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The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so.

The method makes use of case studies of and fieldwork in countries that have either recently introduced mass valuations, brought about major changes in their systems or have been working towards introducing mass valuations.

Mass valuation depends upon a degree of development and transparency in property markets and an institutional structure capable of collecting and maintaining up-to-date price data and attributes of properties. Countries introducing mass valuation may need to undertake work on improving the institutional basis for this as a pre-condition for successful implementation of mass valuation.

Although much of the literature is concerned with how to improve the statistical modelling of market prices, there are significant issues concerned with the type and quality of the data used in mass valuation models and the requirements for successful use of mass valuations.

Much of the literature on mass valuation takes the form of the development of statistical models of value. There has been much less attention given to the issues involved in the implementation of mass valuation.

Provides an outline of research seeking to apply to computer assisted mass appraisal (CAMA) model capable of use within a geographic information system (GIS). The end product will be a working GIS/valuation integrated model. The model, in an operational context, can be utilized for property taxation purposes, to facilitate the rating and revaluation of residential properties in Northern Ireland. As the value of land and property is a function of economic, legal, physical and locational factors, consequently access to comprehensive, reliable and up‐to‐date transaction evidence is a prerequisite to property valuation. Valuation techniques depend on the collection and analysis of relevant data. Historically, the application of these techniques took place within a non‐spatial environment. Ultimately, market data support any estimate of value. Data searches and collection can prove both time consuming and expensive in relation to the fee earning potential of a valuation report. GIS can facilitate, in a spatial and aspatial context, the storage, manipulation and analysis of data, in a fraction of the time previously required. Current techniques for the mass appraisal of property, and for the prediction of residential property values, can be enhanced by utilizing the data handling capacity of GIS. Integration of a mass appraisal model within a GIS will add value to the valuation process.

The purpose of this paper is to stimulate thinking as to how we might produce timely and more reliable estimates of changes in the value of portfolios, price indices based on a portfolio of properties, and other aggregate measures of trends in property values. It is argued that a traditional market value appraisal of each individual property may not be necessary or optimal when the objective is to value portfolios or get a leading indicator of shifts in market value at an aggregate level. Rather, it is more important to use a critical mass of current market data that captures systematic movements in property values. Although a traditional market value appraisal is always more likely to capture the unique unsystematic characteristics of an individual property, automated valuation models using a database of valuation data may provide the best way to get real time interim updates of real estate portfolios and create more timely real estate indices.

The research aims to establish importance scheme of geospatial factors for land valuation activities that may serve as an eye-opener and aid the concerned government agencies in drafting land valuation policies and guidelines to achieve a sound land governance and administration. It specifically identifies and weighs geospatial valuation factors to establish their importance.

The research involves discussions and survey questionnaires given to land experts (i.e. appraisers, environmental planners, land economist, geodetic engineers and assessors) who indicated their opinions on influence of geospatial factors on land value. The analytic hierarchy process (AHP) is then used to weigh the factors in terms of its importance.

The result was then compared with the multiple regression analysis (MRA) taking into consideration the standardized regression coefficient of the 15 factors. The AHP method found out the major road accessibility and slope direction as the most and least influential factors, respectively, while surprisingly MRA found major road accessibility not significant at p < 0.05 level of significance.

The research generally reflects the sub-urban type of study area; hence, inclusion of other road types such as express ways and subways and performing sensitivity analysis of AHP are suggested in future studies.

The findings of the study will provide information of concerned government agencies in improving valuation activities, as well as to update values regularly based on the geospatial factors.

To the best of the authors’ knowledge, this study is the first effort to rank geospatial factors with analytic hierarchy analytic process that further considered both their negative and positive influences on land value. The approach surmounts the flaw and shortcomings of empirical methods of identifying importance of factors.

The paper aims to quantitatively investigate vacant industrial land valuation accuracy in China, given the importance of the industrial market as an underlying pillar to promote urban growth especially in emerging economies.

In China, the government formulates a Land Benchmark Price (LBP) to serve as a price reference point to sell land rights. To gain an in-depth understanding of the valuation practice by LBP, this paper uses correlation analysis to investigate the varying dynamics between the transaction-based prices and LBP appraisal-based estimates. Furthermore, a margin of error examination investigates the distortion in LBP land appraisals, with an amended LBP presented to improve the accuracy of the current LBP method.

