..., and general beta) using 10,000 iterations with correlated inputs implemented through Cholesky decomposition. Findings Distributional choice affects all output statistics relevant to uncertainty reporting. The triangular distribution produces a 90% certainty range that is 55% wider than the beta...

...Albert Agbeko Ahiadu; Rotimi Boluwatife Abidoye; Tak Wing Yiu Purpose Acknowledging the complexity of property investment decision-making under heightened uncertainty, this study examined the dynamic relationship between market fundamentals, investors’ behavioural biases, and the moderating...

... of scenarios and possibilities flowing from the current uncertainties in the property market and the wider economy. Practical implications As with all property investment, the value and performance of the property assets is interlinked with the use and demand of different property types. Understanding...

... Institutional investment Residential Build-to-rent Purpose-built student accommodation Risk Uncertainty The last 40 years has seen the Journal of Property Investment and Finance (JPIF) publish hundreds of insightful papers and articles across myriad topics, many of which have been focussed...

...Elaine Worzala; David Wyman Purpose Volatility, Uncertainty, Complexity and Ambiguity (VUCA) are terms the military have coined to describe the environment they often operate in. This paper examines how this decision-making framework can be used to better inform real estate investment...

...Chris Thorne Purpose The recent coronavirus pandemic created uncertainty across most markets. This has resulted in many valuations being reported with caveats warning that they are uncertain. However, many valuers and their clients remain unclear as to what these warnings are supposed to convey...

...Elaine Worzala Purpose This paper examines the current uncertainty within real estate markets through the quotes of Dr. James A. Graaskamp, a real estate educator and researcher. Graaskamp focused his teachings on real estate investment through the lens of risk management and risk mitigation...

... Limited Licensed re-use rights only Performance measurement Decision-making Behaviour Uncertainty Risk and return Investment strategy The Taskbar signals another email arriving, probably the latest “impact of CoViD-19” thoughts of one of the research departments in real estate...

...Nick French Purpose An understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value. Design/methodology/approach...

... the efficacy of real estate and valuation theory, methods and techniques; and the tertiary purpose is to propose a confidence score for reporting uncertainty to the end user of a valuation report. Design/methodology/approach Literature was reviewed on the concepts of risk and uncertainty, rationality...

...David Jansen van Vuuren Purpose The purpose of this paper is twofold: first, to suggest a modified sales comparison model that is scalable and adaptable to value under conditions of certainty and uncertainty. The model can potentially be applied to residential property, non-residential property...

...David Jansen van Vuuren Purpose The purpose of this paper is to compare the value outcomes of the cost approach to the DCF profits method when valuing specialised property under different scenarios as a test for choice of method or model uncertainty; and to quantify valuation uncertainty under...

...Michael Mallinson; Nick French There will always be a degree of uncertainty in any valuation, but it should be incumbent upon the valuer to report “abnormal uncertainty”. This arises when some particular condition of the market or the property leads to the valuer being unable to value...

...Mats Ekelid; Hans Lind; Stellan Lundström; Erik Persson The article is based on a study of 100 appraisal reports from the period 1980‐1996, covering a full property cycle. A number of aspects related to uncertainty were investigated. Among the results are: The appraiser often used both a sales...

... is, the seriousness of the loss and how likely it is to happen. Since people find it difficult to quantify the seriousness of an event, they tend to emphasize the question of “possibility”. In other words the nearest concept to risk is“uncertainty”. Risk is therefore the same as probability in this situation...

...Julian Diaz, III; J. Andrew Hansz Theory suggest that valuers will rely on previous values estimates in the face of greater market uncertainty. Nevertheless recent research has provided evidence that experienced real estate valuers (appraisers) working in geographic areas familiar to them may...

...Peter Byrne Risk and uncertainty are, to say the least, poorly considered by most individuals involved in real estate analysis – in both development and investment appraisal. Surveyors continue to express“uncertainty” about the value (risk) of using relatively objective methods of analysis...

...Ian Scott; Stuart Gronow; Brian Rosser Examines the ability of an expert computer system to evaluate uncertainty within a valuation context and thus emulate the professional skill of the valuer. Shows that because property valuation programs based on regression analysis require data input for each...