IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i20p13403-d945381.html
   My bibliography  Save this article

Modern Technologies in the Real Estate Market—Opponents vs. Proponents of Their Use: Does New Category of Value Solve the Problem?

Author

Listed:
  • Małgorzata Renigier-Biłozor

    (Institute of Spatial Management and Geography, University of Warmia and Mazury in Olsztyn, 10-720 Olsztyn, Poland)

  • Sabina Źróbek

    (Institute of Spatial Management and Geography, University of Warmia and Mazury in Olsztyn, 10-720 Olsztyn, Poland)

  • Marek Walacik

    (Institute of Spatial Management and Geography, University of Warmia and Mazury in Olsztyn, 10-720 Olsztyn, Poland)

Abstract

The scientific literature and practical studies show that one of the main challenges facing the ongoing development of sustainable real estate markets is the understanding of the specifics of real estate as an object of increasing importance in the global economy. Misinterpretation of the principles of modern valuation models causes conflict between opponents and proponents of their use. To reconcile the two sides, the authors of this study propose the possibility of extending the methodology with new solutions—hybrid automated valuation models—and introducing a new value called the rough value. The study mostly draws on monographic and deductive reasoning methods, which includes an analysis of the basic principles of real estate appraisal (as described by internationally recognized professional standards) and valuation methods. The introduction of proposed solutions to valuation practice should be preceded by the development of unified standards and the principles of their application.

