Observatorio de I+D+i UPM

Memorias de investigación
Tesis:
La dimensión de la subjetividad en la formación del valor inmobiliario. Aplicación del mátodo de análisis de ecuacioens estructurales al mercaado residencial de Lisboa
Año:2013
Áreas de investigación
  • Matemáticas
Datos
Descripción
ABSTRACT The discretionality and the appraisers' subjectivity that characterize traditional real estate evaluation are still allowed to take part in the formation of the asset price even when respecting international standards (EVS, IVS) or Appraisal Institution's regulations (TEGOVA, RICS, etc.). The application of econometric and statistical methods to real estate valuation aims at the elimination of subjectivity on the appraisal process. But the unanswered question underneath this subject is the following: How important is the subjective component on real estate appraisal value formation? On this study Structural Equation Models (SEM) are used to determine the importance of the objective and subjective components on real estate valuation value formation as well as the weight of economic factors and the current economic context on real estate appraisal for mortgage purposes price formation. There were used two latent variables, Objective Component and Subjective Component, witch aggregate objective observed variables and subjective observed and unobserved variables, respectively. Factorial Exploratory Analysis is the statistical technique used in order to link the observed variables extracted from the valuation appraisal reports to the latent constructs derived from the theoretical model. SEM models were used to refine the model, eliminate non-significant variables and to determine the weight of Objective and Subjective latent variables. These techniques were applied to a sample of over 11.000 real estate assets appraisal reports throughout the time period between November of 2006 and April of 2012. The real assets used on this study are located on Lisbon's Metropolitan Area - "Grande Lisboa" -, Portugal. From this study, we conclude that Subjective Component has a considerable weight on real estate appraisal value formation and that the external factor Economic Situation has a very small impact on real estate appraisal value formation.
Internacional
Si
ISBN
Tipo de Tesis
Doctoral
Calificación
Sobresaliente cum laude
Fecha
21/05/2013
Esta actividad pertenece a memorias de investigación
Participantes
  • Director: Juan Francisco Padial Molina (UPM)
  • Director: Federico Garcia Erviti (UPM)
Grupos de investigación, Departamentos, Centros e Institutos de I+D+i relacionados
  • Creador: Grupo de Investigación: Regulación y análisis económico del proceso edificatorio.
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