1st Edition
by Tom Kauko (Editor), Maurizio d'Amato (Editor)
This book takes a cross-disciplinary and cross-cultural look at mass appraisal expertise for property valuation in different market conditions, and offers some cutting- edge approaches.
The
editors establish an international platform and present the scientific
debate as well as practical feasibility considerations. Heretic and
orthodox valuation methods are assessed based on specific criteria,
partly technical and partly institutional. Methodological evaluation is
approached using two types of criteria: operational concerns about how
to determine property value differentials between spatial and functional
units of real estate in a valid and reliable way (technical criteria);
and the kind of market circumstances being operated in (institutional
criteria). While technical criteria are relatively well-researched,
there is little theoretically informed work on the connection between
country context and selection of property appraisal methods.
The
book starts with an examination of current mass property appraisal
practices, presenting case studies from widely differing markets - from
the American and Dutch, where regression-based methods have been used
successfully for some time; to the Eastern European and other emerging
economies, where limitations have to be compensated by focusing on the
modelling assumptions.
The second part of the book looks at
sophisticated modelling approaches, some of which represent combinations
of elements from two or more techniques. Whatever the exact modelling
approach, the requirements are always high for the quality of the data
and suitability of the method. In the final section, methods are
evaluated and compared according to technical criteria and against
institutional contexts.With its exceptionally wide coverage of valuation
issues, Mass Appraisal Methods: an international perspective for property valuers
addresses property valuation problems common to different countries and
approaches applicable in both developed and emerging economies.
