eprintid: 3796
rev_number: 6
eprint_status: archive
userid: 1
dir: disk0/00/00/37/96
datestamp: 2022-03-08 10:47:09
lastmod: 2022-03-08 10:47:09
status_changed: 2022-03-08 10:47:09
type: thesis
metadata_visibility: show
sword_depositor: 1
creators_name: Hoeven, D.P.W. van der
creators_id: S3419630
creators_email: dpw.vanderhoeven@gmail.com
title: Appraiser-based automated valuation: A case study of valuing buy-to-let properties in the Netherlands
ispublished: unpub
full_text_status: public
abstract: Automated valuation methodologies are valuable tools in complementing traditional valuation methods because of their potential in terms of accuracy, efficiency, and reliability. Concurrently, however, these methodologies lack sufficient explainability to be applied in valuation practice. This paper, therefore, proposes a valuation methodology incorporating appraiser expertise to investigate the potential in terms of accuracy, explainability, and reliability. We investigate the implementation of such a methodology in automating buy-to-let property valuations in the Netherlands. To do so, we compare the proposed appraiser-based methodology to other methodologies described in the forecasting literature. We compare these methodologies by forecasting the constituents of market value in the single period capitalization method: vacant possession value, market rent, and gross income multiplier using a unique dataset comprising buy-to-let property transactions in the Netherlands. Using transaction data on all three market value constituents, we find the proposed appraiser-based methodology to have slightly lower accuracy while having similar reliability and possessing more explainability compared to existing methodologies.
date: 2022
pages: 57
thesis_type: master
degree_programme: VG
tutors_name: Duijn, M. van
tutors_name: Vlist, A.J. van der
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_email: mark.van.duijn@rug.nl
tutors_email: A.J.van.der.Vlist@rug.nl
tutoroutside_name: Loon, W. van
security: validuser
keywords_local: Automated valuation
keywords_local: Machine learning
keywords_local: Monotonic constraints
language_iso: en
agreed_repository: yes
date_issued: 2022-03-07
citation:   Hoeven, D.P.W. van der  (2022) Appraiser-based automated valuation: A case study of valuing buy-to-let properties in the Netherlands.  Master thesis.   
document_url: https://frw.studenttheses.ub.rug.nl/3796/1/Appraiser_based_automated_valuation_DH_MD.pdf