An Analytic Hierarchy Process (AHP) framework for property valuation to identify the ideal 2050 portfolio mixes in EU-27 countries with shrinking populations

dc.contributor.affiliationFacultad de Administración y Dirección de Empresas
dc.contributor.affiliationDepartamento de Economía y Ciencias Sociales
dc.contributor.authorCervelló Royo, Roberto Elías
dc.contributor.authorGuijarro, Franciscoes_ES
dc.contributor.authorPfahler, Thomases_ES
dc.contributor.authorPreuss, Mariones_ES
dc.date.accessioned2017-05-10T16:58:34Z
dc.date.available2017-05-10T16:58:34Z
dc.date.issued2016-09
dc.descriptionThe final publication is available at Springer via http://dx.doi.org/10.1007/s11135-015-0264-3es_ES
dc.description.abstract[EN] This paper presents a new methodology to evaluate the development trends of the residential trade and industry up until 2050. In the first step available data are analysed for the period 1970–2050. In the second step an expert assessment based on the Analytic Hierarchy Process (AHP) methodology is integrated to reflect the estimation of various expert forecasts of the future. The AHP methodology is based on different variables in the fields of demographic, social-environmental as well as build-quality characteristics to imply a widespread perception of the portfolio mix of habitations in 2050. There will mainly be a focus on several EU-27 countries with potential future-shrinking populations like Bulgaria, Estonia, Germany, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia. Furthermore, they will be compared with Spain whose population is expected to increase.en_EN
dc.description.accrualMethodSes_ES
dc.description.bibliographicCitationCervelló Royo, RE.; Guijarro, F.; Pfahler, T.; Preuss, M. (2016). An Analytic Hierarchy Process (AHP) framework for property valuation to identify the ideal 2050 portfolio mixes in EU-27 countries with shrinking populations. Quality and Quantity. 50(5):2313-2329. doi:10.1007/s11135-015-0264-3es_ES
dc.description.issue5es_ES
dc.description.referencesAczél, J., Saaty, T.: Procedures for synthesizing ratio judgements. J. Math. Psychol. 27, 93–102 (1983)es_ES
dc.description.referencesAfshari, M., Mafi, E.: Land capability assessment for regional planning using AHP and GIS at Shandiz Urban Region, Northeast Iran. Environ. Urban. ASIA 5(1), 105–118 (2014)es_ES
dc.description.referencesAguarón, J., Escobar, M.T., Moreno-Jiménez, J.M.: The precise consistency consensus matrix in a local AHP-group decision making context. Annal. Operat. Res. 4, 1–15 (2014)es_ES
dc.description.referencesAznar, J., Caballer, V.: An application of the analytic hierarchy process method in farmland appraisal. Span. J. Agric. Res. 3(1), 17–24 (2005)es_ES
dc.description.referencesAznar, J., Cervelló, R., Romero, A.: New spanish banking conglomerates. Application of the analytic hierarchy process (AHP) to their market value. Int. Res. J. Financ. Econ. 78, 70–82 (2011a)es_ES
dc.description.referencesAznar, J., Ferrís-Oñate, J., Guijarro, F.: An ANP framework for property pricing combining quantitative and qualitative attributes. J. Oper. Res. Soc. 61, 740–755 (2010)es_ES
dc.description.referencesAznar, J., Guijarro, F., Moreno-Jiménez, J.M.: Mixed valuation methods: a combined AHP-GP procedure for individual and group multicriteria agricultural valuation. Ann. Oper. Res. 190, 221–238 (2011b)es_ES
dc.description.referencesBoulmier, M.: Meeting the needs of an ageing population-a challenge for our collective consciousness and public policies. In: CECODHAS (ed.) Preparing the Future-Affordable Housing and the Challenge of an Ageing Population in Europe-Success Stories, pp. 6–8. Publications Office of CECODHAS Housing Europe, Brussels (2012)es_ES
