Real Estate Values Research Articles

ПРИМЕНЕНИЕ МАШИННОГО ОБУЧЕНИЯ В ИССЛЕДОВАНИЯХ РЫНКА НЕДВИЖИМОСТИ

This article discusses the use of machine learning for analysis and forecasting in the residential real estate market. The authors emphasize various machine learning methods, including supervised, unsupervised, and semisupervised learning. These technologies are used to work with real estate data to improve the efficiency of price forecasting, analyzing market trends and optimizing marketing strategies. One of the significant benefits of machine learning is its ability to recognize complex patterns and relationships in large volumes of data, which is invaluable for indepth analysis of the real estate market. The article also discusses the main challenges associated with using this approach, including possible data quality issues and the risks of overfitting models, which can lead to biased analysis results. The author provide specific examples of the successful use of machine learning in this area, demonstrating how these technologies can effectively cope with the task of identifying nonobvious patterns in data. This opens up new perspectives for developing marketing strategies and improving the accuracy of real estate price forecasts. The final part of the article highlights the importance of further research in this area. Particular attention is paid to the need to integrate diverse types of data and develop new algorithms that could improve predictive ability and analytical accuracy in real estate valuations. The author point out the need to continue research to expand the functionality of machine learning, which will make it possible to more fully use its potential in economic and commercial applications in the real estate market.

RETRACTED: Analyzing the economic value of BIM technology in urban real estate adjudication through Meta

This article has been retracted because it substantially reflects the content and analysis of the following original article, without reference to it: Jafary, P., Shojaei, D., Rajabifard, A., Ngo, T., 2024. BIM and real estate valuation: challenges, potentials and lessons for future directions. Engineering, Construction and Architectural Management 31, 1642-1677. https://doi.org/10.1108/ECAM-07-2022-0642 Retraction approved by the Editor and the Publisher on October 10, 2024.

Information and methodological support for real estate valuation in the context of economic transformation

The article presents an analysis of the role of information and methodological support for the process of valuation of real estate objects in the general research procedure. In the context of modern regulation of valuation activities in the Russian Federation, the structure and content of general and special federal valuation standards are disclosed, as well as the main problems that have a negative impact on the scope and content of the study aimed at determining the value of assets. It is noted that the issues of the validity of the applied approaches and methods of real estate valuation are closely interconnected with the level of credibility, reliability and sufficiency of external, internal, analytical and regulatory information, on the basis of which various stages of calculating the value of objects are carried out. The proposed solution to the problems of information and methodological support for evaluation studies is aimed at increasing the level of reliability and validity of the final cost of objects. The authors propose a system of price-forming factors and indicators, the consideration of which, when implementing various assessment methods, is necessary in the context of the transformation of the national and regional economy.

Analysis of the Current Procedures for Cadastral Assessment of Agricultural Lands in Armenia

In 2021, the procedure for cadastral assessment approximated to market value of real estate for real estate taxation (adopted in 2019) came into force in the Republic of Armenia, whereby a new methodology for cadastral assessment of other land fund categories of the RA was determined. The procedure does not apply to agricultural lands, which to this day are assessed and taxed according to the methodology and values that were determined in 1997. In this article, we have addressed some points of the current methodology, which, in our opinion, require revision or additional argumentation.

