La dimensión de la subjetividad en la formación del valor inmobiliario : aplicación del método de análisis de ecuaciones estructurales al mercado residencial de Lisboa

Ferreira Vaz, A. Jorge (2013). La dimensión de la subjetividad en la formación del valor inmobiliario : aplicación del método de análisis de ecuaciones estructurales al mercado residencial de Lisboa. Tesis (Doctoral), E.T.S. Arquitectura (UPM).

Descripción

Título: La dimensión de la subjetividad en la formación del valor inmobiliario : aplicación del método de análisis de ecuaciones estructurales al mercado residencial de Lisboa
Autor/es:
  • Ferreira Vaz, A. Jorge
Director/es:
  • García Erviti, Federico
  • Padial Molina, Juan Francisco
Tipo de Documento: Tesis (Doctoral)
Fecha: 2013
Materias:
Escuela: E.T.S. Arquitectura (UPM)
Departamento: Construcción y Tecnología Arquitectónica
Licencias Creative Commons: Reconocimiento - Sin obra derivada - No comercial

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Resumen

The 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.

Más información

ID de Registro: 15577
Identificador DC: http://oa.upm.es/15577/
Identificador OAI: oai:oa.upm.es:15577
Depositado por: Archivo Digital UPM
Depositado el: 03 Jun 2013 12:16
Ultima Modificación: 21 Abr 2016 15:47
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