dc.description.referencesCambra-Fierro, J., Hart, S.J., Polo-Redondo, Y., Fuster-Mur, A.: Market and learning orientation in times of turbulence: relevance questioned? An analysis using a multi-case study. Qual. Quant. 46(3), 855–871 (2011)es_ES
dc.description.referencesCECODHAS Housing Europe (eds): Welfare Transformation and Demographic Change in Europe: Challenges for the Social Housing Sector. Publications Office of CECODHAS Housing Europe, Brussels (2007)es_ES
dc.description.referencesCECODHAS Housing Europe (eds): Housing Europe Review 2012-The Nuts and Bolts of European Social Housing Systems. Publications Office of CECODHAS Housing Europe, Brussels (2011)es_ES
dc.description.referencesCECODHAS Housing Europe (eds): Preparing the Future—Affordable Housing and the Challenge of an Ageing Population in Europe—success Stories. Publications Office of CECODHAS Housing Europe, Brussels (2012)es_ES
dc.description.referencesChang, C., Ku, C., Ho, H., Liao, C.: A MCGP decision aid for homebuyers to make the best choice. Qual. Quant. 45, 969–983 (2011)es_ES
dc.description.referencesChauhan, K., Shah, N., Rao, V.: The analytic hierarchy process as a decision-support system in the housing sector: a case study. World Appl. Sci. J. 3(4), 609–613 (2008)es_ES
dc.description.referencesClayton, J., MacKinnon, G.: The time-varying nature of the link between REIT, real estate and financial asset return. J. R. Estat. Portf. Manag. 7(1), 43–54 (2001)es_ES
dc.description.referencesDin, A., Hoesli, M., Bender, A.: Environmental variables and real estate prices. Urban Stud. 38(11), 1989–2000 (2001)es_ES
dc.description.referencesEuropean Commission (ed.): The 2012 Ageing Report—Economic and Budgetary Projections for the 27 EU Member States (2010–2060). Publications Office of the European Union, Brussels (2012)es_ES
dc.description.referencesEurostat (eds): Europa in Zahlen—Eurostat Jahrbuch 2010. Publications Office of the European Union, Brussels (2010)es_ES
dc.description.referencesEurostat (eds): Demography Report 2010—Older, More Numerous and Diverse Europeans. Publications Office of the European Union, Luxembourg (2011)es_ES
dc.description.referencesEurostat (eds): Focus on Territorial Typologies. Publications Office of the European Union, Brussels (2012a)es_ES
dc.description.referencesEurostat (eds): Europe in Figures—Eurostat Yearbook 2012. Publications Office of the European Union, Brussels (2012b)es_ES
dc.description.referencesEurostat (eds): Figures for the Future-20 years of Sustainable Development in Europe? A guide for citizens. Publications Office of the European Union, Brussels (2012c)es_ES
dc.description.referencesGeohive (eds): Urban/Rural Division of Countries for 2010. http://www.geohive.com/earth/pop_urban2.aspx (2010)es_ES
dc.description.referencesGibb, K., Hoesli, M.: Developments in Urban housing and property markets. Urban Stud. 40(5–6), 887–896 (2003)es_ES
dc.description.referencesGómez-Navarro, T., Garcia-Melón, M., Diaz-Martin, D., Acuna-Dutra, S.: Evaluation of urban development proposals—An ANP approach. Int. J. Hum. Soc. Sci. 4(7), 1–11 (2009)es_ES
dc.description.referencesHoesli, M., Hamelink, F.: What factors determine international real estate security returns? R. Estat. Econ. 32(3), 437–462 (2004)es_ES
dc.description.referencesHoesli, M., Lekander, J.: Real estate portfolio strategy and product innovation in Europe. J. Prop. Invest. Financ. 26(2), 162–176 (2008)es_ES
dc.description.referencesHoesli, M., Lekander, J., Witkiewicz, W.: International Evidence on Real Estate as a Portfolio Diversifier. J. R. Estat. Res. 26(2), 161–206 (2004)es_ES
dc.description.referencesHSBC Global Research (eds): The World in 2050. Publications Office of HSBC Global Research, London (2012)es_ES