STATE TREASuRy AS A SuBjECT OF COLLATERAL LEGALRELATIONS IN THE XIXth — EARLy XXth CENTuRIES

The article deals with the legal norms for real estate pledge under the contracts with the State Treasury in the XIXth — early XXth centuries. The Treasury, as one of the parties to the contracts for work and labour or supplies, made rather high demands on the pledged property. The key interest was economic (business), because the contracts were designed to serve the interests of various governmental administrations, including Military, Engineering, etc. State institutions, both then and now, serve the needs of the state and society at a particular historical moment. In parallel, the develop-ment of contract law is taking place. This leads to an expansion of the range of collateral for real estate. Simultaneously the subject of pledge became broader gradually, primarily due to the need to provide landlords and property owners with new incentives for eco-nomic activity. This leads to an expansion of the range of collateral for real estate. One of the main reasons for expanding the list of real estate objects was the need to provide land-lords and property owners with new incentives for economic activity. At the same time, the location and market value of real estate was put at the forefront, because in case of a party’s failure to fulfill obligations to the Treasury, the subject of pledge was to be sold at the auction, which was supposed to help compensate for the damage caused to the trea-sury. The development of legal norms for real estate pledge under the contracts with the Treasury in the Russian Empire is closely related both to state institutions’ functioning within the bureaucratized management system and to huge geographical diversity with multinational specifics. In a certain sense, the system of contracts for work and labour or supplies in the Russian Empire demonstrates the groundwork for modern government contracts.

Prototype-based Models for Real Estate Valuation: A Machine Learning Model That Explains Prices

Prototype-based Models for Real Estate Valuation: A Machine Learning Model That Explains Prices

The Future of Automated Real Estate Valuations

The Future of Automated Real Estate Valuations

Corporate Real Estate Values and Bond Yield Spreads

Corporate Real Estate Values and Bond Yield Spreads

부동산 임대료의 현금 흐름에 대한 리스크 분석

Investment decisions in real estate development projects need to be made more flexibly in uncertain environmental changes such as legal and economic conditions in competitive business in the rapidly changing real estate market. In analyzing the economic feasibility of real estate development projects, the valuation method of the investment plans using the traditional NPV method is evaluated based on a fixed standard planned in advance. Therefore, it was not possible to flexibly cope with uncertain changes in the business environment. In the face of growing uncertainty in the real estate development market, a more sophisticated evaluation method that can evaluate investment plans is needed according to changes in the market. Accordingly, the valuation of real estate development projects was analyzed using real options approach. In this study, an analytical framework was presented to evaluate the return value of commercial rental properties from a financial engineering perspective and to analyze the risk of rent cash flows. Real estate rate assessment methods, risk analysis methods, rent derivatives valuation methods, and real estate option valuation methods were analyzed for uncertainty in rent, tenant residence, vacancy, and real estate price using Monte Carlo simulation. In terms of financial engineering probability models, research in the field of valuation and risk analysis of real estate is now in its infancy, and the framework for analysis itself is not sufficiently established. Based on these studies, various analysis methods will be developed, and in this sense, this study can play a fundamental role.

Examination of Today s Real Estate Valuation Methods from Legal and Economic Perspectives

Türkiye’de ve Dünya’da taşınmaz (gayrimenkul) satışlarının ekonomideki yeri ve önemi artmaktadır. Türkiye’de her yıl iki milyonun üzerinde gayrimenkul satış işlemleri tapu müdürlüklerince gerçekleştirilmektedir. Bu satışlardan elde edilen vergiler bütçede önemli bir paya sahiptir. Bu aşamada taşınmazların değerinin nasıl belirlendiği sorusu akla gelmektedir. Taşınmaz değerleme, belirli bir zaman periyodunda piyasa koşullarına göre bir taşınmazın değerini etkileyen özelliklerinin dikkate alınarak, değer tahmini yapılması şeklinde tanımlanmaktadır. Taşınmaz değerleme çalışmalarına ilişkin çok farklı yöntemler ortaya konulmuştur. Taşınmaz değerleme yöntemlerinin günümüzde hukuki ve ekonomik açıdan incelenmesi, gayrimenkul sektöründe önemli bir konudur. Taşınmaz değerleme yöntemlerinin doğru bir şekilde uygulanması ile tüm taşınmaz kullanıcıları için adil bir ortam oluşturulabilir. Bu durum, gayrimenkul sektöründe güvenilirlik ve şeffaflık açısından büyük önem taşır. Ayrıca, yasal düzenlemelere uygunluk ve ekonomik koşulların göz önünde bulundurulması, piyasa koşullarına daha uygun değerleme sonuçları elde edilmesine yardımcı olur. Taşınmaz değerleme çalışmalarından elde edilen veriler yardımıyla Coğrafi Bilgi Sistemleri (CBS) yazılımları sayesinde mekânsal ve istatistiksel analizler de yapılabilmektedir. Bu çalışmada taşınmaz değerleme yöntemlerine ilişkin literatür taraması yapılarak, yöntemlerin hukuki ve ekonomik açıdan genel bir değerlendirilmesi ortaya konulmuştur. Çalışma ile mevcut hukuki düzenlemelerin değerleme süreçlerine etkisi ve ekonomik faktörlerin değerleme modellerine olan yansımalarını da ele alınmıştır. Aynı zamanda taşınmaz değerleme kullanıcılarına ilişkin bir perspektif sunulmaya çalışılmış ve bu sayede literatüre bir katkı sunulmuştur.

