The Fundamentals of Recreational and Leisure Property Valuation: Beyond and Unbiased

Kaarel Sahk and Kalev Sepp

ERES from European Real Estate Society (ERES)

Abstract: In the context of describing recreational and leisure property, it is very important to refresh the understandings of the terms ëlocalí and ëglobal fundamentalsí as terms loading the separated viewpoint with the market situation. The abovementioned approach brings us to the importance of market data and its analysis and also to its mutual and bilateral connection with the cultural situation. The latter is strongly connected with the description of the quality of life and concerns the modus vivendi, i.e. the lifestyles of the consumers who are affecting the curve of demand of both types of properties. The risk in this area has been discussed by Sjˆberg and Engelberg and in further developments of their work. The other aspect concerns concentrating on the relationship with the target group of users, as showed by Felipe and Betty Ann Korzenny, and on the orientation of it, first of all, to the lifestyle, culture and identity through real estate, using an analysis of the abovementioned global and local terms. This last aspect means that, commonly, the valuation of recreational and leisure property is impossible without accounting for these influences.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2009-01-01
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