This study introduces a framework to formalise and consider occupant comfort perceptions in the property valuation process. It aims to quantify occupant perceptions to assist real estate valuers in valuing the “comfort” aspect of residential properties.
The study initially employs the Delphi process to shortlist occupant comfort factors and subfactors. It then uses structured occupant surveys to gather occupant perception scores and applies the best holistic adaptable ranking of attributes technique to quantify occupant perception scores and ultimately derives the facility Occupant Sentiment-Centric Apartment Rating System (OSCARS) score (FOS). The comparison of the FOS value with the prevailing average OSCARS score (AOS) yields the occupant-based property value (OPV) correction factor. The OPV correction factor is then proposed as a diagnostic tool to adjust the market value of a residential apartment.
This study develops and presents a novel framework to integrate occupant sentiment into the property valuation process and also proposes a continuous improvement mechanism for multi-unit high-rise residential buildings.
The findings of this study offer a practical tool for integrating occupants’ true experiences into property valuation. By highlighting comfort-related factors, the study helps developers and valuers to prioritise improvements that enhance both resident satisfaction and market value. It aligns valuation with real-life experiences, and seeks to contribute to more equitable and human-centred housing policies, potentially shaping future urban planning and regulatory norms.
To the best of the authors’ knowledge, this is the first study involving multi-criteria decision-making processes to quantitatively incorporate occupants into the decision-making process for valuation of high-rise residential facilities.
