There is a substantial literature which suggests that appraisals are smoothed and lag the true level of prices. This study combines a qualitative interview survey of the leading fund manager/owners in the UK and their appraisers with a empirical study of the number of appraisals which change...

Property decision-making is typically characterized as a structured rational process, using factual data and leading to optimal decision-making. To augment, or substitute for deficiencies in, such data, property investors may turn to perceptions of investor or market sentiment. Reliance on...

An appraisal task involves the rendering of market value, an unobservable and hypothetical construct. Direct feedback against this objective is typically not possible, so alternative feedback such as confirmation of previous appraised values may be employed. This may alter the appraiser's...

The objective in most property valuations is to estimate open market value. The definition of this means that direct feedback to valuers on their successful achievement of this objective is problematic (i.e. the hypothetical sale that the valuation simulates remains hypothetical). Valuers will...

The study seeks to identify systematic differences in perception of the real estate market caused by the frames through which people obtain market information. We operationalise the frames through manipulation of data presentation in a commercial real estate market report, selectively...

This study investigates the impact of experience upon trained behaviours in real estate investment decision‐making. In a controlled experiment design, two groups of subjects, experts and novices, conduct an evaluation and reach a decision about two investment options. Using a process‐tracing...

Property valuers in the UK are cautioned to consider the possible impact of public perception of the risk of living near high voltage overhead power transmission lines (HVOTLs). Direct evidence of this impact should be found in transaction prices of properties close to HVOTLs. These...

The purpose of the study is to seek a better understanding of the investment allocation behaviour of the real estate mutual funds by focusing on asset allocation at the country level. Analysing the country allocation of 553 real estate mutual funds domiciled in 20 countries, we attempt to trace...

In this paper, we investigate the role of judgement in the formation of forecasts in commercial property markets. The investigation is based on interview surveys with the majority of UK forecast producers, who are using a range of inputs and data sets to form models to predict an array of...