دانلود رایگان مقاله لاتین مهندسی رتبه بندی بازار املاک و مستغلات از سایت الزویر
عنوان فارسی مقاله:
مهندسی رتبه بندی بازار املاک و مستغلات به عنوان شرط ارزیابی مناطق شهری
عنوان انگلیسی مقاله:
Rating engineering of real estate markets as the condition of urban areas assessment
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Related research
In the literature, the real estate market is often (in fact, even mostly) assessed for its value and in order to define the valuecreating factors. A Real Estate Guide (2015) indicates that “to appraise means the act or process of developing an opinion of value”. Additionally, A Real Estate Guide (2015) and Kaklauskas et al. (2015) pointed out that the appraisers must be exceptionally careful to accurately assess the true forces affecting value. The authors mentioned above indicate the particular significance of the following factors: utility, size, corner influence, shape, thoroughfare conditions, exposure, plottage or assemblage, topography and character of soil, obsolescence, building restrictions and zones,tract layouts, directional growth (“the city directional growth”), location, environmental, social ideals, character of business climate, economic condition etc. The link between real estate markets and the potential of urban growth was revealed a long time ago (e.g. D’Arcy and Keogh, 1999; Leung, 2004). Real estate markets play an increasingly important role in the global economy and attract a growing number of international investors. Consequently, the demand for reliable classificationandscoring systems will continue to grow and become an essential tool in the process of investment planning. The heterogeneity of real estate affects the complexity of the market, the difficulty of its analysis and the credible inference in the decision-making processes. The consideration of the general condition of a spatial unit (the real estate market) is increasingly discussed in theoretical and practical aspects. In order to make the information more comprehensible, various types of classifi- cations and segmentations are used. Market classifications can be divided into two main categories. The first category is related to the markets sharing depending on the subject, object or condition of the property – this is the context used in the process of property valuation (usually in terms of the local market). In this context, specific real estate markets are usually classified on the basis of property type, location, income-producing, potential, typical investors characteristics, typical tenant characteristics, or other attributes recognized by those participating in the exchange of real property (Razzak, 2015). For instance, Dubin and Goodman (1982) proposed methods for analyzing non-nested submarkets. Bourassa et al.(2007)involvedspatialdependences inthepredictionofhouse price. Goetzmann and Spiegel (1997) examined how neighborhood amenities influence house prices using zip code districts to determine housing submarkets. The idea to identify housing submarket boundaries by developing and estimating the parameters of a hierarchical model for house prices was proposed by Goodman and Thibodeau (1998). Additionally, Floyd and Allen (2002) proposed segmentation of real estate markets due to real estate space and the asset of transactions. The second way involves a classification of real estate markets allowing for a mutual review of individual markets, their quantitative and qualitative comparison in terms of hyper-local and/or global approach. In this group the following classifications can be made: 1. ranking classification – excluding the elements of the comparative assessment of the market, 2. rating classification – including the elements of the comparative assessment and the diagnosis of market condition. The second classification of the market is the subject of this study. Rating allows for an interpretation of the states and it is an attempt to conduct the comparative assessment. The potential and power of classifying the real estate market in the rating form was indicated by European Property and Market Rating (2003), Research on Property and Market Rating in China based on Basel II (2008), Kalberer (2012), Renigier-Biłozor et al. (2014), Maszczyk (2014), Kaklauskas et al.(2015). The European Property and Market Rating (2003) and Kalberer (2012) defined ‘Property and Market Rating’ as a versatile instrument for assessing the quality of property. However, these authors recommend the use of a developed procedure to assess individual properties risks for securitization rather than for markets in general. Other authors find real estate market ratings a useful tools for developing portfolio investment strategies (Anglin and Yanmin, 2011; Collett et al., 2003) or formulating long-short portfolio strategies on housing indices for more risky and less risky assets characterized by low liquidity (Beracha and Skiba, 2011). The aim of such studies includes, among other things, the attempts to eliminate or at least reduce the impact of speculative phenomena on the real estate market and to increase the effectiveness and objectivity of the decisions.
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کلمات کلیدی:
Credit Engineering for Bankers: A Practical Guide for Bank Lending https://books.google.com/books?isbn=0123785863 Morton Glantz, Johnathan Mun - 2010 - Business & Economics High-Volatility Commercial Real Estate Open Real Estate Risk Rating ... rate prevailing in that geographic market for that type of commercial real estate), unless ... Forecasting Prices and Excess Returns in the Housing Market - Case ... onlinelibrary.wiley.com/doi/10.1111/1540-6229.00521/abstract by KE Case - 1990 - Cited by 642 - Related articles Forecasting Prices and Excess Returns in the Housing Market .... Radoslaw Wisniewski, Rating engineering of real estate markets as the condition of urban ... Issues in Engineering Research and Application: 2013 Edition https://books.google.com/books?isbn=1490109307 2013 - Technology & Engineering The CDOs consisted mainly of prime and subprime housing loans, where the latter type is ... “Due to the growing market demand for this derivative and the subsequent ... Surprisingly the credit rating agencies did not change the top level (AAA) ...
