Real Estate Valuation Theory

This
monograph critically reviews and updates real estate valuation theory, which is
based on neoclassical economics, in light of developments in heterodox economic
theory. Building on a comprehensive historical account of the evolution of
value theory, the book uses new institutional economics theory and critical
realism as lenses through which problems in standard valuation theory and
practice are expatiated, and as the foundation for an alternative theory. The
new theory is employed to explain major problems in real estate valuation that
are beyond the capability of the standard theory, such as price bubbles in real
estate markets, anchoring bias, client influence and
valuation under uncertain market conditions.

Author Biography

Manya M. Mooya holds a PhD in Real
Estate from the University of Pretoria, an MPhil in Land Economy from the
University of Cambridge and a BSc in Land Economy from the Copperbelt
University. He is currently Senior Lecturer in Property Studies in the Department
of Construction Economics and Management at the University of Cape Town. He
teaches courses on property valuation at both the undergraduate and
postgraduate levels. His research work, both theoretical and applied, focuses
on the twin questions of how value is created in real estate markets and on the
links between these markets and capital accumulation.