Suggested Citation

  • Małgorzata Renigier-Biłozor & Sabina Źróbek & Marek Walacik, 2022. "Modern Technologies in the Real Estate Market—Opponents vs. Proponents of Their Use: Does New Category of Value Solve the Problem?," Sustainability, MDPI, vol. 14(20), pages 1-18, October.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:20:p:13403-:d:945381
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/20/13403/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/20/13403/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Renigier-Biłozor, Malgorzata & Janowski, Artur & d’Amato, Maurizio, 2019. "Automated Valuation Model based on fuzzy and rough set theory for real estate market with insufficient source data," Land Use Policy, Elsevier, vol. 87(C).
    2. Renigier-Biłozor, Małgorzata & Walacik, Marek & Źróbek, Sabina & d’Amato, Maurizio, 2018. "Forced sale discount on property market – How to assess it?," Land Use Policy, Elsevier, vol. 78(C), pages 104-115.
    3. Sabina Zrobek & Oleksandra Kovalyshyn & Małgorzata Renigier‐Biłozor & Stepan Kovalyshyn & Oleg Kovalyshyn, 2020. "Fuzzy logic method of valuation supporting sustainable development of the agricultural land market," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(5), pages 1094-1105, September.
    4. Brano Glumac & Francois Des Rosiers, 2018. "Real estate and land property automated valuations systems: a taxonomy and conceptual model," ERES eres2018_148, European Real Estate Society (ERES).
    5. Renigier-Biłozor, Małgorzata & Janowski, Artur & Walacik, Marek & Chmielewska, Aneta, 2022. "Modern challenges of property market analysis- homogeneous areas determination," Land Use Policy, Elsevier, vol. 119(C).
    6. Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Borst, Richard & Grover, Richard & d’Amato, Maurizio, 2022. "International acceptance of automated modern tools use must-have for sustainable real estate market development," Land Use Policy, Elsevier, vol. 113(C).
    7. Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Janowski, Artur, 2020. "Hybridization of valuation procedures as a medicine supporting the real estate market and sustainable land use development during the covid-19 pandemic and afterwards," Land Use Policy, Elsevier, vol. 99(C).
    8. Patrick Francois, 2018. "Comment on "Artificial Intelligence and Economic Growth"," NBER Chapters, in: The Economics of Artificial Intelligence: An Agenda, pages 282-289, National Bureau of Economic Research, Inc.
    9. Daikun Wang & Victor Jing Li, 2019. "Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review," Sustainability, MDPI, vol. 11(24), pages 1-14, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Aneta Chmielewska & Małgorzata Renigier-Biłozor & Artur Janowski, 2022. "Representative Residential Property Model—Soft Computing Solution," IJERPH, MDPI, vol. 19(22), pages 1-24, November.
    2. Raul-Tomas Mora-Garcia & Maria-Francisca Cespedes-Lopez & V. Raul Perez-Sanchez, 2022. "Housing Price Prediction Using Machine Learning Algorithms in COVID-19 Times," Land, MDPI, vol. 11(11), pages 1-32, November.
    3. Sisman, S. & Aydinoglu, A.C., 2022. "Improving performance of mass real estate valuation through application of the dataset optimization and Spatially Constrained Multivariate Clustering Analysis," Land Use Policy, Elsevier, vol. 119(C).
    4. Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Borst, Richard & Grover, Richard & d’Amato, Maurizio, 2022. "International acceptance of automated modern tools use must-have for sustainable real estate market development," Land Use Policy, Elsevier, vol. 113(C).
    5. Zheng Yuan & Baohua Wen & Cheng He & Jin Zhou & Zhonghua Zhou & Feng Xu, 2022. "Application of Multi-Criteria Decision-Making Analysis to Rural Spatial Sustainability Evaluation: A Systematic Review," IJERPH, MDPI, vol. 19(11), pages 1-31, May.
    6. Marek Walacik & Aneta Chmielewska, 2024. "Energy Performance in Residential Buildings as a Property Market Efficiency Driver," Energies, MDPI, vol. 17(10), pages 1-18, May.
    7. Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Janowski, Artur, 2020. "Hybridization of valuation procedures as a medicine supporting the real estate market and sustainable land use development during the covid-19 pandemic and afterwards," Land Use Policy, Elsevier, vol. 99(C).
    8. Daikun Wang & Victor Jing Li & Huayi Yu, 2020. "Mass Appraisal Modeling of Real Estate in Urban Centers by Geographically and Temporally Weighted Regression: A Case Study of Beijing’s Core Area," Land, MDPI, vol. 9(5), pages 1-18, May.
    9. Ma. Janice J. Gumasing & Renée Hannah A. Niro, 2023. "Antecedents of Real Estate Investment Intention among Filipino Millennials and Gen Z: An Extended Theory of Planned Behavior," Sustainability, MDPI, vol. 15(18), pages 1-35, September.
    10. Elena Bykowa & Maria Skachkova & Ivan Raguzin & Irina Dyachkova & Maxim Boltov, 2022. "Automation of Negative Infrastructural Externalities Assessment Methods to Determine the Cost of Land Resources Based on the Development of a “Thin Client” Model," Sustainability, MDPI, vol. 14(15), pages 1-29, July.
    11. Rubina Canesi & Beatrice Gallo, 2023. "Risk Assessment in Sustainable Infrastructure Development Projects: A Tool for Mitigating Cost Overruns," Land, MDPI, vol. 13(1), pages 1-22, December.
    12. Unel, Fatma Bunyan & Yalpir, Sukran, 2023. "Sustainable tax system design for use of mass real estate appraisal in land management," Land Use Policy, Elsevier, vol. 131(C).
    13. Marco Locurcio & Pierluigi Morano & Francesco Tajani & Felicia Di Liddo, 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context," Sustainability, MDPI, vol. 12(14), pages 1-29, July.
    14. Przemysław Śleszyński & Amir Reza Khavarian-Garmsir & Maciej Nowak & Paulina Legutko-Kobus & Mohammad Hajian Hossein Abadi & Noura Al Nasiri, 2023. "COVID-19 Spatial Policy: A Comparative Review of Urban Policies in the European Union and the Middle East," Sustainability, MDPI, vol. 15(3), pages 1-30, January.
    15. Elena Bykowa & Maria Hełdak & Julia Sishchuk, 2020. "Cadastral Land Value Modelling Based on Zoning by Prestige: A Case Study of a Resort Town," Sustainability, MDPI, vol. 12(19), pages 1-26, September.
    16. Jose Torres-Pruñonosa & Pablo García-Estévez & Camilo Prado-Román, 2021. "Artificial Neural Network, Quantile and Semi-Log Regression Modelling of Mass Appraisal in Housing," Mathematics, MDPI, vol. 9(7), pages 1-16, April.
    17. Doan, Quang Cuong, 2023. "Determining the optimal land valuation model: A case study of Hanoi, Vietnam," Land Use Policy, Elsevier, vol. 127(C).
    18. Sebastian Gnat, 2021. "Property Mass Valuation on Small Markets," Land, MDPI, vol. 10(4), pages 1-14, April.
    19. Conklin, James N. & Edward Coulson, N. & Diop, Moussa & Mota, Nuno, 2023. "An Alternative Approach to Estimating Foreclosure and Short Sale Discounts," Journal of Urban Economics, Elsevier, vol. 134(C).
    20. Mariusz Doszyń, 2024. "Might expert knowledge improve econometric real estate mass appraisal?," The Journal of Real Estate Finance and Economics, Springer, vol. 69(4), pages 719-740, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:20:p:13403-:d:945381. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.