Value Of Real Property Research Articles

Urban transformation through transit: the case of Delhi metro

Urbanization in developing countries is rapidly increasing, with populations projected to reach 5.5 billion by 2050. This growth presents challenges, such as land resource pressure, environmental degradation, unsustainable transportation, and disorderly urban land development. Transit-oriented development (TOD) and sustainable urban transit systems such as the Delhi Metro are crucial for addressing urban design, economic competitiveness, and quality of life by improving accessibility and reducing private vehicle reliance. This study investigated changes in land use and land cover (LULC) in buffer zones around the Delhi Metro lines using satellite imagery from 1997, 2006, 2011, and 2019. The findings revealed significant shifts from open land and vegetation to built-up areas, driven by increased real estate activity and property values near metro stations. This study highlights the importance of integrating transportation infrastructure with urban planning for sustainable development, utilizing green infrastructure to mitigate environmental impacts, and implementing water-sensitive urban designs and TOD strategies to improve resilience.

Alternative Procurement Processes in the Land Transportation Office (LTO) Region V

This study determined the alternative procurement processes in the Land Transportation Office (LTO) Region V. Specifically, it answered the following sub-problems: 1) What are the alternative procurement processes employed in the Land Transportation Office Region V?; 2) What is the level of compliance with the alternative procurement processes along negotiated procurement in terms of small value and lease of real property and venue as well as shopping?; 3) What are the completed procurement projects from fiscal year 2022- 2023?; 4) What are the issues in alternative procurement processes met by the respondents?; and 5) What agency procurement plan may be proposed to address the issues? This research study utilized the descriptive-survey method of research. It is descriptive for it presents the alternative procurement processes in the Land Transportation Office in Region V. This employs the survey design since it used a questionnaire to collect information using pre-identified indicators. The researcher also identified the completed procurement projects of the office from fiscal years 2022-2023. The issues on alternative procurement processes are also a part of this study. The respondents of this study are thirty- five (35) regular as well as non-regular employees of the Land Transportation Office Region V. Total enumeration was employed. The statistical measures used are frequency count, percentage, weighted mean and ranking.

Effect of Compliance with Valuation Standards and Awareness on Property Value Certification among Estate Surveying Firms in Abuja, Nigeria

The quest for reliability and consistency in real estate valuations services prompted the use of valuation standards. The extent of compliance with this valuations standards by property appraisers is a matter due for worthy consideration. This study aims to examine the effect awareness of valuation standards and compliance has on property value certification. The target population comprises registered Estate Surveying firms who are in private practice in Abuja, Nigeria. The sampling frame is 171 registered firm. The sample size of 118 was adopted. The reliability of the study data was measured using Cronbach’s Alpha test which showed that valuers’ awareness and compliance to valuation standards, and property value certification variables with 5, 3, and 7 measuring constructs respectively, were reliable with value above 0.70. The findings of the study show that awareness has a mean score of 3.4392 which is high with the 5-point likert scale, likewise, appraisers’ level of compliance is high, with a mean score of 3.7017, also property value certification showed a mean value of 3.9766. In examining the effect of valuation awareness and compliance on Property value certification multiple regression analysis was employed and the variables explained 57.4% of the model; which implies that awareness and compliance were responsible for 57.4% of the variation in property value certification. The effect of awareness and compliance on the certification of property values; the ANOVA analysis showed that awareness and compliance has a significant positive effect on property value certification, while awareness to valuation standards has a 26.9% effect, compliance with standards has a higher effect of 57.6%. Therefore the study concludes that while awareness and compliance both have significant positive effect on property value certification, compliance to valuation standards has a greater effect on real estate property value certification.

