Contextualized property market models vs. Generalized mass appraisals: An innovative approach

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

Real estate's knowledge and device‐based decision support system

The authors of this paper participated in the European Union's Sixth Framework Programme project Intelligent Cities (INTELCITIES, 2005). One of INTELCITIES's goals (on the Lithuanian side) was to develop a Real Estate's Knowledge and Device‐based Decision Support System (KDDSS‐RE). Major KDDSS ‐RE functions include creating and maintaining customer's personalized real estate objectives, preferences, and evaluation criteria; participation of various stakeholders (buyers, sellers, brokers, etc.) in joint determination of criteria (criteria system, values and weights) defining real estate; market signalling, provide device‐based data about indoor microclimates and allergens causing allergy in buildings; searching for real estate alternatives, finding alternatives and making an initial negotiation table, completing a multiple criteria analysis of alternatives, making electronic negotiations based on real calculations, determining the most rational real estate purchase variant, and completing an analysis of loan alternatives offered by certain banks. The authors of the present research have suggested the idea to integrate knowledge‐based, devices‐based and decision support systems. In order to demonstrate the integration decision support, knowledge and devices systems in the real estate sector a Real Estate's Knowledge and Devices‐based Decision Support System have been considered in the paper as an example. Santruka Šio darbo autoriai dalyvavo šeštosios bendrosios programos projekte ‘Intelektualūs miestai” (INTELCITIES). Vienas iš INTELCITIES tikslu (Lietuvoje) – sukurti žiniomis ir prietaisais pagrista nekilnojamojo turto sprendimu paramos sistema (KDDSS‐RE). Pagrindines KDDSS‐RE funkcijos yra šios: sukurti ir pletoti klientui asmeniškai pritaikytus nekilnojamojo turto tikslus, pageidavimus ir vertinimo kriterijus; ivairioms suinteresuotosioms grupems (pirkejams, pardavejams, tarpininkams ir pan.) suteikti galimybe drauge nustatyti nekilnojamaji turta apibūdinančius kriterijus (kriteriju sistema, vertes ir reikšmingumus); rinkos tyrimas, iš prietaisu gautu duomenu apie patalpu mikroklimata ir pastatuose esančius alergenus pateikimas; alternatyviu nekilnojamojo turto variantu paieška, ju radimas ir pradines derybu lenteles sudarymas, alternatyvu daugiakriterine analize, realiais skaičiavimais pagristos elektronines derybos, racionaliausio nekilnojamojo turto varianto pirkimui nustatymas ir tam tikru banku siūlomu alternatyviu paskolu variantu analize. Šio tyrimo autoriai pasiūle ideja integruoti žiniomis ir prietaisais pagristas bei sprendimu paramos sistemas. Siekiant sprendimu paramos, žiniu ir prietaisu sistemu integravima pademonstruoti nekilnojamojo turto sektoriuje, darbe nagrinejama žiniomis ir prietaisais pagrista nekilnojamojo turto sprendimu paramos sistema. First Published Online: 09 Jun 201

Assessing Real Estate Investment Alternatives:A multi-criteria and multi-stakeholder decision aid tool

Investment decisions in private real-estate demand the consideration of several qualitative and quantitative criteria, as well as the different or even conflicting interests of the participating stakeholders. Meanwhile, certain indicators are subject to severe uncertainty, which will eventually alter the expected outcome of the investment decision. Even though multi-criteria decision making (MCDM) techniques have been extensively used in real-estate investment appraisals, there is limited evidence from the private rented sector, which constitutes a large part of the existing real estate assets. The existing approaches are not designed to capture the inherent variability of the decision environment, and they do not always achieve a consensus among the participating actors. In this work, through a rigorous literature review, we were able to identify a comprehensive list of assessment criteria, which were further validated through an iterative Delphi-based consensus-making process. The selected criteria were then used to construct an Analytical Hierarchy Process (AHP) model evaluating four real world, real estate investment alternatives from the UK private rented market. The volatility of the financial performance indicators was grasped through several Monte Carlo simulation runs. We tested the described solution approach with preference data obtained by seven senior real estate decision-makers. Our computational results suggest that financial performance is the main group of selection criteria. However, the sensitivity of the outcome indicates that location and property characteristics may greatly affect real estate investment decisions

论《古诗十九首》与三曹诗歌“动物意象”的审美意蕴

《古诗十九首》与三曹诗歌传世的数量虽然不多,却诸体兼备。其中非常引人注目的是这些诗歌中出现了大量的动物,它们不但种类丰富而且意蕴深厚。它们的引入不仅丰富了诗歌的意象图群,拓展了诗歌的题材,更值得我们注意的是,它们曲折地反映了诗人的处境、心境和对人生的感慨。通过品味这些“动物“的审美意蕴,我们感受到诗人所表达的对落寞仕途的失意、建功立业的渴求、游子思妇的孤独、身居乱世的忧惧和人生短暂的喟叹以及行乐游仙的向往。这些情感互相交织在诗人的内心中,让我们找到了一个走进诗人内心世界的入口

Sustainable Development of Real Estate

Research, theoretical and practical tasks of sustainable real estate development process are revised in detail in this monograph; particular examples are presented as well. The concept of modern real estate development model and a developer is discussed, peculiarities of the development of built environment and real estate objects are analyzed, as well as assessment methods, models and management of real estate and investments in order to increase the object value. Theoretical and practical analyses, presented in the monograph, prove that intelligent and augmented reality technologies allow business managers to reach higher results in work quality, organize a creative team of developers, which shall present more qualitative products for the society. The edition presents knowledge on economic, legal, technological, technical, organizational, social, cultural, ethical, psychological and environmental, as well as its management aspects, which are important for the development of real estate: publicly admitted sustainable development principles, urban development and aesthetic values, territory planning, participation of society and heritage protection. It is admitted that economical crises are inevitable, and the provided methods shall help to decrease possible loss. References to the most modern world scientific literature sources are presented in the monograph. The monograph is prepared for the researchers, MSc and PhD students of construction economics and real estate development. The book may be useful for other researchers, MSc and PhD students of economics, management and other specialities, as well as business specialist of real estate business. The publication of monograph was funded by European Social Fund according to project No. VP1-2.2-ŠMM-07-K-02-060 Development and Implementation of Joint Master’s Study Programme “Sustainable Development of the Built Environment”

Enterprise Risk Management in Chinese Construction Firms Operating Overseas

Ph.DDOCTOR OF PHILOSOPH

A knowledge-based decision support system for measuring enterprise performance

Abstract This paper describes a knowledge-based decision support system for measuring the performance of government real estate investment using DEA models. We propose an evaluation framework for real estate investment, including a database, a model base, and a knowledge base, to create a tool that a government can use to deal with decision-making problems via the Internet. This decision support system converts numerical data into information that can be used to evaluate possible real estate investments. Particularly, rules in the rule base are explained in more detail for illustrating the process of reasoning and KDSSGREI adapts quickly and accurately to infer and generate suggestions or actions. Data envelopment analysis (DEA) is used to perform efficiency analysis in this paper. Finally, we apply China's case to obtain strategies for reforming real estate investment.