Value in a Changing Built Environment

Standards Information Network (Verlag)
  • erschienen am 8. November 2017
  • |
  • 248 Seiten
E-Book | PDF mit Adobe DRM | Systemvoraussetzungen
978-1-119-07365-9 (ISBN)
A new framework for understanding the underpinnings of real estate property value and the role it plays in the larger economy
Value in a Changing Built Environment examines the professional foundations on which the valuation exercise and the valuation profession rest. Written by noted experts in the field, the book addresses the often limited understanding of the concept of property value by explaining the intrinsic linkages between economic, environmental, social, and cultural measures and components of property value. The book offers a framework that paves the way towards a more holistic approach to property value.
Value in a Changing Built Environment unwraps many of the traditional assumptions that have underpinned market participants' decision making over the last few decades. The authors explore the concept that a blindfold application of valuation theories and approaches adopted from finance is unlikely to be able to cope with the nature of property as an economic and public good. This vital resource:
* Explains the criteria for making estimates of value that can be applied worldwide
* Offers an integrated approach to property value and the valuation processes
* Captures the often illusive intangibles such as environmental performance into valuation
* Addresses a market failure to account for wider criteria on building performance
Value in a Changing Built Environment examines how real estate valuation plays a pivotal role in decision making and how can a new body of knowledge improve the practice in both business and social domains.
1. Auflage
  • Englisch
  • Newark
  • |
  • Großbritannien
John Wiley & Sons Inc
  • Für Beruf und Forschung
  • 5,06 MB
978-1-119-07365-9 (9781119073659)
1119073650 (1119073650)
weitere Ausgaben werden ermittelt
DAVID LORENZ is co-chair of the Centre for Real Estate at the Karlsruhe Institute of Technology (KIT) where he is Professor for Property Valuation and Sustainability. David is also the director and founder of a real estate management, valuation and consulting firm located in the southern part of Germany. He has more than 15 years of experience in valuation, asset management and property development, has published extensively on the role of sustainability in real estate management and valuation, and is a Fellow and Spokesperson of the Royal Institution of Chartered Surveyors (RICS). In the past he was actively engaged with several research projects administered by RICS and the UN.
PETER DENT is affiliated to Oxford Brookes University where he currently participates in International programmes in real estate valuation and finance. For eight years he was the Head of the Department of Real Estate and Construction before taking up the post of Comerford Climate Change Fellow in 2008. Latterly he was Director of International Programmes helping to develop and manage professional and academic programmes. During his career he has published widely including two books: Property Markets and Sustainable Behaviour (2012) and Towers, Turbines and Transmission Lines: Impacts on Property Value (2013).
TOM KAUKO is an academic labourer with wide remit within real estate economy and urban affairs. He received a M.Sc. degree in Real Estate in 1994 (Helsinki University of Tech, Finland), and a Ph.D. in Geography in 2002 (Utrecht University, The Netherlands). He has worked for Oxford Brookes University, UK, the Norwegian University of Science and Technology and OTB Research Institute, Delft University of Technology, The Netherlands. He has carried out research on urban real estate, housing and land-use studies. He is currently based in the historic seaside town of Portsmouth (UK), where he works with lecturing and research for the School of Civil Engineering and Surveying at the University of Portsmouth. His interest is in strategic issues such as valuation, sustainability, urban renewal, resilience, and innovations, and related spatial development and town planning issues. He has over 70 publications and c. 100 conference presentations.
