REAL ESTATE APPRAISAL AND SUBJECTIVITY

The discretionally 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 (especially on mass appraisals that comprehend a huge amount of data) aims at the elimination of subjectivity on the appraisal process. But the unanswered questions underneath this subject are the following: In what consists the subjective component on real estate appraisal value formation? How much is the value presented by the appraiser influenced by the economic environment or by the building or neighborhood social status? What are the inherent and exterior factors that concur to the enhancement of the subjective component on real estate price formation? In this study an overview across appraisal’s bibliography is made in order to determine which real estate inherent and exterior factors are more important on price formation

Modeling nature-based and cultural recreation preferences in mediterranean regions as opportunities for smart tourism and diversification

The tourism and recreational o er of Mediterranean destinations involves, essentially, the promotion of mass tourism, based on the appeal of the sun and beach, and the quality of its coastal assets. Alongside the impacts of climate change, poor tourism diversification represents a threat to the resilience of the territory. Thus, heterogenization of noncoastal tourism products presents an opportunity to strengthen regional resilience to present and future challenges, hence the need to study, comparatively, the complementary preferences of tourists and residents of these regions in order to unveil their willingness to diversify their recreational experience, not only in coastal spaces, but also—and especially—in interior territories with low urban density. Consequently, this strategic option may represent a way of strengthening resilience and sustainability through diversification. In this context, a survey was conducted among 400 beach tourists and 400 residents of a case study—namely, three municipalities of the Algarve region in southern Portugal—in order to analyze their degree of preference for activities besides the sun and beach, such as nature-based and cultural tourism activities, and to probe the enhancement potential of each tourism and recreational activity through the various landscape units considered by experts, stakeholders, and tour operators. The respective degree of preference and enhancement potential were indexed to the area of each landscape unit. Subsequently, respecting the existing recreational structure and constraints, a suitability map for territory enhancement and the implementation of smart tourism practices for each tourism activity and landscape unit is presented. Results show a significant preference for noncoastal outdoor recreational activities.FCT- Fundação para a Ciência e Tecnologia: SFRH/BD/102328/2014; PTDC/GES-URB/31928/2017info:eu-repo/semantics/publishedVersio

BIOCLIMATIC SOLUTIONS IN VERNACULAR ARCHITECTURE: TRANSITION SPACES

The traditional architecture is founded as a defining element of the identity of a region, and its essence should be preserved and conserved by means of maintenance and recovery actions. Thus, the best solutions and proposals for intervention should be looked for but this doesn’t imply a back to back innovation and at construction progress. This work includes the description of techniques for maintenance and conservation of bioclimatic solutions found and inventoried in the north of the Iberian Peninsula, with special focus on a unique bioclimatic solution known as Transition Spaces (from the interior to the exterior of the buildings and vice-versa), whose main purpose is to ensure protection from the elements when entering or exiting buildings, to contribute to the improvement of the buildings thermal performance and to create sheltered interior/exterior living spaces. This architectural characteristic is based on the building’s solar exposure, predominant winds and geographical and topographic conditions. It is important to recover the historical heritage in a sustainable manner, allowing it to become an engine of development for both urban and small rural centres that exist in the periphery of the bigger cities

Bioclimatic solutions in vernacular architecture: transition spaces

The traditional architecture is founded as a defining element of the identity of a region, and its essence should be preserved and conserved by means of maintenance and recovery actions. Thus, the best solutions and proposals for intervention should be looked for but this doesn’t imply a back to back innovation and at construction progress. This work includes the description of techniques for maintenance and conservation of bioclimatic solutions found and inventoried in the north of the Iberian Peninsula, with special focus on a unique bioclimatic solution known as Transition Spaces (from the interior to the exterior of the buildings and vice-versa), whose main purpose is to ensure protection from the elements when entering or exiting buildings, to contribute to the improvement of the buildings thermal performance and to create sheltered interior/exterior living spaces. This architectural characteristic is based on the building’s solar exposure, predominant winds and geographical and topographic conditions. It is important to recover the historical heritage in a sustainable manner, allowing it to become an engine of development for both urban and small rural centres that exist in the periphery of the bigger cities

Bioclimatic solutions existing in vernacular architecture - geothermal climatization

The traditional architecture is founded as a defining element of the identity of a region, and its essence should be preserved and conserved by means of maintenance and recovery actions. Thus, the best solutions and proposals for intervention should be looked for but this doesn’t imply a back to back on both innovation and construction progress. This work is part of the BIOURB project, a cross-border project between Portugal and Spain, which intended to contribute to the change of the current constructive model towards a more sustainable bioclimatic model, both environmentally and economically, reducing buildings energy consumption and raising the value of bioclimatic heritage along the border region. This paper includes the description of a series of tasks in order to perform buildings maintenance and rehabilitation, dignifying the built heritage and enhancing the use of traditional materials and techniques, with a view to economic and environmental sustainability. It is intended to provide a set of relevant information for those who have the responsibility or the concern to extend the life of buildings and disclose among users, current and potential, good and bad, options for the conservation and rehabilitation as well as anomalies that currently affect buildings. Geothermal climatization is one of the eight bioclimatic solutions identified using renewable energies. This climatization system takes advantage of the thermal characteristics of the in depth ground which presents constant temperatures throughout the year (also, temperature increases with depth). These steady temperatures are easy to find when one get into buried spaces of buildings by checking that they are cooler in summer and have warm temperatures in winter. Taking advantage of the ground characteristics is reflected a bit everywhere in buried constructions that are therefore more protected from the weather. Buried spaces without any day lighting, excavated in earth and stone, were the most often used for preserving food and wine. The main purposes of this work are to analyse this type of bioclimatic solution, to provide conservation, preservation and rehabilitation techniques, as well as to cope with the benefits of the principles of traditional architecture that should integrate and inspire the bioclimatic construction

