The issue of valuation variation in real estate has received increasing attention from researchers in recent years. Valuation variation generally refers to differences in property valuations made by different real estate appraisers, influenced by the appraisers’ individual beliefs. These differences arise from each appraiser’s subjective values and the different strategies they use in their valuation process. From a behavioral finance perspective, this study examines the effects of mental accounting, heuristics (availability and anchoring), and client stress on real estate appraisers’ valuation variation. Because mental accounting, heuristics, and client stress are treated as latent variables, we used structural equation modeling to analyze appraisers’ decision-making in their valuations. The empirical results show that mental accounting has a positive and significant effect on valuation variation, while client stress has a negative and significant effect. Additionally, the availability heuristic, mental accounting, and client stress have a positive and significant effect on anchoring; however, anchoring does not have a significant effect on valuation variation.
Many institutions are no longer able to provide sufficient housing for their student on-campus. The housing deficit has caused the students to migrate to off-campus student housing. This study examined the factors influencing the financial performance of student housing in Nigeria, with a specific focus on studentified neighbourhoods in Calabar and Ile-Ife. The study adopted a quantitative research design, utilising a closed-ended questionnaire administered to property managers across 132 student housing units. Data collected were analysed using Principal Component Analysis (PCA) to identify key factor groupings influencing financial performance. The results reveal four major components that drive financial performance in student housing: Institutional and Property-Specific Factors; Locational and Socio-Economic Factors; Regulatory and Financial Factors; and Macroeconomic and Infrastructure Factors. The primary factor influencing the financial performance of student housing is institutional and property-specific factors, with a total variance of (54.986%). The study concludes that both micro-level property features and macro-level environmental conditions influence the financial viability of student housing investments in Nigeria.
Housing plays a vital role in urban settings facing shortages, particularly in emerging economies where challenges are more pronounced and efficient housing policies are essential to maintain a balance between housing values and consumer incomes. Among the factors influencing housing value, the impact of accessibility and proximity to transport infrastructure has long been established in the literature, considering various contributors such as physical and socio-economic characteristics. However, research focusing on emerging economies like Iran remains limited. This study employs a Hedonic Price Model to examine the effects of metro accessibility, alongside other factors, over time and across different socio-spatial areas within the Mashhad metropolis, Iran. Surprisingly, the results reveal that metro presence does not significantly influence housing prices, which are instead shaped by a combination of physical property attributes, buyer behavior, market conditions, property types, and broader socio-economic factors. These findings have important implications for real estate professionals, policymakers, and urban planners, offering insights to better allocate resources, adapt to evolving conditions, and promote long-term sustainable and equitable urban development.
This study investigates the influence of socio-economic variables on the physical characteristics of housing in District 2 of Tehran, an area marked by pronounced spatial and socio-economic polarization. Employing a mixed-methods quantitative approach, including factor analysis and regression modeling, the research develops a composite index titled “Housing Physical Condition” (HPC) to represent the physical status of residential buildings. Social and economic indicators—such as literacy rate, income-to-housing expenditure ratio, and unit density—were analyzed for their correlation with the HPC index. The results reveal that physical housing quality is strongly shaped by both social structures and economic capacities, with indicators like household literacy and housing cost burdens showing significant explanatory power. The study underscores that physical upgrades alone are insufficient for housing improvement; rather, a multidimensional planning approach that integrates socio-economic interventions is critical to addressing urban disparities. The proposed framework offers valuable insights for inclusive urban housing policies in similarly fragmented metropolitan contexts.