied Mechanics and Materials 584-586 (July 2014): 2522–27. http://dx.doi.org/10.4028/www.scientific.net/amm.584-586.2522.

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The appraisal of undivided and indivisible real estate shares represents a recurring and underestimated issue by professional appraisers. This problem requires a logical solution considering that the undivided real estate shares are more difficult to sell and, consequently, there is a decrease of their market value. It follows that issue can be referred, in theoretical and practical terms, to the real estate investment risk valuation and on how to convert this risk into an expected rate that can compensate it. In this paper theCapital Asset Pricing Modelhas been integrated withPenalized Spline Semiparametric Methodin order to obtain an algorithm that allows to rationalize the appraisal of undivided real estate shares using easily accessible data.

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ARRIBAS, Iván, Fernando GARCÍA, Francisco GUIJARRO, Javier OLIVER, and Rima TAMOŠIŪNIENĖ. "MASS APPRAISAL OF RESIDENTIAL REAL ESTATE USING MULTILEVEL MODELLING." International Journal of Strategic Property Management 20, no. 1 (April 14, 2016): 77–87. http://dx.doi.org/10.3846/1648715x.2015.1134702.

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Mass appraisal, or the automatic valuation of a large number of real estate assets, has attracted the attention of many researchers, who have mainly approached this issue employing traditional econometric models such as Ordinary Least Squares (OLS). However, this method does not consider the hierarchical structure of the data and therefore assumes the unrealistic hypothesis of the independence of the individuals in the sample. This paper proposes the use of the Hierarchical Linear Model (HLM) to overcome this limitation. The HLM also gives valuable information on the percentage of the variance error caused by each level in the hierarchical model. In this study HLM was applied to a large dataset of 2,149 apartments, which included 17 variables belonging to two hierarchical levels: apartment and neighbourhood. The model obtained high goodness of fit and all the estimated variances of the parameters in HLM were lower than those calculated by OLS. It can be concluded as well that no further neighbourhood variables need be added to the model to improve the goodness of fit, since almost all the residual variance can be attributed to the first hierarchical level of the model, the apartment level.

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Chen, Zhangcheng, Yueming Hu, Chen Zhang, and Yilun Liu. "An Optimal Rubrics-Based Approach to Real Estate Appraisal." Sustainability 9, no. 6 (May 29, 2017): 909. http://dx.doi.org/10.3390/su9060909.

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Seo, Kyung Kyu. "Improvements on the Appraisal Report System of Real Estate." Appraisal Studies 18, no. 1 (April 30, 2019): 29–49. http://dx.doi.org/10.23843/as.18.1.2.

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Lim, Jae Man. "The Effects of COVID-19 on Real Estate Appraisal." APPRAISAL STUDIES 19, no. 2 (August 31, 2020): 29–46. http://dx.doi.org/10.23843/as.19.2.2.

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Emory, John D. "Why Business Valuation And Real Estate Appraisal Are Different." Business Valuation Review 9, no. 1 (March 1990): 3–7. http://dx.doi.org/10.5791/0882-2875-9.1.3.

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Lina Li. "Real Estate Appraisal Research based on Artificial Neural Network." INTERNATIONAL JOURNAL ON Advances in Information Sciences and Service Sciences 5, no. 6 (March 31, 2013): 1105–12. http://dx.doi.org/10.4156/aiss.vol5.issue6.132.

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Giaccotto, Carmelo, and John Clapp. "Appraisal-Based Real Estate Returns under Alternative Market Regimes." Real Estate Economics 20, no. 1 (March 1992): 1–24. http://dx.doi.org/10.1111/1540-6229.00570.

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Morton-Smith, Jon. "Real estate finance risk appraisal: lessons from the past." Briefings in Real Estate Finance 1, no. 1 (June 2001): 44–54. http://dx.doi.org/10.1002/bref.14.

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Geltner, David, Bryan D. MacGregor, and Gregory M. Schwann. "Appraisal Smoothing and Price Discovery in Real Estate Markets." Urban Studies 40, no. 5-6 (May 2003): 1047–64. http://dx.doi.org/10.1080/0042098032000074317.

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Edelstein, Robert H., and Daniel C. Quan. "How Does Appraisal Smoothing Bias Real Estate Returns Measurement?" Journal of Real Estate Finance and Economics 32, no. 1 (February 2006): 41–60. http://dx.doi.org/10.1007/s11146-005-5177-9.

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Kathmann, Ruud M. "Neural networks for the mass appraisal of real estate." Computers, Environment and Urban Systems 17, no. 4 (July 1993): 373–84. http://dx.doi.org/10.1016/0198-9715(93)90034-3.

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Newell, Graeme, and John MacFarlane. "Improved Rish Estimation Using Appraisal Smoothed Real Estate Returns." Journal of Real Estate Portfolio Management 1, no. 1 (January 1, 1995): 51–57. http://dx.doi.org/10.1080/10835547.1995.12089515.

