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 Δa

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