The Income Approach to Property Valuation

Baum, Andrew; Mackmin, David; Nunnington, Nick

doi:10.4324/9780080937236

Cited by 41 publications

(41 citation statements)

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“…Real Estate Appraisal. Traditional real estate appraisal methodologies can be mainly categorized into three classes, i.e., sales comparison based approaches [25], cost based approaches [12], and income based approaches [2]. The sales comparison approach estimates the market value of real estate depending on some forms of comparison.…”

Section: Related Workmentioning

confidence: 99%

“…Prior studies on real estate appraisal can be categorized into two classes: (1) Empirical Appraisal Methods (EAMs), such as sales comparison approach [25], cost approach [12], and income approach [2], either heavily depend on the accuracy, availability, and timeliness of sale transaction data, or require strong domain knowledge to perform [26]; (2) Automated Valuation Methods (AVMs) estimate the market value of a property based on automatic machine learning techniques, such as linear regression [1,34], support vector regression [22], boosted regression trees [11,27] and artificial neural networks [17,30,31]. Compared with EAMs, AVMs are easy-to-use even for non-domain experts and are widely used in practice.…”

Section: Introductionmentioning

confidence: 99%

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MugRep: A Multi-Task Hierarchical Graph Representation Learning Framework for Real Estate Appraisal

Zhang

Líu

Zha

et al. 2021

Proceedings of the 27th ACM SIGKDD Conference on Knowledge Discovery &Amp; Data Mining

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Real estate appraisal refers to the process of developing an unbiased opinion for real property's market value, which plays a vital role in decision-making for various players in the marketplace (e.g., real estate agents, appraisers, lenders, and buyers). However, it is a nontrivial task for accurate real estate appraisal because of three major challenges: (1) The complicated influencing factors for property value; (2) The asynchronously spatiotemporal dependencies among real estate transactions; (3) The diversified correlations between residential communities. To this end, we propose a Multi-Task Hierarchical Graph Representation Learning (MugRep) framework for accurate real estate appraisal. Specifically, by acquiring and integrating multi-source urban data, we first construct a rich feature set to comprehensively profile the real estate from multiple perspectives (e.g., geographical distribution, human mobility distribution, and resident demographics distribution). Then, an evolving real estate transaction graph and a corresponding event graph convolution module are proposed to incorporate asynchronously spatiotemporal dependencies among real estate transactions. Moreover, to further incorporate valuable knowledge from the view of residential communities, we devise a hierarchical heterogeneous community graph convolution module to capture diversified correlations between residential communities. Finally, an urban district partitioned multi-task learning module is introduced to generate differently distributed value opinions for real estate. Extensive experiments on two real-world datasets demonstrate the effectiveness of MugRep and its components and features. CCS CONCEPTS• Information systems → Data mining; Spatial-temporal systems; • Applied computing → Marketing.

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Section: Related Workmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

MugRep: A Multi-Task Hierarchical Graph Representation Learning Framework for Real Estate Appraisal

Zhang

Líu

Zha

et al. 2021

Proceedings of the 27th ACM SIGKDD Conference on Knowledge Discovery &Amp; Data Mining

View full text Add to dashboard Cite

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“…Explicit DCF based techniques, not included in texts before 1970 (Lawrence et al, 1971), were covered in most of the texts produced later in the 1970s (see e.g. Baum and Mackmin, 1979; Enever, 1977). By the 1980s, the same texts normally featured DCF (Baum and Mackmin, 1981; Darlow, 1983; Enever, 1981).…”

Section: The Evolution Of the Practice Of Investment Appraisal And Valuationmentioning

confidence: 99%

“…Baum and Mackmin, 1979; Enever, 1977). By the 1980s, the same texts normally featured DCF (Baum and Mackmin, 1981; Darlow, 1983; Enever, 1981). Chapters on discounted cash flow and developments in valuation methods appear in the 7th edition of Modern Methods of Valuation , the standard valuation text of the previous 35 years (Britton et al, 1980).…”

Section: The Evolution Of the Practice Of Investment Appraisal And Valuationmentioning

confidence: 99%

Financialisation, the valuation of investment property and the urban built environment in the UK

Crosby

Henneberry

2015

Urban Studies

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The financialisation literature has been criticised for its limited empirical base and its failure adequately to link the everyday world with that of high finance. The paper addresses these shortcomings by examining the calculative practice of property valuation. The way that valuations are performed affects their results and, therefore, the operation of the property market. The paper traces the evolving influence of finance capital on the valuation of commercial property in the UK by constructing a historiography of investment valuation since 1960. Traditional approaches to valuation have been increasingly challenged by those derived from financial economics. However, the former remains the dominant method for undertaking market valuation. Its grounding in comparison -a centring and standardising process -offers an explanation for some of the changes in the urban built environment that are ascribed to financialisation. This suggests that a more detailed and historically sensitive interpretation of financialisation is required.

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“…The accent is on state revenues and their complex structure. Components of government revenues includes taxes, social contributions, revenues from public goods and property income (Baum, et al, 2013). Taxation ranging, from 45.8% in Slovakia to 87.6% in Denmark, has a dominant share in total revenues.…”

Section: Introductionmentioning

confidence: 99%

Dependence of property incomes and social contributions as indicators of agro-budgetary policy management

Pantić

Milunović

Tankosić

et al. 2019

Ekonomika poljoprivrede

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Agro-budget policy is the basic lever of modern fiscal theory. For this reason, it is scientifically challenging for all market economies, but also for countries in transition. Agro-budget deficits and amounts of public debts faced by many countries requires orientation on this policy. Harmonization of economic policies, inter alia, tax rates, is a necessity but difficulties in its realization are numerous. Numerous authors emphasize its necessity, but also the need to investigate the correlation of categories of government revenues. This article is based on determining the dependence between property incomes and social contributions and the obtained results will confirm or reject hypotheses. In addition, obtained results will show the degree of development of budget policy and thus agrobudget policy and leave space for future authors to find appropriate measures and instruments in future researches for achieving basic macroeconomic goals.

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The Income Approach to Property Valuation

Cited by 41 publications

References 0 publications

MugRep: A Multi-Task Hierarchical Graph Representation Learning Framework for Real Estate Appraisal

MugRep: A Multi-Task Hierarchical Graph Representation Learning Framework for Real Estate Appraisal

Financialisation, the valuation of investment property and the urban built environment in the UK

Dependence of property incomes and social contributions as indicators of agro-budgetary policy management

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