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Sternik, Sergey. "METHODOLOGY OF DISCRETE SPATIAL-PARAMETRIC REAL ESTATE MARKET MODELLING." Applied Mathematics and Control Sciences, no. 4 (December 15, 2020): 155–85. http://dx.doi.org/10.15593/2499-9873/2020.4.10.

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This paper gives a formalized description of the procedure for constructing widely used discrete spatial-parametric models of the real estate market in terms of set theory – an apparatus specially created for describing discrete spaces. The presentation is carried out in comparison with the approaches and concepts of a related methodology – regression models of mass appraisal of real estate objects. The methodology of discrete spatial-parametric modeling of the real estate market is used for market monitoring, for building dynamic market indices and for mass appraisal of real estate objects. The methodology is based on statistical cluster analysis and also allows for static interpolation spatial-parametric forecasting of the values of market indicators in small clusters with insufficient sample size and in narrow markets with little or no supply. The application of the methodology of discrete spatial-parametric modeling of the real estate market is demonstrated on the example of the residential real estate market in Moscow.

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Wang, Daikun, and Victor Jing Li. "Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review." Sustainability 11, no. 24 (December 8, 2019): 7006. http://dx.doi.org/10.3390/su11247006.

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With the increasing volume and active transaction of real estate properties, mass appraisal has been widely adopted in many countries for different purposes, including assessment of property tax. In this paper, 104 papers are selected for the systematic literature review of mass appraisal models and methods from 2000 to 2018. The review focuses on the application trend and classification of mass appraisal and highlights a 3I-trend, namely AI-Based model, GIS-Based model and MIX-Based model. The characteristics of different mass appraisal models are analyzed and compared. Finally, the future trend of mass appraisal based on model perspective is defined as “mass appraisal 2.0”: mass appraisal is the appraisal procedure of model establishment, analysis and test of group of properties as of a given date, combined with artificial intelligence, geo-information systems, and mixed methods, to better model the real estate value of non-spatial and spatial data.

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Zhang, Min Li, and Guo Chao Han. "Application of Spatial Decision Support System in Real Estate Appraisal." Applied Mechanics and Materials 174-177 (May 2012): 3286–90. http://dx.doi.org/10.4028/www.scientific.net/amm.174-177.3286.

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After the economic crisis in 2009, the real estate market has gone through a temporary prosperity, but now it is undergoing the country’s another round of macro control. In order to comply with the national’s implementation of "one-room, one- price" policy and make second-hand housing market standardized. A comprehensive analysis of our country’s real estate prices and the latest development trends is made in this paper, besides; the analysis is based on the real estate evaluation theory. This paper presents a novel real estate estimation method based on spatial decision support system, theoretical analysis and the application of computer technology, this approach is an integration of decision support systems (DSS) and Geographic Information Systems (GIS). Meanwhile, it can make our country’s real estate evaluation more regular and scientifically.

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Kuethe, Todd. "The risk and return of farm real estate and the “bad data problem”." Agricultural Finance Review 76, no. 1 (May 3, 2016): 140–50. http://dx.doi.org/10.1108/afr-11-2015-0049.

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Purpose – The purpose of this paper is to explore the consequences of appraisal smoothing in the estimation of the risks and returns of farm real estate. It examines the degree to which the risk and return characteristics of farm real estate are an artifact of the methods used to measure aggregate property values. Design/methodology/approach – A multifactor asset pricing model is estimated using farm real estate returns in a manner consistent with prior research, as well as using farm real estate returns calculated using two synthetic unsmoothing procedures developed in the real estate finance literature. Findings – The model suggests that unsmoothed farm real estate returns exhibit characteristics that differ from those suggested by prior research. The unsmoothed returns suggest a stronger correlation with economy wide investment risks. Originality/value – This is the first study to evaluate the impacts of appraisal smoothing in a farm real estate context. It provides a simple framework for addressing many of the pricing anomalies associated with farmland.

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Bergadano, Francesco, Roberto Bertilone, Daniela Paolotti, and Giancarlo Ruffo. "Developing Real Estate Automated Valuation Models by Learning from Heterogeneous Data Sources." International Journal of Real Estate Studies 15, no. 1 (June 23, 2021): 72–85. http://dx.doi.org/10.11113/intrest.v15n1.10.

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In this paper we propose a data acquisition methodology, and a Machine Learning solution for the partially automated evaluation of real estate properties. The novelty and importance of the approach lies in two aspects: (1) when compared to Automated Valuation Models (AVMs) as available to real estate operators, it is highly adaptive and non-parametric, and integrates diverse data sources; (2) when compared to Machine Learning literature that has addressed real estate applications, it is more directly linked to the actual business processes of appraisal companies: in this context prices that are advertised online are normally not the most relevant source of information, while an appraisal document must be proposed by an expert and approved by a validator, possibly with the help of technological tools. We describe a case study using a set of 7988 appraisal documents for residential properties in Turin, Italy. Open data were also used, including location, nearby points of interest, comparable property prices, and the Italian revenue service area code. The observed mean error as measured on an independent test set was around 21 K€, for an average property value of about 190 K€. The AVM described here can help the stakeholders in this process (experts, appraisal company) to provide a reference price to be used by the expert, to allow the appraisal company to validate their evaluations in a faster and cheaper way, to help the expert in listing a set of comparable properties, that need to be included in the appraisal document.