Contentious issues regarding the betterment levy

The adjacent fee constitutes a fee determined in relation to the increase of the value of real property due to various events, such as construction of technical infrastructure equipment, division and merging of real property. It is paid by the owners or perpetual usufructuaries. In case of the adjacent fee, two layers of problems can be clearly distinguished: a theoretical and a practical layer. The theoretical layer refers to the legal nature of this liability. Authors treat the said fee in various way, by defining it as a public levy, a tax, a surcharge, or non-tax budget dues. In case of tax, there are additional references to capital gains tax or wealth tax. The practical layer of the adjacent fee is related to the case law of administrative courts. Courts may choose between two lines of judgment which are connected with the seller of the real property after construction of technical infrastructure equipment. In the case of the first line of judgment, the said fee must be paid by the seller. According to the second line of judgment, the purchaser of the real property must cover the fee since it is not related to a person but to an object and it is transferred from the seller to the purchaser along with the ownership right to the real property. In the case of the adjacent fee, another issue is connected with the fact that it is obligatorily charged by municipal authorities. Some lawyers question the obligatory nature of the said fee by assuming that according to the linguistic interpretation of regulations it is optional and can be imposed after specific conditions are met. Another important aspect of the adjacent fee are the costs that should be justified and commensurate with the benefits achieved as the seller or the purchaser. The next problem concerns the absolute execution of the adjacent fee that does not take into consideration the financial capabilities of the frontager. The above-mentioned issues shall be discussed in the article in a comprehensive and critical manner, along with proposed changes in regulations of law.

The impacts of water storage infrastructure on real property values and crop production

Water storage infrastructure is an indispensable part of many water supply systems, and its importance is experiencing a resurgence due to the increasing water irregularity induced by climate change and ever-growing water demand. Leveraging the commission of Hushan Reservoir in Taiwan as a quasi-experiment, this study provides some of the first causal evidence of the economic benefits of a reservoir from housing market and crop production for guiding sustainable water management. Using the administrative property transaction data and a spatial difference-in-differences framework, we find that the commission of Hushan Reservoir increases the values of residential property and farmlands by 4.1 and 8.9 %, respectively. We also find that enhanced irrigation water availability increases rice yield by over 4 % but has no impact on planted areas. Despite expectations of reduced groundwater use, our results show no evidence of a rebound in groundwater levels in the four years following the commission of the reservoir.

Analysis of uncertainty and variation in underground train-induced vibration based on measured data

Ground-borne noise and vibration from metro trains can cause human distress/annoyance, affect the growth of animals and plants, and also negatively affect real estate property values. Before construction, the common prediction methods for the environmental vibration caused by metro trains are physical model prediction and analogy test. However, the rationality of the analogy test and the factors that need to be considered in the simulation prediction have not been systematically tested and studied. In order to solve this problem and provide experimental reference for the prediction model, one of China’s subway were systematically tested to investigate wheel roughness, rail roughness, train running speed, axle load changes, the vertical and lateral contributions, and the influence of random factors existing in the test on the vibration of subway operating environment, the following conclusions are obtained: (1) The test state randomness (random factors in the test, such as wheel-rail contact points, roughness phase, etc.) mainly affect frequencies below 31.5 Hz segment, mainly from the randomness of the wheel roughness phase or the variation of the spatial position of different contact points during actual operation, which result in large different of long-wave roughness of the wheel and rail; (2) The wheel-rail lateral force also has great influence on the environmental vibration. When establishing the environmental vibration prediction model, it is necessary to consider the state that the train reaches the straight line after passing through the curve, and the influence of track lateral irregularity; (3) The impact of wheel roughness on the environmental vibration is very large. Basically, it has an impact on the whole evaluation frequency band of environmental vibration.

주유소 부지의 감정평가에 관한 연구: 오염부동산의 가치하락요인을 중심으로

주유소 부지의 감정평가에 관한 연구: 오염부동산의 가치하락요인을 중심으로

The Influence of TIF Overlay Zoning on Residential Real Estate Prices

Tax increment financing, a form of overlay zoning, are purported to spur economic development and promote the public interest of the community. However, these municipal overlay zones frequently generate hostility due to their use of public funds. While a large volume of knowledge exists on the impact of residential real estate prices within a tax increment financing district, little is known about the impact of the municipal overlay zone on the surrounding community. Using four, similarly timed, but separate tax increment financing districts and a transactional residential real estate dataset, we test price implications for residential real estate property at three separate geographic distances. Using propensity score matching and fixed effects modeling, we find that the imposition of tax increment financing districts increased surrounding residential real estate property values.

