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The Dynamics of Real Estate Field of Value

The Dynamics of Real Estate Field of Value Abstract Property is worth only as much as market participants are willing to pay for it - that is as much as the potential of the property. Determining the potential of real estate is an extremely difficult task, because certain properties can be viewed in different ways. A person’s attitude towards a given real estate finds reflection in the value of the property. Accordingly, the value of a property appears only when there is a relation of value, such as when the property catches the buyer’s attention. This article raises important issues which determine the value of real estate. It reveals the value of property as a multidimensional category (spatial, economic etc.). The concept of value is characterized by peculiar dynamics; therefore, the value of a property is also characterized by dynamic traits. In order to confirm the above thesis it is essential to isolate the most important factors that create the “field of value” and to examine how individual determinants influence the potential of the property. The purpose of this study is to examine whether changes in the local real estate market influence the dynamics of property values. In order to achieve this objective, research was carried out on a local real estate market. As a result of the research, indicators characterizing the dynamics of value were determined. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

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Publisher
de Gruyter
Copyright
Copyright © 2015 by the
ISSN
2300-5289
eISSN
2300-5289
DOI
10.2478/remav-2014-0041
Publisher site
See Article on Publisher Site

Abstract

Abstract Property is worth only as much as market participants are willing to pay for it - that is as much as the potential of the property. Determining the potential of real estate is an extremely difficult task, because certain properties can be viewed in different ways. A person’s attitude towards a given real estate finds reflection in the value of the property. Accordingly, the value of a property appears only when there is a relation of value, such as when the property catches the buyer’s attention. This article raises important issues which determine the value of real estate. It reveals the value of property as a multidimensional category (spatial, economic etc.). The concept of value is characterized by peculiar dynamics; therefore, the value of a property is also characterized by dynamic traits. In order to confirm the above thesis it is essential to isolate the most important factors that create the “field of value” and to examine how individual determinants influence the potential of the property. The purpose of this study is to examine whether changes in the local real estate market influence the dynamics of property values. In order to achieve this objective, research was carried out on a local real estate market. As a result of the research, indicators characterizing the dynamics of value were determined.

Journal

Real Estate Management and Valuationde Gruyter

Published: Feb 6, 2015

References