Real estate appraisal: a review of valuation methods

Pagourtzi, Elli; Assimakopoulos, Vassilios; Hatzichristos, Thomas; French, Nick

doi:10.1108/14635780310483656

Cited by 322 publications

(270 citation statements)

References 23 publications

(18 reference statements)

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“…), with the corresponding application of the homogenization coefficients by uses, established in the initially collected data in the granted conditions by the planning [39]. Therefore, it has been considered that this criterion is acceptable and prudent since these data are supported in the initial documentary information, and calculated according to the legal possibilities that the land has, relating to uses and building intensities [56].…”

Section: Stablishing Of Free Cash Flow (Fcf)mentioning

confidence: 99%

Land Valuation Sustainable Model of Urban Planning Development: A Case Study in Badajoz, Spain

et al. 2018

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Abstract:The urban planning development process in urban territories has multiple consequences, not only in spatial structure but also in land valuation patterns. The economic value of land encompassed in municipal planning-which is associated with a certain urbanized use-increases as the planning processes evolve over these lands. For economic land valuation to comply with the required parameters of urban and territorial sustainable development, it is pivotal that in the determination of land value there are no expectations of difficult or impossible realizations, in order to eliminate any speculative element from the valuation. The land valuation model presented in the current study complies with this premise, proposing a sustainable land valuation model based on the evolution of urban planning development, achieving maximum value when it is fully urbanized. The main objective of the present work is to analyze how land value increases as municipal planning develops and to suggest a sustainable valuation model for land with urban use. Contextually, through a case study analysis, the development of municipal planning has been divided over time into four urban states: (i) land without detailed planning; (ii) land with detailed planning; (iii) land with re-parceling; and (iv) urbanized land. In this regard, the gradual evolution of land value which has reached different states over time has been determined, as has scenarios where the value has increased up to the value of urbanized land.

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Section: Stablishing Of Free Cash Flow (Fcf)mentioning

confidence: 99%

Land Valuation Sustainable Model of Urban Planning Development: A Case Study in Badajoz, Spain

et al. 2018

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“…Any of these methods are referred as traditional. In Figure 2, traditional valuation methods are grouped according to the application for the non-specialised and specialised property (Pagourtzi et al, 2003). Nonetheless, each country can have a different method adopted for non-specialised and specialised property valuation, which is determined by individual national culture and experiences (Hannonen, 2008;Falkenbach, 2009).…”

Section: Valuation Methodologymentioning

confidence: 99%

“…A number of methods including classical comparative, investment, contractor's methods, as well as residual and profits (receipts and expenditure) or others (Figure 1) are used for the estimating market value of property (Colborne and Hall, 1993;Baum et al, 1997;Maliene, 2000;French, 2004;Skarzynski, 2006). Modern and advanced methods, as artificial neural networks (ANNs), hedonic pricing, spatial analysis, fuzzy logic and autoregressive integrated moving average (ARIMA) (Pagourtzi et al, 2003;Jackson, 2008;Arslan and Aydin, 2009;Urbanavičienė et al, 2009), as well as multiple criteria methods (Zavadskas et al, 1997(Zavadskas et al, , 2001Maliene, 2001;Peldschus, 2009), becoming progressively accepted.…”

Section: Valuation Methodologymentioning

confidence: 99%

“…Valuation is required for a wide range of purposes including the property purchase or sale, transfer, mortgage, rent, insurance, expropriation, investment, financing, rating, estate or inheritance settlement, taxation, and etc (Millington, 2001;Pagourtzi et al, 2003;Brown, 2008). The purpose has to be determined before the valuation is performed, even if the valuation method is independent of the valuation purpose.…”

Section: Introductionmentioning

confidence: 99%

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Commercial Leisure Property Valuation: A Comparison of the Case Studies in Uk and Lithuania

Malienė

Deveikis²,

Kirsten

et al. 2010

International Journal of Strategic Property Management

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ABSTRACT. The development of leisure as an economic activity has come into focus over the last century. Nowadays, a commercial leisure property has gained an important role within the total spectrum of world economies. Despite these developments in the leisure sector, the valuation of property for the purpose of commercial leisure is still regarded as an Achilles' heel. The accepted approach to the property valuation in UK is to perform an open market valuation for the existing use. However, for the specialized properties including leisure assets, the distinctive valuation methodology has to be applied. This paper outlines the principles of methodology that are commonly used for the valuation of leisure property in the UK, Lithuania and other countries. Factors affecting the valuation process with respect to the property development and investment decision are discussed. The study is accompanied with examples of valuation method applications and analyses of individual case studies of golf course valuation.

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“…Considering that the value of property is primarily determined by its location [26], people realized the importance of geographical information system (GIS) techniques [27][28][29]. GIS provides not only a geo-database to store relevant data with spatial relationships, but also a visual representation of information.…”

Section: Introductionmentioning

confidence: 99%

A GIS-Based Web Approach for Serving Land Price Information

Yang

Sun

et al. 2015

IJGI

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Participants in the land market are usually hampered to browse and analyze the land price information due to the lack of information sources and available analysis tools. A service-oriented GIS-based web system was developed to provide a practical solution, its essential data sources contain basic geographic elements and benchmark land price (BLP)-related information. Core models for land price analysis were implemented, including land price index, spatial distribution, and parcel appraisal. The system was developed based on a four-level Browse Server (B/S) architecture using GIS and web service technologies, which enables the publishing, browsing, and analysis of the land price information via the Internet. With effective functionalities, the system has been employed in a project for updating BLP in a case study city located in China. The main advantage of the GIS-based web approach lies in its integration of spatial-temporal analysis models and web GIS technology, which allows more investors and administrators with limited domain knowledge to obtain further understanding on the change pattern and spatial distribution of land price by an online means. The experience in the case study city demonstrates that the approach has strong practicality for land price information services.

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Real estate appraisal: a review of valuation methods

Cited by 322 publications

References 23 publications

Land Valuation Sustainable Model of Urban Planning Development: A Case Study in Badajoz, Spain

Land Valuation Sustainable Model of Urban Planning Development: A Case Study in Badajoz, Spain

Commercial Leisure Property Valuation: A Comparison of the Case Studies in Uk and Lithuania

A GIS-Based Web Approach for Serving Land Price Information

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