An Algorithm to Predict Real Estate Price using Machine Learning

Real Estate Pricing has always been a varying from time to time keeping a buyer confuse on how to get exact price of the property at certain point of time. A machine learning algorithm is used to predict the exact price of the property. Predicting the accurate amount of the real estate is very much a matter of concern as people are investing too much now a days in property where a property dealer could easily charge more amount if the buyer is not knowing the market price of the property. The major focus of this research paper is to predict the accurate price of the property without a hassle. Apart from that it also focuses on increasing the accuracy of the already existing system. There is various machine learning algorithm available for prediction such as Naive Bayes, Logistic Regression, Classification, Random Forest KNN, Support Vector Machine, Lasso, Linear Regression etc. The aim of this research is to predict the market value of real estate properties based on geological location. By analyzing previous market patterns, value ranges, and upcoming developments, we can determine a starting price for a property based on geological variables. Our study is applicable to any location, and we have utilized three machine learning algorithms to make predictions. Our findings indicate that linear regression provides the most accurate predictions, with an accuracy rate of 85%. This system eliminates the need for clients to rely on brokers and provides them with the confidence to invest in real estate. The accuracy of our system surpasses that of previous methods used in the industry.

Thermal failure of diamond tools indicated by diamond degradation: Damage evaluation and property prediction on small image datasets

High temperature induced diamond degradation often leads to the failure of diamond tools. In this work, diamond samples holding different degrees of thermal damage were prepared by heating and sintering. The influence of diamond particle size and processing temperature was investigated through mechanical testing and micromorphology observation, meanwhile, a dataset containing 2870 SEM images showing diamonds with different degrees of degradation was constructed. By modification of VGG16 network, classification models and regression models were developed for thermal damage evaluation and sample property prediction. Training strategies including transfer learning and data augmentation were implemented and verified essential on the small dataset, where drop-out showed no positive effects. Two classification models (3-class and 65-class) were constructed and trained for damage evaluation. Visualized damage feature maps exported from Grad-CAM revealed the influential mechanism of thermal damage on diamonds, which proved the effectiveness of the classification models as well. Under the optimized training strategies, regression models were built for sample property prediction. The models towards toughness index, bending strength loss, relative density and Rockwell hardness were examined. Comparing the output results with real property values in test sets, the first two models matched well, and the latter two showed the opposite. It verified the validity of the regression models for property prediction as they were all established based on diamond damage image datasets. The loss in bending strength loss prediction model was smaller than that of toughness index, indicating bending strength easier to be shorten than impact toughness for diamond/metal composites suffering thermal impacts.

On the Impact of Infrastructure Improvement on Real Estate Property Values: Evidence from a Quasi-natural Experiment in an Emerging Market

On the Impact of Infrastructure Improvement on Real Estate Property Values: Evidence from a Quasi-natural Experiment in an Emerging Market

Fiscal Implications of a Complete Conversion to Taxation of Property of Organizations in Russia on the Basis of Cadastral Value

The study is focused on estimating the fiscal implications of conversion to taxation of corporate property on the basis of cadastral value. The relevance of the work is determined by the importance of forming a stable tax base for property tax in the context of the conversion to taxation based on the cadastral value of the corporate property tax. The purpose of the study is to estimate the implications of a complete conversion to the use of cadastral value as the only source of formation of the tax base for corporate property tax. The study aggregates information from the state dataset «Data on cadastral value of real estate properties by territorial affiliation» of Rosreestr (The Federal Service for State Registration, Cadastre and Cartography). The research procedure consists in the fact that, based on the processing of this information, the total cadastral value and the number of capital construction properties in the regions of the Russian Federation are characterized. At the same time, the hypothesis of the research is that a complete conversion to taxation of corporate property on the basis of cadastral value results in the growth of tax revenue from corporate property tax. The characteristics of the monetary and numerical parameters of such a potential tax base are given and the implications of a complete conversion to the taxation of corporate property on the basis of cadastral value are estimated. The resulting estimate is compared with actual revenues, and a conclusion is made about the positive effect of a full conversion to the use of cadastral value as the tax base for corporate property tax. The theoretical relevance consists in the fact that the possibility of the direct use of data of the state dataset for formation of information on the tax base on corporate property tax is critically analyzed. The practical relevance is determined by the calculation of the potential growth of corporate property tax revenues in connection with the full conversion to the calculation of the tax base only on the basis of cadastral value as per the Rosreestr dataset.

