The Emerging Global Real Estate Appraisal Research Agenda: Evidence from the ARES, ERES, PPRES and RICS Conferences

Article excerpt

Abstract

This paper addresses the emerging global real estate appraisal research agenda by examining and comparing the contents of research papers presented at the 1993-2001 American Real Estate Society, European Real Estate Society, Pacific Rim Real Estate Society and RICS Cutting Edge conferences. The study indicates that interest in appraisal is significant, as measured by the number of papers delivered and the wide diversity of topics represented. Clearly appraisal themes such as finance and computer-based modeling predominate and generate greater interest than more regional or local areas of research activity. The challenge facing real estate professionals and organizations is to harness the increasingly rigorous and internationally evolving appraisal research agenda to the benefit of the discipline.

Introduction

Over the past decade there has been a significant growth in real estate research throughout the world. While many countries are characterized by differing histories of real estate education and research reflecting variations in political systems, land tenure, culture and economic development the past ten years have witnessed a dramatic increase both in the volume of research and the opportunities for presentation and publication of findings.

This paper focuses on the global convergence that appears to be emerging within the field of real estate research particularly in relation to the pricing of real estate assets. The aim of the research is to identify and analyze common themes in research activity over the past decade and to date four papers have been delivered by the research team (Adair, Crosby, Watkins and Lim, 2000; and Adair, Crosby, Lim and Watkins 2001a, 2001b, 2002). The first, presented at the 2000 RICS Cutting Edge (RICS CE) conference, analyzed all research output from the RICS CE conferences whereas the second, presented at the 2001 World Valuation Congress in Singapore analyzed the appraisal research agenda in the United Kingdom from papers presented at the 1993-2000 RICS CE conferences. The third paper, delivered at the 2001 European Group of Valuers' Associations (TEGoVA) conference in Berlin, compared the emerging appraisal research agenda in mainland Europe with that of the U.K. through a comparative analysis of the European Real Estate Society (ERES) and the RICS CE conferences. The fourth paper, delivered at the 2002 Pacific Rim Real Estate Society (PRRES) conference in Christchurch, presented findings from a comparative analysis of appraisal output presented at the 1993-2001 RICS CE, ERES and PPRES conferences. These papers confirm that appraisal issues are at the forefront of the real estate research agenda, along with investment and market analysis issues (Adair et al., 2001b). The current paper extends the research through the inclusion of the American Real Estate Society (ARES), with the ultimate aim of providing a total world view of research activity in the field. The emerging themes and characteristics of a global appraisal research agenda are discussed together with the implications for future research.

A multi-dimensional rationale is advanced for undertaking such evaluative research. First, it is an established and rigorous form of activity in related academic disciplines such as urban economics. Second, it reflects a maturation of the participating community whereby the track record of appraisal research activity is evaluated in terms of its contribution to knowledge. Third, the exercise facilitates an audit of developments within the discipline, current achievements and more importantly future research directions. This activity is even more crucial for a vocational discipline as current research should reflect the cutting edge of applied knowledge moulding developments in both the curriculum and practice. The need for significant improvements in appraisal practice has been recognized in a study undertaken by Investment Property Forum/Investment Property Databank (2000). …