A new framework for understanding the underpinnings of real estate property value and the role it plays in the larger economy
Value in a Changing Built Environment examines the professional foundations on which the valuation exercise and the valuation profession rest. Written by noted experts in the field, the book addresses the often limited understanding of the concept of property value by explaining the intrinsic linkages between economic, environmental, social, and cultural measures and components of property value. The book offers a framework that paves the way towards a more holistic approach to property value.
Value in a Changing Built Environment unwraps many of the traditional assumptions that have underpinned market participants' decision making over the last few decades. The authors explore the concept that a blindfold application of valuation theories and approaches adopted from finance is unlikely to be able to cope with the nature of property as an economic and public good. This vital resource:
- Explains the criteria for making estimates of value that can be applied worldwide
- Offers an integrated approach to property value and the valuation processes
- Captures the often illusive intangibles such as environmental performance into valuation
- Addresses a market failure to account for wider criteria on building performance
Value in a Changing Built Environment examines how real estate valuation plays a pivotal role in decision making and how can a new body of knowledge improve the practice in both business and social domains.
About the Author: DAVID LORENZ is co-chair of the Centre for Real Estate at the Karlsruhe Institute of Technology (KIT) where he is Professor for Property Valuation and Sustainability. David is also the director and founder of a real estate management, valuation and consulting firm located in the southern part of Germany. He has more than 15 years of experience in valuation, asset management and property development, has published extensively on the role of sustainability in real estate management and valuation, and is a Fellow and Spokesperson of the Royal Institution of Chartered Surveyors (RICS). In the past he was actively engaged with several research projects administered by RICS and the UN.
PETER DENT is affiliated to Oxford Brookes University where he currently participates in International programmes in real estate valuation and finance. For eight years he was the Head of the Department of Real Estate and Construction before taking up the post of Comerford Climate Change Fellow in 2008. Latterly he was Director of International Programmes helping to develop and manage professional and academic programmes. During his career he has published widely including two books: Property Markets and Sustainable Behaviour (2012) and Towers, Turbines and Transmission Lines: Impacts on Property Value (2013).
TOM KAUKO is an academic labourer with wide remit within real estate economy and urban affairs. He received a M.Sc. degree in Real Estate in 1994 (Helsinki University of Tech, Finland), and a Ph.D. in Geography in 2002 (Utrecht University, The Netherlands). He has worked for Oxford Brookes University, UK, the Norwegian University of Science and Technology and OTB Research Institute, Delft University of Technology, The Netherlands. He has carried out research on urban real estate, housing and land-use studies. He is currently based in the historic seaside town of Portsmouth (UK), where he works with lecturing and research for the School of Civil Engineering and Surveying at the University of Portsmouth. His interest is in strategic issues such as valuation, sustainability, urban renewal, resilience, and innovations, and related spatial development and town planning issues. He has over 70 publications and c. 100 conference presentations.