Bankruptcy in Black and White: The Effect of Race and Bankruptcy Code Exemptions on Wealth

Bankruptcy law in the United States is race-neutral on its face but, in practice, race matters in bankruptcy outcomes. Our original research provides an empirical look at how the facially neutral laws that allow debtors to retain assets in bankruptcy cases result in disparate outcomes for Black and white debtors. Racial differences in asset retention in bankruptcy cases play a role in perpetuating wealth inequality between Black and white debtors. Existing bankruptcy data lacks individual-level characteristics such as race, which inhibits researchers’ ability to adequately assess biases or unintended consequences of laws and policies on subsets of the population. Thus, we construct a novel data set using bankruptcy data from Washington D.C. in 2011 and imputing race. The data demonstrates that facially race-neutral bankruptcy laws contribute to racially disparate outcomes by allowing white debtors to keep larger amounts of both personal and real property. First, exemption laws allow every bankruptcy filer to retain some personal property even if they do not repay their creditors in full. At the median, white filers in the District of Columbia claimed $10,150 in exemptions, relative to $8,359 for Black filers. In other words, the median white filer kept roughly $1,800 more of their property than Black filers, despite reporting similar overall personal property values. Second, exemption laws allow every bankruptcy filer to retain some (or all) equity in their home. Unlike personal property, where Black and white debtors enter bankruptcy with about the same amount of property, white debtors enter bankruptcy with more home equity than Black debtors ($585,000 compared with $251,600 at the median). Unsurprisingly, then, white debtors also leave bankruptcy with more home equity (e.g., the median Black filer retains roughly 80% less in home equity than white filers). Although bankruptcy laws do not inflate the value of white filers’ personal or real property values relative to Black debtors, our exemption rules contribute to white debtors leaving bankruptcy with greater wealth than Black debtors. By protecting certain assets like home equity, which are unevenly distributed in our sample across Black and white debtors, bankruptcy law appears to play a role in perpetuating wealth inequality. Even where assets are more evenly distributed, as personal property was in our sample, bankruptcy law leaves Black debtors with a less robust “fresh start” than white debtors.

Value and Price of Real Property: Valuers Perspective

Value and Price of Real Property: Valuers Perspective

Knowledge and Practice of Valuation Methods by Real Estate Practitioners

Property valuation services provided by real estate practitioners significantly impact global economies because property valuation methods affect the accuracy of the estimates of the market value of real properties. The paper assessed the level of knowledge and extent of practice of real estate practitioners on the valuation methods. Likewise, the study investigated the challenges encountered by respondents in their practice. This descriptive-comparative and correlational study utilized a test questionnaire to measure the level of knowledge and a researcher-made survey instrument to measure the extent of practice on the 98 licensed real estate practitioners. With descriptive and inferential analyses, the findings ascertained respondents' average level of knowledge on both methods of valuation. While for the extent of practice of valuation methods, findings revealed great extent for traditional method while moderate for advanced method. Consequently, significant differences were found when the length of practice of the profession, designation, and educational attainment were used as variables. Results disclosed an inverse relationship between knowledge and practice. The major challenge encountered by real estate practitioners is the influence of property owners in fixing the value of real properties, which hinders a fair, accurate, and ethical valuation.

The Effect of Landscape Features Implemented in Egyptian Parks on Satisfying the Human Needs and Well-being

Recently, parks have been recognized as one of the main contributors in the strategic objectives of urban projects, since they provide job opportunities, place attractiveness, increase the real estate market and property values, tourist development, increase the since of social belonging between the residents, improving the public health and the quality of the residents’ life. The presented research is aiming to investigate the effect of Landscape features on the quality of life (QOL) inside Egyptian parks. This study has been inspired by early theorists like “Maslow” and other theorists who have followed Maslow’s footsteps. They analysed and measured the concept of quality of life (QOL)into two well-known terms “human needs” and “well-being”. The study explores the impact of landscape features towards “human needs and well-being”. Lately, Egypt is suffering from inflation and economic crisis which affect the Egyptians life style. Most of the Egyptian society is living a stressful life; this study will examine whether the Egyptian parks help Egyptians as an escape way where all the negative vibes are going to meet with nature resulting in a positive outcome. This research used qualitative investigation method to measure the impact of implementing landscape features in Egyptian parks on enhancing the quality of the Egyptian life by measuring the (QOL) with regards to “human needs and well-being”. The presented research investigated the impact of landscape elements implemented in Al-Azhar Park and Family Park on “human needs and well-being”. That shall pave the way to investors, policymakers, architecture and civil practitioners to realize the potentials of designing and constructing parks in Egyptian urban environment, as an efficient tool to improve the quality of Egyptian life.