dc.description.referencesKhumpaisal, S., Chen, Z.: Risks Assessment in Real Estate Development: An Application of Analytic Network Process. Printed version of the School of Built Environment. Liverpool John Moores University, 1–26 (2007)es_ES
dc.description.referencesLachman, L.: Global Demographics and their Real Estate Investment Implications. Publications Office of the Urban Land Institute, Washington (2006)es_ES
dc.description.referencesLynn, D.: Active Private Equity Real Estate Strategy. John Wiley & Sons Inc, New Jersey (2009)es_ES
dc.description.referencesMaurer, R., Reiner, F., Rogalla, R.: Return and risk of German open-end real estate funds. J. Prop. Res. 21(3), 209–233 (2004)es_ES
dc.description.referencesMinistry of the Interior and Kingdom Relations (eds): Housing Statistics in the European Union. Publicatons Office of the Ministry of the Interior and Kingdom Relations, Delft (2010)es_ES
dc.description.referencesMoulaert, F., Martinelli, F., González, S., Swyngedouw, E.: Introduction: social innovation and governance in European cities—Urban development between path dependency and radical innovation. Eur. Urban Reg. Stud. 14(3), 195–209 (2007)es_ES
dc.description.referencesNovy, A., Redak, V., Jäger, J., Hamedinger, A.: The end of red vienna: recent ruptures and continuities in Urban governance. Eur. Urban Reg. Stud. 8(2), 131–144 (2001)es_ES
dc.description.referencesOECD (eds): OECD Environmental Outlook to 2050—The Consequences of Inaction. OECD publications, Paris (2012)es_ES
dc.description.referencesPatrizia Research AG (eds): Residential Market Report Europe 2010/2011. Publications Office of the Patrizia Research AG, Augsburg (2012)es_ES
dc.description.referencesPhilippas, N., Economou, F., Babalos, V., Kostakis, A.: Herding behavior in REITs: Novel tests and the role of financial crisis. Int. Rev. Financ. Anal. 29, 166–174 (2013)es_ES
dc.description.referencesRodríguez, A., Martínez, E., Guenaga, G.: Uneven redevelopment—new Urban policies and socio-spatial fragmentation in metropolitan bilbao. Eur. Urban Reg. Stud. 8(2), 161–178 (2001)es_ES
dc.description.referencesSaaty, T.L.: Decision Making for Leaders. RWS Publications, Pittsburgh (1990)es_ES
dc.description.referencesSaaty, T.L.: Making and validating complex decisions with the AHP/ANP. J. Syst. Sci. Syst. Eng. 14(1), 1–36 (2005)es_ES
dc.description.referencesSaaty, T.L.: Theory and Applications of the Analytic Network Process—Decision Making with Benefits, Opportunities, Costs and Risks. RWS Publications, Pittsburgh (2009)es_ES
dc.description.referencesSaaty, T.L., Vargas, L.: Models, Methods, Concepts & Applications of the Analytic Hierarchy Process. Kluwer Academic Publishers, Stanford (2001)es_ES
dc.description.referencesSarathy, P.: TQM practice in real-estate industry using AHP. Qual. Quant. 47, 2049–2063 (2013)es_ES
dc.description.referencesSchoenmaeckers, R., Kotowska, I.: Population ageing and its challenges to social policy: study prepared for the European population conference 2005. Popul. Stud. 2005(50), 1–178 (2005)es_ES
dc.description.referencesStephen, L., Simon, S.: The case for REITs in the mixed-asset portfolio in the short and long run. J. R. Estat. Portf. Manag. 11(1), 55–80 (2005)es_ES
dc.description.referencesUNFPA-United Nations Populations Fund (eds): Indicators of Ageing and older Persons: World, Regions, Countries, 2012 and 2050. Publications Office of the United Nations Populations Fund, New York (2013)es_ES
dc.description.referencesUnited Nations (ed.): Demographic Yearbook 1970. Publications Office of the United Nations, New York (1971)es_ES
dc.description.referencesUnited Nations (ed.): Compendium of Housing Statistics. Publications Office of the United Nations, New York (1974)es_ES
dc.description.referencesUnited Nations (ed.): Compendium of Human Settlements Statistics. Publications Office of the United Nations, New York (2001)es_ES
