A DESCRIPTIVE STUDY ON APPRAISALS IN REAL ESTATE MARKET IN SRI LANKA: SOME SELECTED MARKET PLAYERS’ PERSPECTIVES

Abstract

Appraisal perspectives are opinions, beliefs and experiences related to real estate appraisals. Literature shows that real estate appraisals vary with the real estate market players‟ perspectives. The main purpose of this study is to analyze perspectives of real estate market players who are referred to as Real Estate Valuers, Property Developers, Financial Analysts and Bankers to analyze whether their perspectives have changed along with the global financial crisis. A two way approach involving a questionnaire and a structured interview was applied in this study. The questionnaire survey was focused to collect information on perspectives of both the pre and post financial crisis. Unit of analysis was real estate market players. A sample of 48 real estate market players was randomly selected covering Real Estate Valuers, Property Developers, Financial Analysts and Bankers. However, 42 completed questionnaires were received and the analysis was done based on those completed questionnaires using Statistical Package for Social Science (SPSS) computer software. Structured interviews were held to ascertain their opinions on steps whichever necessary to create the confidence on possible crisis situations. Findings of the study indicate that perspectives have not been changed along with the crisis experience and there are significant differences in opinions among real estate market players as far as appraisal perspectives are concerned.

Keywords: Real Estate Appraisals, Real Estate Market Players, Perspectives, Financial Crisis.

For full Paper: fmscresearch@sjp.ac.lk