EconPapers    
Economics at your fingertips  
 

Assessing Subjectivity in the Valuation of Retail Properties in Spain

Paloma Taltavull de La Paz () and Stanley Mcgreal

Journal of Property Research, 2006, vol. 23, issue 1, 53-74

Abstract: The extent to which subjective influences impact on assessed valuations is an under‐researched area. Valuation practice within Spain is seemingly less developed than in the UK and other western European countries and explicitly allows for subjective adjustments in deriving the value of a property. This study, using a three stage modelling approach, seeks to quantify the impact of this effect on the valuation of retail property. The analysis uses data from a major valuation company within Spain and examines evidence from five cities. The results show that subjectivity corrects the model by as much as 12%. The study demonstrates that the variables with the greatest impact are age of property and construction quality rather than economic/market factors. This outcome highlights that valuation in Spain is still a more technical rather than a financial discipline.

Date: 2006
References: View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10.1080/09599910600748667 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:jpropr:v:23:y:2006:i:1:p:53-74

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJPR20

DOI: 10.1080/09599910600748667

Access Statistics for this article

Journal of Property Research is currently edited by Bryan MacGregor

More articles in Journal of Property Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2022-01-08
Handle: RePEc:taf:jpropr:v:23:y:2006:i:1:p:53-74