Mass Appraisal Methods: An International Perspective for Property ValuersISBN: 978-1-4051-8097-9
Hardcover
360 pages
September 2008, Wiley-Blackwell
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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.