Selection of Similar Objects While Valuation and Forensic Structural Engineering to Determine Market Value of Civil Buildings

The article is devoted to problematic issues faced by forensic experts during evaluation of civil buildings with premises of various functional purposes. This article purpose is to determine essence, content, general methodological principles and specifics of a unified approach while determining market value of civil objects, including premises of various functional purposes. Attention is focused on the fact that usually forensic experts can use market and non-market types of values. Characteristics of consumer and exchange forms of manifestation of real estate value are given. Current National Property Valuation Standards are listed that are mandatory for appraisers to perform while appraising real estate of all forms of ownership and in all cases. A list of the main types of values and methodical approaches to evaluation of civil buildings with premises of various functional purposes is provided. In addition, the main types of free-standing buildings and the peculiarities of selecting analogues of buildings for sale including premises of various functional purposes, while determining their market value are outlined. Peculiarities of the application of the method of building identification according to the state classifier of buildings and structures: ДК 018-2000 and the algorithm of actions of forensic experts for selecting similar objects are highlighted with an illustrative example of its application.

Access-based land value appreciation for assessing project benefits

The traditional mobility-oriented travel-time saving benefit assessment method has been repeatedly questioned for numerous intrinsic flaws, motivating the search for alternative benefit assessment approaches. Although a wealth of literature confirms the capitalization effect of access benefits induced by transport improvements to land or real estate value, the access-based land value uplift method hasn’t yet been widely recognized and employed as an official tool assisting transport decision-making. The present paper collects 136 empirical studies and aims to disentangle the obstacles hindering the promotion of the access-based assessment method by systematically reviewing methodological design, the access metrics used, and the target real estate sub-markets or land use types upon which access benefits are quantified. First, it was found that almost half of the sampled studies just investigated the general effects of transport operation on real estate prices without incorporating sufficient temporal and locational considerations, thereby failing to isolate project-specific incremental impacts. Second, while the hedonic pricing model remains the most popular model, a trend towards embracing more advanced modelling techniques such as spatial lag, spatial error, and Difference-in-Differences (DID) models to control for bias caused by spatial dependence has been observed. Third, Euclidean distance and distance buffer rings are the most widely used operational measures of access. Primal access measures covering the number of opportunities available at a destination and travel impedance are recommended. Last, over 86% of sampled empirical studies target the residential real estate market. The lack of non-residential land uses in the literature presents a significant research gap that should be addressed.

Investigation of Some Real Estate Valuation Problems in Turkey

The urban population increases after the industrial revolution also increased the commercialization of real estate. In the future, this situation would require being able to determine the real estate values more than before. Today, real estate values are of much greater importance in terms of socioeconomic relations and activities in the world. Establishing a standardized real estate valuation system is among the important duties of public administrations. However, in general, the countries that could not catch up with the industrial revolution in the world and whose industrialization started very late and were not mature enough, could not reach the desired level in terms of real estate valuation. In other words, lagging in industrialization naturally leads to being late and behind in the real estate valuation branch, which is an output of industrialization. The problem created by this situation cannot remain local in today's socioeconomically globalized world. Therefore, the problem affects the whole world and developed countries. In this context, as an example, this study presents the contradictions related to the real estate legislation in Turkey and the application errors in valuation and offers suggestions for the elimination of all these.

