Sustainable market valuation of buildings by the single-valued neutrosophic MAMVA method

Abstract

Traditionally, the real estate asset assessment is performed by experienced valuators, who take into account its economic, social, physical and locational aspects. Nowadays, the construction industry is becoming more and more influenced by the sustainability requirements. Therefore, the inclusion of the sustainability evaluation into real estate asset valuation is of utmost importance. The Neutrosophic Multi-Attribute Market Value Assessment (MAMVA) method developed by the authors of this article handles market value calculations by solving multiple criteria assessment problems, and the initial information vagueness is modelled explicitly. The supplementary novelty of the present paper is the inclusion of the sustainability aspects into the real estate market valuation. The sustainable market valuation of Croydon University Hospital (Emergency Department) is performed as the case study to present numerical capabilities of the proposed approach. Our research findings suggest that neutrosophic MAMVA is a rational approach for calculations of property market valuation and might be suitable for application worldwide.