dc.description.referencesUnited Nations (ed.): Demographic Yearbook 2012. Publications Office of the United Nations, New York (2012)es_ES
dc.description.referencesUnited Nations (ed.): World Population Prospects—The 2012 Revision; Volume I: Comprehensive Tables. Publications Office of the United Nations, New York (2013)es_ES
dc.description.referencesWen, F., Li, L.: Based on AHP-fuzzy comprehensive evaluation method of real estate investment risk research. Atlantis Press—Proceedings of the 2nd International Conference On Systems Engineering and Modeling, 413–417 (2013)es_ES
dc.description.referencesWorzala, E., Sirmans, C.F.: Investing in international real estate stocks: a review of the literature. Urban Stud. 40(5–6), 1115–1149 (2003)es_ES
dc.description.upvformatpfin2329es_ES
dc.description.upvformatpinicio2313es_ES
dc.description.volume50es_ES
dc.identifier.doi10.1007/s11135-015-0264-3
dc.identifier.eissn1573-7845
dc.identifier.issn0033-5177
dc.identifier.urihttps://riunet.upv.es/handle/10251/80841
dc.languageIngléses_ES
dc.publisherSpringer Verlag (Germany)es_ES
dc.relation.ispartofQuality and Quantityes_ES
dc.relation.publisherversionhttp://dx.doi.org/10.1007/s11135-015-0264-3es_ES
dc.relation.references10.1016/0022-2496(83)90028-7es_ES
dc.relation.references10.1177/0975425314521537es_ES
dc.relation.references10.5424/sjar/2005031-120es_ES
dc.relation.references10.1057/jors.2009.31es_ES
dc.relation.references10.1007/s10479-009-0527-2es_ES
dc.relation.references10.1007/s11135-011-9429-xes_ES
dc.relation.references10.1007/s11135-010-9408-7es_ES
dc.relation.references10.1080/00420980120080899es_ES
dc.relation.references10.1080/0042098032000074227es_ES
dc.relation.references10.1111/j.1080-8620.2004.00098.xes_ES
dc.relation.references10.1108/14635780810857908es_ES
dc.relation.references10.1080/09599910500136633es_ES
dc.relation.references10.1177/0969776407077737es_ES
dc.relation.references10.1177/096977640100800204es_ES
dc.relation.references10.1016/j.irfa.2013.01.004es_ES
dc.relation.references10.1177/096977640100800206es_ES
dc.relation.references10.1007/s11518-006-0179-6es_ES
dc.relation.references10.1007/978-1-4615-1665-1es_ES
dc.relation.references10.1007/s11135-011-9641-8es_ES
dc.relation.references10.2991/icsem.2013.78es_ES
dc.relation.references10.1080/0042098032000074344es_ES
dc.relation.senia316316es_ES
dc.rightsReserva de todos los derechoses_ES
dc.rights.accessRightsAbiertoes_ES
dc.subjectAnalytic Hierarchy Processes_ES
dc.subjectEuropean Union 27es_ES
dc.subject2050 real estate portfolioes_ES
dc.subjectDemographic developmentes_ES
dc.subjectSocial-environmental developmentes_ES
dc.subject.classificationECONOMIA FINANCIERA Y CONTABILIDADes_ES
dc.titleAn Analytic Hierarchy Process (AHP) framework for property valuation to identify the ideal 2050 portfolio mixes in EU-27 countries with shrinking populationses_ES
dc.typeArtículoes_ES
dc.type.versioninfo:eu-repo/semantics/publishedVersiones_ES
dspace.entity.typePublication
person.identifier6053
person.identifier.orcid0000-0002-8304-4177
relation.isAuthorOfPublicatione82a938e-b14a-45f5-a884-efb067ee384f
relation.isAuthorOfPublication.latestForDiscoverye82a938e-b14a-45f5-a884-efb067ee384f
relation.isOrgUnitOfPublication67c03db1-c7ed-41d2-8506-f61e5b5de340
relation.isOrgUnitOfPublication1562846a-1e62-49bb-a253-92b3901edd08
relation.isOrgUnitOfPublication.latestForDiscovery67c03db1-c7ed-41d2-8506-f61e5b5de340
upv.uuid2451b611-de7d-4eb2-88c1-78c2ccedc53ees_ES

Archivos

Bloque original

Mostrando 1 - 2 de 2
Cargando...
Miniatura
Nombre:
QUQU.pdf
Tamaño:
2.36 MB
Formato:
Adobe Portable Document Format
Descripción:
Versión del Autor.
Cargando...
Miniatura
Nombre:
QUQU Editor.pdf
Tamaño:
1005.23 KB
Formato:
Adobe Portable Document Format
Descripción:
Versión editorial