Areas of Crime in Cities: Case Study of Lithuania

In all countries, cities and their suburbs are the most densely populated areas. They are also the places visited by the largest number of tourists and one-day visitors, who inevitably run the risk of becoming victims of crime. It is, therefore, important, not only at national but also at the international level, to know the structure of urban crime and identify urban areas that differ in terms of their criminogenic situation. This requires a geographical approach and regionalisation based on the quantitative data that can offer it. This paper presents the results of a study using big data regarding violent crime, property crime and infringements against public order registered by the police in 2020 in the territories of three major Lithuanian cities and their suburbs (n = 149,239). Events in open spaces were separately addressed. A series of experiments were carried out using several spatial clustering methods. The automatic zoning procedure method that gave the best statistical results was then tested with different combinations of parameters. In each city, seven types of areas of urban crime were identified. Maps of crime areas (regions) were created for each city. The results of the regionalisation have been interpreted from a socio-geographical point of view and conform with previous sociological urban studies. Seven types of areas of crime have been identified, which are present in all the cities studied and, according to a preliminary assessment, roughly correspond to the socio-demographic and urban zones of each city. The maps of crime areas can be applied for crime prevention planning and communication, real estate valuation, strategic urban development planning and other purposes.

The benefits of the 15-minute city – a logistical approach

The human desire to increase one’s comfort while traveling has become one of the guidelines for designing transport networks in cities. Space in cities is limited, and city authorities, residents, entrepreneurs, and other users compete for it. Contemporary urban development concepts assume the pursuit of sustainable development, which is not easy as it often requires reconstructing the existing urban structure. The aim of the article is to present the benefits of the concept of a 15-minute city in terms of logistics (i.e., transport infrastructure solutions). Among the main benefits – from the city’s perspective – from the implementation of the model the following can be distinguished: fair planning decisions, reduction of traffic, improvement of air quality, increase in car-free space, and stimulation of the local economy. The benefits directly noticeable by the residents are also important: greater availability of goods and services, reduced dependence on cars, better health and well-being, a stronger sense of belonging to the local community, and an increase in the value of real estate. Implementing the 15-minute city model requires careful planning, investment, and time, but given the benefits listed above, it is an investment that will start to pay off almost immediately.

A Parametric Approach for Optimizing Design Solutions in Urban Regeneration and Reshaping: An Application to a District Block in Bologna, Italy

This paper addresses the deep renovation and enhancement of energy efficiency in existing urban areas, aiming to transform them into zero energy districts, utilizing renewable sources. This transformative process is essential to align with contemporary models for new buildings and to elevate existing structures to meet environmental housing standards mandated by current regulations. The proposed densification strategy is motivated by the necessity to augment the real estate value and enhance the architectural and performance quality of the existing building stock, all while minimizing additional land occupation. Its efficacy has been rigorously tested and demonstrated within the European Horizon 2020 project “ABRACADABRA”. The key actions advocated for in this approach revolve around the incorporation of renewable energies, volumetric expansion, and completion volumes (urban infill), within the Positive Energy District. The validation of this process occurs on a district scale in a social housing urban block located in Bologna (Italy), with currently poor environmental performance. A multi-criteria analysis was employed to examine the architectural, climatic, and energy context. The meta-design phase successfully attained the energy and economic targets set by the project and by local and European regulations settings, offering an optimized design solutions for reshaping the built environment.