  • Cover
  • Title Page
  • Copyright
  • Contents
  • About the Editors
  • Note on Contributors
  • Introduction
  • Part 1 Gap Analysis: Anomalies and Paradoxes, Questions, Dilemmas and Motivations
  • Background
  • Property Market Impacts
  • Out of the Comfort Zone
  • The Social Mind
  • Lack of Political Awareness in the Profession about Changes in Value Systems
  • Professional Values
  • 'Wrong Coding' of the Market System
  • Lack of Linkages to Any Belief System
  • Concluding Remarks
  • Part 2 A Theory of Value in the Built Environment
  • 2.0 Introduction
  • Property Ownership
  • Cognitive Economy
  • Behavioural Characteristics
  • Moral Values
  • Sustainable Decision-Making
  • 2.1 Economic Value: Value, Price and Worth
  • The Dominant Economic System
  • Rational Knowledge
  • Value
  • Price
  • Worth
  • Concluding Remarks
  • 2.2 Sense and Categories of Value
  • Sense of Value
  • Categories of Value
  • Part 3 Valuation Methodology
  • 3.0 Introduction
  • 3.1 Aspects of Residential Value Analysis Methodology
  • Introduction
  • Conceptualisation
  • Methodology
  • Practical Applications
  • Summary and Concluding Discussion
  • 3.2 Aspects of Commercial Property Valuation and Regressed DCF
  • Regressed DCF
  • Discount Rate, Risk Premium Determination, and Regressed DCF
  • An Application of Regressed Models A, B, and C to Bucharest Commercial Real-Estate Market
  • Model A
  • Model B
  • Model C
  • A Real-Estate Market Risk Premium Map
  • Conclusions and Further Directions of Research
  • 3.3 The Significance of Land Attributes in Determining the Types of Land Use
  • Introduction
  • Method for Determining the Effect of Real-Estate Attributes on Land-Use Function with the Use of the Rough Set Theory
  • Concluding Remarks
  • Part 4 Empirical Applications of Market Analysis
  • 4.0 Introduction
  • Shift in Focus
  • Presentation of Individual Chapter Summaries
  • 4.1 Directions for Exploration of New Methods of Identifying and Determining Relationships and Dependencies on the Real-Estate Market
  • Introduction
  • The Real-Estate Sector - Analysis and Challenges
  • The Real-Estate Market System
  • The Participants (Entities) of the Real-Estate Market
  • Real Estate and Its Characteristics
  • Research and Analytical Methods
  • 4.2 Economic Sustainability, Valuation Automata and Local Price Development
  • Introduction
  • The Need for a Sustainable Housing Market
  • The New Paradigm of Modelling Value - Is AVM the Solution?
  • Designing an Empirical Modelling Method
  • Data Preparation
  • The Results of the Analysis
  • The Principle of Smoothing the Value Using a SOM Approach
  • Conclusions and Discussion
  • 4.3 Evaluation of Selected Real-Estate Markets - A Case Study from Poland
  • Introduction
  • Perfect versus Imperfect Real-Estate Markets
  • Analysis of Selected Real-Estate Markets in Poland - Case Study
  • The Use of the Rough Set Theory in Real-Estate Market Analysis
  • Conclusions
  • 4.4 Cyclical Capitalization
  • Introduction
  • Real-Estate Market Cycle
  • Income Approach and International Valuation Standards
  • Cyclical Capitalization
  • The Primum Group of Cyclical Capitalization
  • The Meaning of g Factor or ?a
  • The Primum Group
  • The Secundum Group of Cyclical Capitalization Methods
  • The Tertium Group of Cyclical Capitalization Methods
  • The Quartum Group of Cyclical Capitalization Methods
  • Application of Cyclical Capitalization Models to London Office Market
  • Time-Series Analysis for Cyclical Capitalization Application
  • Conclusions
  • Part 5 Towards a More Sustainable Real-Estate Market
  • 5.0 Introduction
  • 5.1 Professional Responsibility
  • Introduction
  • Built-Environment Professionalism and Professional Bodies
  • General Guiding Principles and Role within the Institutional Framework
  • Professional Bodies at Risk
  • Sustainability Literacy in Built-Environment Professionalism
  • The Ethics of Built-Environment Professionalism
  • Professional Disciplines in a Social, Environmental and Economic Context
  • How Ethical Are Professional Codes of Conduct?
  • European Institutions
  • Responsibility and Accountability for Outcomes: Future Professionals
  • Taking Personal Responsibility for the Other
  • Professional Sustainable Practices
  • 5.2 Professional Approach
  • Introduction
  • Bottom-Line Approaches
  • A Way Forward
  • Proposed Changes Regarding Current Valuation Practice and Standards
  • Conclusion
  • Appendices
  • References
  • Index
  • EULA

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