The paper provides the methodological foundations of a property valuation method based on income ... more The paper provides the methodological foundations of a property valuation method based on income approach called cyclical capitalization. The model is proposed for the valuation of income producing properties and was originally introduced by d'Amato (2001) and relies on the assumption of more than a single capitalization rate it integrates direct capitalization with the analysis of an entire market cycle. Such integration has been required in literature (Kazdin,1944; Pyhrr et al.,1990). The procedure has recently and indirectly been recalled by international valuation standards (IVS 2017; IVS 2020; IVS 2022; IVS 105 item 50.21 letter (e)), as it will be discussed in the paper. International Valuation Standards since 2017 required a different approach to the determination of terminal value (going out value, scrap value, exit value, terminal value, exit value) in Discounted Cash Flow Analysis. The models proposed in the paper are the basic ones systematized in the first contributi...
Real Estate Valuation in urban area is a very difficult task that has absorbed the interest of ma... more Real Estate Valuation in urban area is a very difficult task that has absorbed the interest of many academics in the last years. Many qualitative and quantitative variables affect the value of an estate in urban areas. As a result multivariate models are more suitable in the appraisal process. One of the most common approaches is multiple linear regression technique that is always used as a benchmark in various studies. A very promising way of dealing uncertainty in real estate analysis and producing sufficient evaluations is Artificial Neural Networks (ANNs). The purpose of this study is to compare these two approaches using data from the Attica urban area in Greece.
International Encyclopedia of Housing and Home, 2012
There is a strong belief among academics and policy-makers that the social and physical environme... more There is a strong belief among academics and policy-makers that the social and physical environment of neighbourhoods can have an effect on residents’ life chances over and above the effect of their individual characteristics: the so-called neighbourhood effects. There are a range of theoretical explanations for neighbourhood effects from role model effects and peer group influences to stigma and discrimination. Both quantitative and qualitative studies have identified neighbourhood effects on outcomes such as educational achievement, health, employment, social exclusion, and social mobility. There is a lively debate on the theoretical foundations of neighbourhood effects, whether neighbourhood effects really exist, and how to measure them. The main challenge in the empirical investigation of neighbourhood effects is the identification of causal relationships.
The real estate market of Belarus historically is still very young. The beginning of its developm... more The real estate market of Belarus historically is still very young. The beginning of its development can be dated by middle of 1992, when together with process of privatization in Minsk the legal bargains on sale of flats, later - other real estate have appeared. Thus, Belarusian real estate market, as well as the conference of ERES celebrates the 10 anniversaries. In other towns of Belarus the start of the real estate market has taken place together with the beginning of economics liberalization - in 1992, 1993 and later. For the last 10 years it has done unprecedented way of a becoming and development. From first steps of the real estate market the most far-seeing practices - realtors and the specialists of scientific organizations have began to analyze the legitimacies and tendencies of its development. However till now it is not deeply researched in reality and there is no developed and accepted methodology of its analysis and forecasting. It is known the main regularity of the developed markets: cycle variations of activity and prices together with economical, investment and other cycles; connection between the real estate market and other markets (currency, share); formation of the prices on the basis of equilibrium of a supply and demand and ctr. The researches have shown that all these of regularity are upset and flow by another way for the developing real estate markets in conditions of transition economies. The analysis of the real estate market of Minsk for 10 years of its existence is maid. The features and regularity of its development are detected. With usage of econometric methods the forecast of the real estate market for 2003 is maid. The concept of creation of the real estate market monitoring is offered. In Europe it is offered to create Center of Real Estate Markets Monitoring that will be useful for financial organizations and for experts to analyze development of real estate markets in transition and market economy. The Center could be organized with a help of ERES.
This chapter explores the opportunities raised by the application of fuzzy logic, fuzzy sets and ... more This chapter explores the opportunities raised by the application of fuzzy logic, fuzzy sets and number to property valuation and mass appraisal. Fuzzy logic and fuzzy number have been applied to the property market in sev-eral works (Sui, 1992; Byrne, 1995; Del Giudice Amabile, ...
