Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Building and Real Estate | en_US |
| dc.contributor.advisor | Sing, Michael (BRE) | en_US |
| dc.creator | Ho, Chin Choi | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/13172 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | A study of valuation uncertainty in residential property valuation in Hong Kong | en_US |
| dcterms.abstract | Purpose | en_US |
| dcterms.abstract | There was evidence indicating that valuation uncertainty existed in varying degrees in the valuation of private residential properties in Hong Kong. This uncertainty originated from property valuation factors like market conditions, property characteristics, information availability, and valuers’ behaviours dimensions. This uncertainty posed challenges to the proper functioning of the property market, leading to inconsistencies, inaccuracies, and potential disputes. It brought up a knowledge gap on what and how the identified uncertainties could be transformed into measurable risks in the valuation process which could reduce or eliminate the uncertainty in private residential property valuation in Hong Kong. Therefore, addressing and eliminating valuation uncertainty is essential for the proper functioning of the private residential property market, and this requires a comprehensive understanding of its causes and implications. It is necessary to cast new light on this research area to the market. Identifying prospective solutions to enhance the accuracy and reliability of valuations, which eliminate uncertainty simultaneously, are advantageous for all stakeholders in the various sectors of the Hong Kong real estate market. | en_US |
| dcterms.abstract | Design/methodology/approach | en_US |
| dcterms.abstract | A mixed-methods research approach was used. The research’s structure combined qualitative and quantitative data collection approaches to align with the study’s objectives, incorporating the systematic literature review, structured online questionnaire surveys, property transaction databases analysis, a comparison study of four selected Asian developed markets, an experimental case study, LT Cap. 545 related judgments analysis, and expert interviews. These diverse data sources ensured a comprehensive understanding of various uncertainties in the valuation of private residential properties in Hong Kong. The study predominantly utilized qualitative methods to capture the refined realities of private residential property valuation, while quantitative data served to complement and contextualize these findings. The qualitative data was rigorously processed and interpreted through established methodologies, and the quantitative components provided a baseline of empirical evidence. By integrating the depth of qualitative analysis with the breadth of quantitative data, this research enabled a multi-dimensional exploration of the private residential property valuation landscape in Hong Kong. The data collected was analysed by adopting various analytical strategies including content analysis, descriptive statistical analysis, thematic analysis, narrative synthesis, and comparative analysis. Each technique was carefully selected to ensure strength and comprehensiveness in addressing the research questions, ultimately contributing to an in-depth understanding of valuation uncertainty in Hong Kong’s private residential property market. | en_US |
| dcterms.abstract | Findings | en_US |
| dcterms.abstract | This research revealed that valuation professionals shared a common understanding of influential factors influencing private residential property value in Hong Kong. However, applying and weighing these factors in practice led to discrepancies within acceptable margins, highlighting the inherent ambiguity and unpredictability involved in the valuation process. Comparable sales selection, external events, and policy changes contributed the most to valuation discrepancies. The mixed-methods approach, and expert interviews corroborated these findings, revealing the complex interplay of market factors, professional judgments, and regulatory considerations affecting the results of valuation. The findings of this study had major implications for the valuation profession and the overall property market in Hong Kong. By identifying the top ten ranking influential factors influencing valuation uncertainty and proposing strategies for mitigation, the research provided valuable insights for policymakers, valuation profession stakeholders, and professional valuers seeking to enhance the accuracy, reliability, and transparency of private residential property valuations. | en_US |
| dcterms.abstract | Research limitations/implications | en_US |
| dcterms.abstract | Professional valuers and academia could gain both theoretical and practical understanding of adjusted factors and their relevant adjustments using a systematic classification from this study. This could help to avoid confusion about adjusted factors and reduce valuation uncertainty in private residential property valuations. Additionally, the study could uncover sources and effects of valuation uncertainty, propose practical solutions to reduce the uncertainty, assist policymakers in promoting social fairness, and mitigate the adverse impact on low-income or marginalized people seeking affordable domestic property. However, the study might not apply to some sectors of property markets with different characteristics. Market dynamics and stakeholder interests might hinder the implementation of the study’s proposals and remedies. | en_US |
| dcterms.abstract | Originality/value | en_US |
| dcterms.abstract | Conducting a study on valuation uncertainty that existed in the private residential property sector in Hong Kong has the potential to greatly enhance the accuracy and dependability of valuation processes. Moreover, it can enhance knowledge of real estate markets and offer valuable guidance to stakeholders engaged in private residential property valuation. Previous related valuation studies in Hong Kong had yet to propose this adequately. The knowledge-sharing strategies of risk adjustment proposed in this study would give new insight to the stakeholders of the valuation profession. | en_US |
| dcterms.extent | 1 volume (various pagings) : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2024 | en_US |
| dcterms.educationalLevel | DIREC | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Residential real estate -- Valuation -- China -- Hong Kong | en_US |
| dcterms.LCSH | Real property -- Valuation -- China -- Hong Kong | en_US |
| dcterms.LCSH | Dwellings -- Valuation -- China -- Hong Kong | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 7623.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 7.11 MB | Adobe PDF | View/Open |
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