Investigation of Criteria Used by Cypriot Real Estate Agents in the Decision-Making for the Valuation of Real Estate Market - Empirical Research Findings
Journal of Financial Management and Analysis, Vol. 21, No. 2, December 2008
24 Pages Posted: 7 May 2009 Last revised: 27 Jan 2010
Date Written: March 24, 2009
This paper builds on data from a recent survey on the financial and organizational policy of real estate agents in Cyprus. For the data analysis we used the appropriate methods of classical statistics and multidimensional analysis, as Test X2, Correspondence Analysis, Comparative Evaluation and Discriminant Factor Analysis. The results show that a high percentage of Cypriot real estate agents work for many years in the real estate market, have economic knowledge and evaluate real estate using scientific methods. Moreover, the results of multidimensional analysis heighten the factors that affect intensely more or less the decision making about the value of real estate in Cyprus. Then, we investigate if there is diversification in the assessment of these factors in relationship with the degree of the realtors’ knowledge and in which factors there is diversification.
Keywords: real estate market, quantitative methods, Cyprus
JEL Classification: C40, C51, C81, G30, O52
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