"The results described in the present contribution on the analysis ""Future-orient... more "The results described in the present contribution on the analysis ""Future-oriented office concepts - An observation from the angle of real estate development"" are based on an updated and new edition of the study by the Dresdner Bank Real Estate Group's RESEARCH division which appeared in 1999. The basic aim is the review of developments and structures forecast at that time in the present ex-post comparison, along with the identification of new future-oriented trends. In this contribution the partial results on the sub-item working place models and office room concepts are presented. "
The orientation to market economy in Belarus and other countries of transition economy more than ... more The orientation to market economy in Belarus and other countries of transition economy more than ten years ago influenced also the developments in the field of real estate. Since real estate is an important industry in national economy countries of transition and market economy, there exists close relationship between them. Real estate influences the national economy continued and national economy influences real estate in many sides, such as development level, speed, scale and cycle fluctuation, amplitude, frequency etc. This paper makes quantitative and qualitative analysis about the relationship between development national economy and real estate in Belarus, Italy, Russia and Ukraine on example mostly on housing markets. The concrete step is as the follows. 1. The development of real estate and national economy shows cyclical fluctuation. 2. Analysis about basic factors developing their cyclical fluctuation. 3. Analysis about tendencies and particularities of developing real estate markets of transition and market economies. 4. Regression analysis about real estate and GDP and total Regional product growth, a regression analysis is made between their relationship, and a linear regression equation of one unknown for reference is calculated.
Analysis of the condition of Belarusian and European real estate education practices shows that c... more Analysis of the condition of Belarusian and European real estate education practices shows that cardinal problems in this sphere are: the absence of unity in understanding of general and special features of the real estate specialists training in different areas, the differences in understanding of the necessary level of training, the absence of unity in the content of the training programme in different areas of the professional activity in the real estate market. This problem can be solved by the way of creating International Educational Clusters. In clusters the best experience of different countries and universities can be integrated. In Belarusian State Technological Univestity and Vilnius Technical Gediminas University has being working out the educational distance learning programme for Real Estate Management specialization. Cluster approach was realized in the process of realization of the programme. It was integrated not only international experience of the best professors of the universities but the best practitioners of the countries were involved in the programme. Belarusian University works in cooperation with Republican Unitary Enterprise iInstitute of Real Estate and Appraisaliu, National Cadastral Agency, Scientific Unitary Enterprise iBelniczemiu within the framework of educational scientific industrial centre created at the university, acquire the knowledge in the sphere of economics, administration, finances, investment, land and forest cadastre, real estate market analysis, individual and mass appraisal, leasing, management in operational and investment property, appraisal and business administration. In August 2010 International summer school iEconomics of real estate and valuationiu was organized in English in BSTU at the expense of Central European Initiative (CEI), the purpose of which was the professional development of the department teachers and the employees of Republican Unitary Enterprise iInstitute of Real Estate and Appraisali. The Belarusian-Lithuanian experience shows the main advantages of international integration and cooperation with practitioners within cluster and network of universities.
The paper provides the methodological foundations of a property valuation method based on income ... more The paper provides the methodological foundations of a property valuation method based on income approach called cyclical capitalization. The model is proposed for the valuation of income producing properties and was originally introduced by d'Amato (2001) and relies on the assumption of more than a single capitalization rate it integrates direct capitalization with the analysis of an entire market cycle. Such integration has been required in literature (Kazdin,1944; Pyhrr et al.,1990). The procedure has recently and indirectly been recalled by international valuation standards (IVS 2017; IVS 2020; IVS 2022; IVS 105 item 50.21 letter (e)), as it will be discussed in the paper. International Valuation Standards since 2017 required a different approach to the determination of terminal value (going out value, scrap value, exit value, terminal value, exit value) in Discounted Cash Flow Analysis. The models proposed in the paper are the basic ones systematized in the first contributi...
Real Estate Valuation in urban area is a very difficult task that has absorbed the interest of ma... more Real Estate Valuation in urban area is a very difficult task that has absorbed the interest of many academics in the last years. Many qualitative and quantitative variables affect the value of an estate in urban areas. As a result multivariate models are more suitable in the appraisal process. One of the most common approaches is multiple linear regression technique that is always used as a benchmark in various studies. A very promising way of dealing uncertainty in real estate analysis and producing sufficient evaluations is Artificial Neural Networks (ANNs). The purpose of this study is to compare these two approaches using data from the Attica urban area in Greece.
International Encyclopedia of Housing and Home, 2012
There is a strong belief among academics and policy-makers that the social and physical environme... more There is a strong belief among academics and policy-makers that the social and physical environment of neighbourhoods can have an effect on residents’ life chances over and above the effect of their individual characteristics: the so-called neighbourhood effects. There are a range of theoretical explanations for neighbourhood effects from role model effects and peer group influences to stigma and discrimination. Both quantitative and qualitative studies have identified neighbourhood effects on outcomes such as educational achievement, health, employment, social exclusion, and social mobility. There is a lively debate on the theoretical foundations of neighbourhood effects, whether neighbourhood effects really exist, and how to measure them. The main challenge in the empirical investigation of neighbourhood effects is the identification of causal relationships.
