The value of view through the eyes of real estate experts: A Fuzzy Delphi Approach

Damigos, D; Anyfantis, F

dc.contributor.author	Damigos, D	en
dc.contributor.author	Anyfantis, F	en
dc.date.accessioned	2014-03-01T01:37:28Z
dc.date.available	2014-03-01T01:37:28Z
dc.date.issued	2011	en
dc.identifier.issn	0169-2046	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/21506
dc.subject	Economic valuation	en
dc.subject	Fuzzy delphi method	en
dc.subject	Property prices	en
dc.subject	View	en
dc.subject.classification	Ecology	en
dc.subject.classification	Environmental Studies	en
dc.subject.classification	Geography	en
dc.subject.classification	Geography, Physical	en
dc.subject.classification	Urban Studies	en
dc.subject.other	Alternative approach	en
dc.subject.other	Athens , Greece	en
dc.subject.other	Economic valuation	en
dc.subject.other	Expert judgment technique	en
dc.subject.other	Fuzzy Delphi	en
dc.subject.other	Fuzzy delphi method	en
dc.subject.other	Green areas	en
dc.subject.other	Hedonic analysis	en
dc.subject.other	House prices	en
dc.subject.other	Industrial facilities	en
dc.subject.other	Market price	en
dc.subject.other	Model specifications	en
dc.subject.other	Pricing methods	en
dc.subject.other	Property prices	en
dc.subject.other	Real estate	en
dc.subject.other	View	en
dc.subject.other	Decision making	en
dc.subject.other	Economic analysis	en
dc.subject.other	Costs	en
dc.subject.other	fuzzy mathematics	en
dc.subject.other	greenspace	en
dc.subject.other	hedonic analysis	en
dc.subject.other	implementation process	en
dc.subject.other	market system	en
dc.subject.other	numerical model	en
dc.subject.other	price dynamics	en
dc.subject.other	property market	en
dc.subject.other	survey	en
dc.subject.other	valuation	en
dc.subject.other	Athens [Attica]	en
dc.subject.other	Attica	en
dc.subject.other	Greece	en
dc.title	The value of view through the eyes of real estate experts: A Fuzzy Delphi Approach	en
heal.type	journalArticle	en
heal.identifier.primary	10.1016/j.landurbplan.2011.02.009	en
heal.identifier.secondary	http://dx.doi.org/10.1016/j.landurbplan.2011.02.009	en
heal.language	English	en
heal.publicationDate	2011	en
heal.abstract	So far, numerous studies have established that view plays a significant role in the market price of a dwelling. The vast majority of those studies have been conducted by means of the hedonic pricing method, which is generally considered to be time-consuming and expensive. In addition, several issues such as model specification and interpretation of results are also argued to be important in the relative literature. This paper presents the results of a study aimed at exploring the effect of pleasant and unpleasant views, e.g. green areas, seashore, cultural monuments, cemeteries, and industrial facilities, on property prices in the broader area of Athens, Greece. The survey was carried out using an alternative approach, which is based on an expert judgment technique, namely the Fuzzy Delphi method. The results indicate that a pleasant view could considerably increase the price of a house, up to about 50%, while an unpleasant view could lead to a decrease in the house price even by about 25%. The implementation of the Fuzzy Delphi method in the field of scenic view valuation seems to be promising, at least from a practical point of view. The method is fast, flexible and inexpensive and could be used as an alternative to hedonic analysis. However, the method faces some shortcomings and further research would be necessary before any firm conclusions could be drawn. (C) 2011 Elsevier B.V. All rights reserved.	en
heal.publisher	ELSEVIER SCIENCE BV	en
heal.journalName	Landscape and Urban Planning	en
dc.identifier.doi	10.1016/j.landurbplan.2011.02.009	en
dc.identifier.isi	ISI:000290743800008	en
dc.identifier.volume	101	en
dc.identifier.issue	2	en
dc.identifier.spage	171	en
dc.identifier.epage	178	en