Exemplos de soluções bioclimáticas existentes na construção tradicional da região transfronteiriça Norte de Portugal Castela e Leão

A arquitetura tradicional constitui-se como elemento definidor da identidade de uma região, devendo ser preservada e mantida a sua essência nas ações de conservação e reabilitação. Deste modo, devem procurar-se as melhores soluções e propostas de intervenção sem que isso signifique voltar costas à inovação e ao progresso construtivo. No âmbito da cooperação transfronteiriça Norte de Portugal-Castela e Leão, foi aprovado o projeto BIOURB – Diversidade Construtiva Transfronteiriça, Edificação Bioclimática e sua adaptação à Arquitetura e Urbanismo Moderno, liderado pela Entidade Regional da Energia de Castela e Leão e que integrou como parceiros o Instituto de la Construcción de Castela y León, a Fundación CIDAUT, o Ayuntamiento de Trabanca, o Instituto Politécnico de Bragança, o município de Mogadouro e o município de Bragança. Pretendeu-se com o mesmo contribuir para a mudança do atual modelo construtivo para um modelo bioclimático mais sustentável, quer em termos ambientais quer em termos económicos, diminuindo o consumo de energia dos edifícios e elevando o valor do património bioclimático transfronteiriço. Um dos objetivos do projeto BIOURB consistiu na elaboração de um manual para a conservação e reabilitação da diversidade construtiva. Pretendeu-se com este trabalho fornecer um conjunto de informações relevantes para quem tem a responsabilidade ou a preocupação de prolongar a vida útil dos edifícios e divulgar, junto dos utentes, as boas e más opções de conservação e reabilitação bem como as anomalias que afetam correntemente os edifícios. Para tal foram estudadas soluções bioclimáticas encontradas e inventariadas na zona fronteiriça entre Portugal e Espanha, mais concretamente entre as zonas abrangidas pelos municípios de Bragança, Miranda do Douro, Vimioso, Mogadouro, Salamanca e Zamora. No presente artigo descrevem-se as várias soluções bioclimáticas representativas da região, em particular a solução singular Estufa Anexa, cuja principal vantagem é contribuir significativamente para as melhorias do desempenho térmico dos edifícios

Bioclimatic solutions existing in vernacular architecture - geothermal climatization

The traditional architecture is founded as a defining element of the identity of a region, and its essence should be preserved and conserved by means of maintenance and recovery actions. Thus, the best solutions and proposals for intervention should be looked for but this doesn’t imply a back to back on both innovation and construction progress. This work is part of the BIOURB project, a cross-border project between Portugal and Spain, which intended to contribute to the change of the current constructive model towards a more sustainable bioclimatic model, both environmentally and economically, reducing buildings energy consumption and raising the value of bioclimatic heritage along the border region. This paper includes the description of a series of tasks in order to perform buildings maintenance and rehabilitation, dignifying the built heritage and enhancing the use of traditional materials and techniques, with a view to economic and environmental sustainability. It is intended to provide a set of relevant information for those who have the responsibility or the concern to extend the life of buildings and disclose among users, current and potential, good and bad, options for the conservation and rehabilitation as well as anomalies that currently affect buildings. Geothermal climatization is one of the eight bioclimatic solutions identified using renewable energies. This climatization system takes advantage of the thermal characteristics of the in depth ground which presents constant temperatures throughout the year (also, temperature increases with depth). These steady temperatures are easy to find when one get into buried spaces of buildings by checking that they are cooler in summer and have warm temperatures in winter. Taking advantage of the ground characteristics is reflected a bit everywhere in buried constructions that are therefore more protected from the weather. Buried spaces without any day lighting, excavated in earth and stone, were the most often used for preserving food and wine. The main purposes of this work are to analyse this type of bioclimatic solution, to provide conservation, preservation and rehabilitation techniques, as well as to cope with the benefits of the principles of traditional architecture that should integrate and inspire the bioclimatic construction

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

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

Price Formation and Real Estate Characteristics Residential Real Estate, Lisbon - Portugal

Análisis del proceso de formación de precios en el mercado residencial de Lisboa desde el punto de vista de la eliminación de los aspectos subjetivos de la apreciación por el tasador de las características de los inmueble

Normas internacionais de avaliação (TEGOVA, RICS E IVSC) - análise comparativa

A presente publicação tem como propósito sistematizar e organizar a informação mais rele- vante plasmada nas normas internacionais publicadas pelo The European Group of Valuers’ Associations (TEGOVA), pelo Royal Institution of Chartered Surveyors (RICS) e pelo Interna- tional Valuation Standards Council (IVSC), fazendo uma análise comparativa das mesmas e a sua adequabilidade à legislação portuguesa no âmbito da Avaliação Imobiliária, identificando diferenças e pontos de convergência, com o objetivo de qualificar os profissionais da avaliação imobiliária, orientando-os para o mercado global. Foi também auscultada a posição relativa- mente às normas de avaliação das entidades internacionais anteriormente referidas e efetuado um inquérito aos avaliadores portugueses com o objetivo de perceber o grau de familiaridade destes com as normas internacionais de avaliação imobiliária.info:eu-repo/semantics/publishedVersio