Rent–wage inequality in Mexico City, 1770–1930

AbstractThis article traces trends of income inequality in Mexico City from 1770 to 1930 by measuring the gaps between urban real estate rents and unskilled wages. The article presents the first long‐term series of real estate values and rental income for Mexico. One series summarizes the price of an apartment in tenement housing (the prevalent type of popular housing in Mexico), while the other relies on newspaper ads, notarial records, and other sources to estimate property values and rental yield (rental revenue relative to property values). From these wage and rental income series, we calculate rental–wage ratios that are broadly representative of the income gaps between the wealthy and unskilled workers. We find that, at the end of the eighteenth century, inequality moderately increased, followed by a more egalitarian period in the first half of the nineteenth century, and a ballooning in the last quarter of the nineteenth century that persisted into 1930. While inequality receded after the insurrection in the 1810s, it remained high after the Mexican Revolution. We hypothesize that inequality was sensitive to economic growth, and that generalized violence did not universally temper inequality.

Spatial and temporal disparities in air pollution exposure at Italian schools

Air pollution poses major threats to children’s health and learning, making exposure at school particularly critical. However, some children are more exposed than others, especially depending on the socioeconomic status of their school’s neighbourhood. In this study, we explore how exposure to air pollution varies across schools, over time and by the socioeconomic characteristics of the neighbourhood using data on approximately 23 thousand schools in Italy connected with estimates on Particulate Matter 2.5 measured in µg/m3 at a 1 × 1 km resolution from 2002 to 2018 provided by the Atmospheric Composition Analysis Group (ACAG). Moreover, we create an indicator of school socioeconomic status (SES) using fine-grained information on the real estate value made available by the Italian Observatory of Real Estate Value. Results highlight three main findings. First, air quality at the location of the schools improved over time by about 35%. Secondly, SES shows an inverted U-curve with PM2.5 suggesting schools in middle SES neighbourhoods to be exposed to the highest levels of pollution. Thirdly, SES does not show a substantive association with a decrease in air pollution over time. In conclusion, air quality has improved over time in Italy, but schools still do not comply with the World Health Organization (WHO) standards and middle SES neighbourhoods remain the most exposed to air pollution.

Appraising forced sale value by the method of short table market comparison approach

For International Valuation Standards (IVS) the estimate of the “forced sale” value implies a value judgment with reference to a degeneration of the market value basis, since “a forced sale” is a description of the situation in which the exchange takes place, not a distinct basis of value (IVS 2022, Par. 170.1).The paper illustrates a model that can be used to measure the difference between market value and forced sale value, as an aid to real estate valuations related to real estate executions. The proposed method is aimed at determining the difference between the estimated values and the final sales values obtained through the executive process, on the basis of the Short Table Market Comparison Approach (MCA). This method contributes more appropriately to the estimate of the value obtainable from the outcome of the enforcement process than arbitrary reductions in the market value. An application on a small sample of residential properties undergoing enforcement procedure highlights the possibility of using the Short Table MCA even with a limited number of comparables.

Pengaruh CEO Narcism, Corporate Social Responsibility Syariah, Profitabilitas, dan Likuiditas, Terhadap Nilai Perusahaan (Studi Empiris pada Real estate, property dan construction yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017-2021)

This study aims to examine the influence of CEO Narcism, CSR, ROA and Liquidity on company value. The problem in this study is shown by the value of stock price growth from the property, real estate and construction sectors showing a decline in 2018 to 2020. Based on the problem, the problem in this study is: How does the CEO of Narcism, Corporate social responsibility, profitability, and liquidity affect the company's value in Real estate, property and construction listed on the Indonesia Stock Exchange for the 2017-2021 period)?. This research uses secondary data in the form of financial statements obtained through the Financial Services Authority website. This study used purposive sampling method. The population in this study is all property, real estate and construction companies whose shares have been listed on the IDX since 2017-2021. A total of 53 companies were selected as research samples during 2017-2021. The analysis method used in this study is multiple regression analysis. Based on the results of data analysis and discussion that has been put forward about the influence of CEO Narcism, CSR, ROA and Liquidity on company value, it can be concluded that ROA has proven to have a significant effect on company value, this indicates that the increase in company value is influenced by an increase in ROA, meaning ROA policy What the company does affects the value of the company. CEO Narcism, CSR and Liquidity have not proven to have a significant effect on company value.