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Devaney, Steven. "Measuring European property investment performance: comparing different approaches." Journal of European Real Estate Research 7, no. 1 (April 29, 2014): 112–32. http://dx.doi.org/10.1108/jerer-10-2013-0022.

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Purpose – Price indices for commercial real estate markets are difficult to construct because assets are heterogeneous, they are spatially dispersed and they are infrequently traded. Appraisal-based indices are one response to these problems, but may understate volatility or fail to capture turning points in a timely manner. This paper estimates “transaction linked indices” for major European markets to see whether these offer a different perspective on market performance. The paper aims to discuss these issues. Design/methodology/approach – The assessed value method is used to construct the indices. This has been recently applied to commercial real estate datasets in the USA and UK. The underlying data comprise appraisals and sale prices for assets monitored by Investment Property Databank (IPD). The indices are compared to appraisal-based series for the countries concerned for Q4 2001 to Q4 2012. Findings – Transaction linked indices show stronger growth and sharper declines over the course of the cycle, but they do not notably lead their appraisal-based counterparts. They are typically two to four times more volatile. Research limitations/implications – Only country-level indicators can be constructed in many cases owing to low trading volumes in the period studied, and this same issue prevented sample selection bias from being analysed in depth. Originality/value – Discussion of the utility of transaction-based price indicators is extended to European commercial real estate markets. The indicators offer alternative estimates of real estate market volatility that may be useful in asset allocation and risk modelling, including in a regulatory context.

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Doszyń, Mariusz. "Individual Capacities of Hellwig’s Information Carriers and the Impact of Attributes in the Szczecin Algorithm of Real Estate Mass Appraisal." Real Estate Management and Valuation 27, no. 1 (March 1, 2019): 15–24. http://dx.doi.org/10.2478/remav-2019-0002.

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Abstract A statistical method of defining the impact of real estate attributes based on individual capacities of Hellwig’s information carriers was proposed in the paper. The method may be used for defining the impact of attributes in the Szczecin algorithm of real estate mass appraisal. The proposed procedure refers to the so-called Hellwig’s method, used for the selection of explanatory variables in an econometric model. In the case of real estate attributes, we typically deal with variables measured on an ordinal scale. Therefore, Kendall’s tau coefficients (tau a, tau b, tau c) will be applied in order to determine the strength and direction of a relation between variables. These coefficients enable the measuring of the strength and direction of a relation between variables measured on an ordinal scale. After valuating proper matrices of Kendall’s tau coefficients, individual capacities of Hellwig’s information carriers were determined, on the basis of which the impact of attributes in the Szczecin algorithm of real estate mass appraisal was defined. The proposed procedure was supported with an empirical example using a real data base that comprises 99 undeveloped land properties of industrial designation, including depots, storehouses, warehouses, and yards. After determining the impact of each attribute, the Szczecin mass appraisal algorithm was used to evaluate values. The obtained real estate values were very close to the values obtained by real estate experts.

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Novaes, Luiz Fernando Lyra, André Felipe Fraga, Manoela Maria Rapuano De Lyra Novaes, and Luiggi Senna. "Double Perspective DEA on Real Estate Appraisal by Brazilian Standards." Central European Review of Economics and Management 2, no. 4 (December 22, 2018): 127. http://dx.doi.org/10.29015/cerem.553.

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Objective: This article innovates when we incorporate the statistical analysis to the method of Double-Perspective Data Envelopment Analysis (DP-DEA), with the objective of obtaining an estimate of greater accuracy and reliability according to the assumptions of the Best Unbiased Estimator (BUE). Design / Research Method: Double Perspective Data Envelopment Analysis (DP-DEA) is an extension to Classical Data Envelopment Analysis (DEA) for estimating efficiency, asset values, indicators, and other attributes from two perspectives, achieving a common result is the main objective. This article innovates in DEA methodology, in two aspects: 1. To demonstrate the ability of the DP-DEA to perform at intervals the estimation of values from a random sample; 2. Through the statistical analysis, making estimates of central tendency according to the assumptions of the Best Unbiased Estimator (BUE – Best Unbiased Estimator). Conclusions / findings: The practical procedures performed step by step through DP-DEA according to the assumptions of the BUE, presented in its main findings and conclusions are: 1. Incorporation of statistical analysis to the DP-DEA method, which assumes assumptions of properties of the Best Estimator Non-biased; 2. Within the scope of the DEA, it presents an innovative capacity to make estimates from random samples, and; 3. At the end of the article, by simulation, able to validate modeling through the variation of property characteristics, demonstrating that the estimation of the corresponding values is consistent according to the market’s expectations. Originality / value of the method: This article opens new avenues to be explored by the DEA community. Firstly, as a tool for valuing assets, according to the Comparative Market Data Method. In Brazil, DP-DEA has been approved by the Brazilian Association of Technical Standards for this purpose. Another innovation is to evaluate performance which results from common gain according to two perspectives, which interact in the process or procedure under analysis.

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

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