Different influencing factors are identified to impact the actual market transaction prices and the LBP construction, leading to a large discrepancy in industrial land appraisals. A systematic problem is recognised that the construction of the LBP follows urban bid curve theory, whereas the land transaction prices do not, demonstrating that an urgent LBP update is needed to capture the market dynamics for industrial market.

The paper sets out discrepancies in valuation accuracy surrounding the application of the LBP valuation approach in China. This has practical implications for valuers in terms of raising their awareness of the deficiencies in the approach and the pitfalls they need to guard against in their appraisals. It also has implications for developers and investors who rely on valuer appraisals to assess the viability of land purchases; hence, they need to express caution in the appraisal advice sought. Finally, the results demonstrate to the standard setters how they need to modify the LBP equations to better capture market dynamics.

The paper examines valuation accuracy in transitional economies, through valuation differentials between appraised price and the transacted price. The value of the work lies in the analysis of the fundamental differentials between market price and appraised value, which is of importance to investors/developers, practicing valuers, as well as government officials responsible for setting the valuation standards.

Presents a case study of the British Columbia Assessment Authority (BCAA) that has been a leader in the development of comprehensive data systems for use in mass appraisal. Uses this to illustrate a considered approach to addressing the issues. Reviews the types of analysis typically undertaken by appraisers and specifically how this is done by BCAA. Notes that these programmes integrate the typical valuation process with the requirements to manage and organise mass data files.

Mergers and acquisitions and consolidation activities contribute to the supply of technical facilities in the real estate market. The disposal of these special‐purpose assets poses unique challenges, including financial risk, redeployment of highly trained workforces and specialised equipment, and unknown timeframes. This paper will set out to take a deeper look into the internal corporate rationalisation process and the challenges and issues inherent in the disposal of special purpose assets.

Income from investment properties can fluctuate depending on the state of the economy. The idea that there is always a potential exit (sale) value whenever the property stops performing at its optimum or deflation in the economy will always appeal to investors. To determine housing prices, investors would rely on a direct comparison approach (DCA) of recent substitute sales in the open market. Appraisers use this approach to develop an opinion of value when there is a plethora of recent sales to analyse.

The study was designed to establish the use of the analytical hierarchy process (AHP) approach as a support tool for deciding property appraisals. A case study of an industrial single-storey stand-alone building with grade-level parking in the south-east of Calgary, Canada, was investigated with the AHP approach. The result was cross-referenced with the DCA.

Using a consistency index of 0.077321 and a consistency ratio of 0.085912, the matrix multiplication was determined to be 0.456706. The average valuations derived from the adjusted price per square foot using the direct comparison method and the unadjusted price per square foot using the AHP were deemed the best value estimate in the light of available comparables. The implications of the findings suggest that AHP, as a quantitative technique, can support and validate the use of similar non-recent sale comparables when appraising investment properties with the DCA.

AHP is an alternative aid in quantitatively deciding the most significant value attribute for comparison before subjective adjustments. When intuitively applied in the DCA, these subjective adjustments almost always lead to an overvaluation of properties.

Examines some of the improvements in personal computer software in recent years and the uptake of this technology in the surveying industry. Discusses the extent to which bespoke software systems have found acceptance in the industry and points to the greatly increased professional familiarity with generic software systems and its effect on valuation activities. Stresses the importance of user involvement in the system development process. Suggests that many problems with computing stem from an unwillingness to be involved in the developmental process.

The purpose of this paper is to review what is known about obsolescence and its causes, and provide a critique of how it is reflected in valuations.

The method has been to review the literature on obsolescence to examine the main causes and whether there are approaches that can identify the vulnerability of buildings to the business models they are designed to satisfy becoming outmoded.

Obsolescence is an inherent part of the way in which market economies function as new competitors disrupt established business models. Investors need better methods to evaluate the risk that obsolescence poses to their portfolios.

Obsolescence can result in significant unpredicted losses of value.

Much of the literature on obsolescence treats it in the same way as depreciation without recognising its unpredictable nature. The paper explores alternative approaches to how obsolescence might be measured.