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An Analysis of Key Factors Contributing to Residential Property Valuation in Iran

Naderi, Iman | 2009

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 39568 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Sharbatoghlie, Ahmad
  7. Abstract:
  8. It is our purpose in this study to compare and analyze behavioral aspects of residential property valuation in Iran. More specifically, this research aims to explore the attributes that influence the value of residential property from the consumers’ and valuers’ perspective to determine whether valuers account for consumer behavior accurately. Finally, we investigate which variables operate at the lower end of the market, as distinct from those influencing the value of higher priced property. The core methodology underpinning the measurement of buyer and valuer behavior is the use of survey analysis. The identification of variables employing a two stage process forms an initial but critical element of the research. First, a content analysis of a vast body of valuation literature yielded 49 significant attributes. However, further discrimination at the second stage regarding the relevance of each variable to the Iran housing market, and utilizing semi-structured interviews with residential consumers and practicing valuers in the three regions, resulted in 11 variables being removed from the analysis. The remaining 38 variables which comprise both quantitative and qualitative aspects of housing were categorized into five groups. Finally, in order to measure the saliency of value-influencing factors and test the hypotheses of this study, a questionnaire was designed and then filled out by 145 buyers and 23 valuers. Regarding the scoring of variables, it is apparent that there are statistically significant differences between buyers and valuers across 9 of the variables, confirming that valuers do account for buyer behavior (accurately or otherwise) in the valuation process. In addition, buyers in different income levels perceive the relative importance of 18 variables differently and this contention led us to categorize variables into two levels namely "primary variables" and "secondary variables".
  9. Keywords:
  10. Consumer Behavior ; Valuation ; Residential Buildings ; Consumer Decision Making

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