Wartość rynkowa nieruchomości jako próba obiektywizacji zachowań uczestników rynku

Abstract

This dissertation examines the market value of real estate, a dynamic and subjective category central to imperfect markets such as real estate, where the paradigm of rational behaviour often fails. Market value is essential for various purposes, including sales, taxation, compensation, and investment, but it imperfectly reflects typical behaviour due to the unique characteristics of real estate and its market.

The research aims to: (1) highlight the limited objectivity of market value in representing the behaviour of market participants; (2) demonstrate the challenges of objectifying market value in real estate compared to other assets; and (3) emphasise the behavioural nature of valuation and argue for its inclusion in market value definitions and valuation practices.

Using surveys and experiments, the research identifies gaps in the understanding and application of market value. Survey respondents acknowledged emotional and behavioural influences on valuations, such as urgency in transactions and subjectivity in assessing market evidence. Many valuers noted misconceptions among clients, particularly the equation of market value with price, which undermines confidence in the profession. Most respondents advocated new presentation techniques, such as numerical ranges and sensitivity analysis, to better reflect valuation uncertainty.

Experimental results confirmed significant variability in valuation results due to subjective assumptions, particularly for complex techniques. This variability highlights the need for greater transparency and recognition of valuation risks.

In order to capture uncertainty, the dissertation recommends that market value be presented as a range with pessimistic, most likely and optimistic scenarios. Such approaches would enhance clarity, transparency and confidence in valuation processes and reflect the realities of the property market.