Computational Valuation Model of Housing Price Using Pseudo Self Comparison Method

Hedonic pricing method (HPM), which is commonly used for estimating real estate property values, considers the property’s internal and external characteristics for its valuation. Despite its popularity, however, the method lacks the mechanism that directly reflects the target property’s price fluctuation and the real estate market’s volatility over time. To overcome these limitations, we propose Pseudo Self Comparison Method (PSCM), which reduces the real estate valuation problem to finding a pseudo self, which is defined as a housing property that can most closely approximate the characteristics of the target housing property, and adjusting its previous transaction price to be in sync with the real estate market change. The proposed PSCM is tested for two scenarios in which the volatility of the real estate market varies greatly, using the transaction data compiled from Seoul, the capital of South Korea, and its surrounding region, Gyeonggi. The study results show almost five times lower estimation errors when predicting housing transaction prices using the PSCM compared to the HPM in both scenarios and in both areas. The proposed method is particularly useful for mass valuation of apartments or densely located housing units.

Zoning fee in connection with an increase in the value of real property. Selected problems

An increase in the value of real property triggers, in some circumstances, the obligation on the part of the ownership title holder or perpetual usufructuary to pay a public levy to the commune. The issues of such mutual settlements between the owner of the real property and the commune arising from a change in the value of the real property have been regulated in the Act of 27 March 2003 on Spatial Planning and Development. Those fees include, among others, the so-called zoning fee which is discussed in this article. The analysis is based on views expressed by legal scholars in their writings, applicable legal acts and jurisprudence of administrative courts in this regard. The zoning fee and the legal issues related to its determination which raise the greatest doubts will be examined.

Residential Real Estate Valuation Framework Based on Life Cycle Cost by Building Information Modeling

Real estate markets are ideal investment options that lead to the construction industry’s and the economy’s growth. Therefore, having appropriate investment and valuation strategies is a critical success factor. Most established valuation methods emphasize market value and economic factors and are ignorant about buildings’ technical and structural attributes. Therefore, due to the process ambiguity and lack of information access, the estimated price usually differs from the real property value. In this research, a revised valuation framework is proposed based on the life cycle cost (LCC) of residential properties, focusing on the operation phase. LCC consists of all costs related to an asset during different phases of its lifecycle, and it helps determine the net present value of the property. For systematically storing and analyzing technical and financial information, building information modeling (BIM) was proposed. Despite being widely used in the design and construction phases, its application and competitive advantage to real estate developers and managers during the operation phase are not transparent. This research benefitted from the 5D BIM model with a level of development (LOD) of 300 to increase the transparency and validity of valuation. An 18.25% difference between the calculated price of two case studies in Tehran and their inflated market prices proved this assertion.

Real Property Value Prediction Capability Using Fuzzy Logic and ANFIS

Real property valuation is important as it gives an overall idea of the cost involved in the property beforehand. It enables to create transparency in the transaction of the real estate market. Prediction of real property value is beneficial and has multifold advantages. Traditionally property valuation is executed through the use of sales comparison method, rental method, profit method to name a few. When there is a nonlinear relationship between parameters affecting the price of the property and output, then it becomes difficult to predict the value by traditional methods. Therefore, to deal with the non-linearity of the dataset, modern techniques are resorted to. The use of different Artificial Intelligence (AI) techniques such as Artificial Neural Networks (ANN), genetic algorithm, fuzzy logic, Adaptive Neuro-Fuzzy Inference System (ANFIS) is increasing in the real property sector. In the present study, the prediction model is prepared for selected geographical sectors of Pune city, in India by using the Fuzzy Logic and ANFIS. It attempts to provide a comparison of their output based on the accuracy of the developed model and also based on the characteristics of the available dataset. The study endeavors to develop a value prediction capability with the use of soft computing.