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Article
Publication date: 1 April 1990

Robert M.J. Czernkowski

Discusses the development of expert systems (ES) as an improvementon computeraided valuation techniques (CAV), due to its allowing themodelling of complex non‐linear and…

Abstract

Discusses the development of expert systems (ES) as an improvement on computeraided valuation techniques (CAV), due to its allowing the modelling of complex non‐linear and qualitative relationships and processes, such as those which exist within the field of valuation. Explores valuation as a set of processes and details current technology with reference to the impact of CAVs in Australia. Discusses expert systems as the latest stage in the evolution of computer methods which support humans in decision making, outlines ES procedure and gives examples of current applications. Considers the application of expert systems to rating valuation and reviews the theory of ′information chunking.

Details

Journal of Valuation, vol. 8 no. 4
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 January 1988

ALISTAIR ADAIR and STANLEY McGREAL

The adoption of statistical methods of analysis by British valuers has been, at the best, rather piece‐meal. This paper highlights the contrasting application of multiple…

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1355

Abstract

The adoption of statistical methods of analysis by British valuers has been, at the best, rather piece‐meal. This paper highlights the contrasting application of multiple regression analysis (MRA) within valuation practice in the USA relative to that in the UK and emphasises the need for suitable databases. Historically the valuer in the UK has lacked access to databases. The analyses presented in this paper indicate that, even if databases exist, factors such as statistical variability, heterogeneity, geographical scale and sample size may influence both the explanatory and predictive powers of the MRA model. Nevertheless the estimation of value from the objectivity of the MRA model can assist the valuer by supporting opinion or highlighting circumstances where re‐appraisal is necessary.

Details

Journal of Valuation, vol. 6 no. 1
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 16 October 2017

Rotimi Boluwatife Abidoye and Albert P.C. Chan

The predictive accuracy and reliability of artificial intelligence models, such as the artificial neural network (ANN), has led to its application in property valuation

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1775

Abstract

Purpose

The predictive accuracy and reliability of artificial intelligence models, such as the artificial neural network (ANN), has led to its application in property valuation studies. However, a large percentage of such previous studies have focused on the property markets in developed economies, and at the same time, effort has not been put into documenting its research trend in the real estate domain. The purpose of this paper is to critically review the studies that adopted ANN for property valuation in order to present an application guide for researchers and practitioners, and also establish the trend in this research area.

Design/methodology/approach

Relevant articles were retrieved from online databases and search engines and were systematically analyzed. First, the background, the construction and the strengths and weaknesses of the technique were highlighted. In addition, the trend in this research area was established in terms of the country of origin of the articles, the year of publication, the affiliations of the authors, the sample size of the data, the number of the variables used to develop the models, the training and testing ratio, the model architecture and the software used to develop the models.

Findings

The analysis of the retrieved articles shows that the first study that applied ANN in property valuation was published in 1991. Thereafter, the technique received more attention from 2000. While a quarter of the articles reviewed emanated from the USA, the rest were conducted in mostly developed countries. Most of the studies were conducted by universities scholars, while very few industry practitioners participated in the research works. Also, the predictive accuracy of the ANN technique was reported in most of the papers reviewed, but a few reported otherwise.

Research limitations/implications

The articles that are not indexed in the search engines and databases searched and also not available in the public domain might not have been captured in this study.

Practical implications

The findings of this study reveal a gap between the valuation practice in developed and developing property markets and also the contributions of real estate practitioners and universities scholars to real estate research. A paradigm shift in the valuation practice in developing nations could lead to achieving a sustainable international valuation practice.

Originality/value

This paper presents the trend in this research area that could be useful to real estate researchers and practitioners in different property markets around the world. The findings of this study could also encourage collaboration between industry professionals and researchers domiciled in both developed and developing countries.

Details

Property Management, vol. 35 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 14 August 2009

Nicky Nzioki, Catherine Kariuki and Jennifer Murigu

This paper was written after the drafting of the National Land Policy was completed. The purpose of the paper is to give suggestions on the implementation of the policy…

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1142

Abstract

Purpose

This paper was written after the drafting of the National Land Policy was completed. The purpose of the paper is to give suggestions on the implementation of the policy. The National Land Policy reform process began in 2002 and is made up of several thematic areas. Under each category, identification of the major constraints is outlined in the paper together with possible gaps in the existing framework and a way forward is suggested to overcome them. One of the underlying gaps in all the thematic areas is the lack of adequate and competent capacity to undertake the necessary reforms to achieve the envisaged tangible changes in the land reform process in the country.

Design/methodology/approach

This paper describes a comprehensive outline of the training needs and capacity building in land management required at both tertiary and university levels. It includes continuing professional development and practice of various cadres of personnel in both the public and private sector. The paper concludes by highlighting the need to undertake measures to align the various basic training, specialisations and skill‐enhancement curricula and syllabi in land management and administration disciplines at both the tertiary and university level.

Findings

The paper is developed from review of literature as part of research methodology and there are no empirical findings presented in the contents. The paper identifies that there is lack of adequate and competent capacity to undertake the necessary reforms is suggested by the National Land Policy. The paper highlights the measures that can be undertaken to align the various basic training applications to be able to implement the policy.

Originality/value

The paper is a source of information for the working group charged with creating institutions and preparing a training syllabi for those who are employed by the new institutions.

Details

Property Management, vol. 27 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 17 October 2016

Rotimi Boluwatife Abidoye and Albert P.C. Chan

The emerging trend in the global real estate valuation practice has led to the development of advanced valuation approaches to replace the traditional methods. The purpose…

Abstract

Purpose

The emerging trend in the global real estate valuation practice has led to the development of advanced valuation approaches to replace the traditional methods. The purpose of this paper is to investigate the extent to which real estate valuers practicing in Nigeria are aware and use these advanced approaches in real estate valuation practice.

Design/methodology/approach

Both traditional and advanced approaches were identified from the literature. An online-based questionnaire survey was administered on estate surveyors and valuers to measure their level of awareness and frequency of use of the identified valuation approaches. The feedback was collated and analyzed using descriptive statistical analysis.

Findings

The professionals are mostly aware of the traditional methods and always use the “sales comparison method” in practice. In contrast, they are not very aware of the advanced approaches and hence, only use the hedonic pricing model occasionally in practice.

Research limitations/implications

The study only focuses on the Lagos metropolis, a nationwide survey will produce more comfortable generalizable findings.

Practical implications

This is a wake-up call for the real estate regulatory bodies and indeed all the real estate professionals in Nigeria to embrace the use of the advanced valuation approaches in practice, in order to remain relevant in the international real estate practice.

Originality/value

Implementation of the recommendations of this study could help position the Nigerian real estate professionals and the industry for a global exposition.

Details

Property Management, vol. 34 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

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15548

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 1 September 2001

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property…

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13690

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Facilities, vol. 19 no. 9
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

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13144

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 May 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

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13134

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Journal of Property Investment & Finance, vol. 19 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 2000

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property…

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25502

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

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