Formulating a Theoretical Framework to a Dynamic Automated Real Estate Valuation Appraisal: An Urban Planning Perspective

Abstract

Although there have been many studies regarding the
real estate valuation process, still, most of them emphasized the
financial aspects of the process and neglected the planning aspects.
Moreover, Saudi Arabia is witnessing a rapid growth in its real
estate market, and more companies in the real estate assessment
and pricing business are becoming very competitive. Recently,
Saudi Arabia established the Saudi Authority for Accredited
Valuers, which is named TAQEEM and was established in early
2017 to organize and control the real estate valuation process. The
purpose of this study is to formulate a theoretical framework for a
real estate valuation appraisal in the Kingdom of the Saudi
Arabia. The study analyzes literature reviews by using a
descriptive approach. The review focused on eight dimensions of
the real estate valuation process: they are the supply, demand,
legal, environmental, inflation control, social economics and
demography, urban planning, and architecture. Under each of
these dimensions, 64 variables were identified, and they will be
considered in building a theoretical framework for an appraisal of
real estate valuation.