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La dimensión de la subjectividad en la formación del valor inmobiliario - aplicación del método de análisis de ecuaciones estructurales al mercado residencial de lisboa

2014Doctoral thesis Open access
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dc.contributor.advisorGarcia Erviti, Federico
dc.contributor.advisorPadial Molina, Juan Francisco
dc.contributor.authorVaz, António Jorge Ferreira
dc.date.accessioned2014-01-06T09:43:12Z
dc.date.available2014-01-06T09:43:12Z
dc.date.issued2014
dc.date.submitted2013
dc.description.abstractThe discretionality and the appraisers’ subjectivity that characterize traditional real estate valuation 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.por
dc.identifier.citationVaz, António Jorge Ferreira (2013). La dimensión de la subjectividad en la formación del valor inmobiliario - aplicación del método de análisis de ecuaciones estructurales al mercado residencial de lisboa. Madrid : Universidad Politécnica de Madrid. Tese de Doutoramento em Construcción Tecnología Arquitectónica.
dc.identifier.tid101445130
dc.identifier.urihttp://hdl.handle.net/10198/9063
dc.language.isospapor
dc.subjectReal estate valuationpor
dc.subjectPrice formationpor
dc.subjectSEM models - structural equations modelingpor
dc.subjectSubjectivitypor
dc.titleLa dimensión de la subjectividad en la formación del valor inmobiliario - aplicación del método de análisis de ecuaciones estructurales al mercado residencial de lisboapor
dc.typedoctoral thesis
dspace.entity.typePublication
person.familyNameVaz
person.givenNameAntónio Jorge Ferreira
person.identifier.ciencia-id401A-7B51-9199
person.identifier.orcid0000-0001-9421-5894
rcaap.rightsrestrictedAccesspor
rcaap.typedoctoralThesispor
relation.isAuthorOfPublication16956931-515f-499c-a248-96722a06d70e
relation.isAuthorOfPublication.latestForDiscovery16956931-515f-499c-a248-96722a06d70e
thesis.degree.disciplineArquiteturapor
thesis.degree.disciplineConstruçãopor
thesis.degree.levelDoutorpor
thesis.degree.nameDoctorado en Construcción y Tecnología Arquitectónicapor

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