The real estate market of Belarus historically is still very young. The beginning of its developm... more The real estate market of Belarus historically is still very young. The beginning of its development can be dated by middle of 1992, when together with process of privatization in Minsk the legal bargains on sale of flats, later - other real estate have appeared. Thus, Belarusian real estate market, as well as the conference of ERES celebrates the 10 anniversaries. In other towns of Belarus the start of the real estate market has taken place together with the beginning of economics liberalization - in 1992, 1993 and later. For the last 10 years it has done unprecedented way of a becoming and development. From first steps of the real estate market the most far-seeing practices - realtors and the specialists of scientific organizations have began to analyze the legitimacies and tendencies of its development. However till now it is not deeply researched in reality and there is no developed and accepted methodology of its analysis and forecasting. It is known the main regularity of the developed markets: cycle variations of activity and prices together with economical, investment and other cycles; connection between the real estate market and other markets (currency, share); formation of the prices on the basis of equilibrium of a supply and demand and ctr. The researches have shown that all these of regularity are upset and flow by another way for the developing real estate markets in conditions of transition economies. The analysis of the real estate market of Minsk for 10 years of its existence is maid. The features and regularity of its development are detected. With usage of econometric methods the forecast of the real estate market for 2003 is maid. The concept of creation of the real estate market monitoring is offered. In Europe it is offered to create Center of Real Estate Markets Monitoring that will be useful for financial organizations and for experts to analyze development of real estate markets in transition and market economy. The Center could be organized with a help of ERES.
This chapter explores the opportunities raised by the application of fuzzy logic, fuzzy sets and ... more This chapter explores the opportunities raised by the application of fuzzy logic, fuzzy sets and number to property valuation and mass appraisal. Fuzzy logic and fuzzy number have been applied to the property market in sev-eral works (Sui, 1992; Byrne, 1995; Del Giudice Amabile, ...
"The results described in the present contribution on the analysis ""Future-orient... more "The results described in the present contribution on the analysis ""Future-oriented office concepts - An observation from the angle of real estate development"" are based on an updated and new edition of the study by the Dresdner Bank Real Estate Group's RESEARCH division which appeared in 1999. The basic aim is the review of developments and structures forecast at that time in the present ex-post comparison, along with the identification of new future-oriented trends. In this contribution the partial results on the sub-item working place models and office room concepts are presented. "
The orientation to market economy in Belarus and other countries of transition economy more than ... more The orientation to market economy in Belarus and other countries of transition economy more than ten years ago influenced also the developments in the field of real estate. Since real estate is an important industry in national economy countries of transition and market economy, there exists close relationship between them. Real estate influences the national economy continued and national economy influences real estate in many sides, such as development level, speed, scale and cycle fluctuation, amplitude, frequency etc. This paper makes quantitative and qualitative analysis about the relationship between development national economy and real estate in Belarus, Italy, Russia and Ukraine on example mostly on housing markets. The concrete step is as the follows. 1. The development of real estate and national economy shows cyclical fluctuation. 2. Analysis about basic factors developing their cyclical fluctuation. 3. Analysis about tendencies and particularities of developing real estate markets of transition and market economies. 4. Regression analysis about real estate and GDP and total Regional product growth, a regression analysis is made between their relationship, and a linear regression equation of one unknown for reference is calculated.
Analysis of the condition of Belarusian and European real estate education practices shows that c... more Analysis of the condition of Belarusian and European real estate education practices shows that cardinal problems in this sphere are: the absence of unity in understanding of general and special features of the real estate specialists training in different areas, the differences in understanding of the necessary level of training, the absence of unity in the content of the training programme in different areas of the professional activity in the real estate market. This problem can be solved by the way of creating International Educational Clusters. In clusters the best experience of different countries and universities can be integrated. In Belarusian State Technological Univestity and Vilnius Technical Gediminas University has being working out the educational distance learning programme for Real Estate Management specialization. Cluster approach was realized in the process of realization of the programme. It was integrated not only international experience of the best professors of the universities but the best practitioners of the countries were involved in the programme. Belarusian University works in cooperation with Republican Unitary Enterprise iInstitute of Real Estate and Appraisaliu, National Cadastral Agency, Scientific Unitary Enterprise iBelniczemiu within the framework of educational scientific industrial centre created at the university, acquire the knowledge in the sphere of economics, administration, finances, investment, land and forest cadastre, real estate market analysis, individual and mass appraisal, leasing, management in operational and investment property, appraisal and business administration. In August 2010 International summer school iEconomics of real estate and valuationiu was organized in English in BSTU at the expense of Central European Initiative (CEI), the purpose of which was the professional development of the department teachers and the employees of Republican Unitary Enterprise iInstitute of Real Estate and Appraisali. The Belarusian-Lithuanian experience shows the main advantages of international integration and cooperation with practitioners within cluster and network of universities.
Uploads