Real Estate Development and Investment in the course Msc Project Essay

Real Estate Development and Investment in the course Msc Project Management - Essay Example ers & constructers as these contemporary methodologies are much more accurate and reliable as and when contrasted against traditional approaches of property valuation and management. Modern approaches of property valuation ensure that operators and other massive investors do not use the traditional approaches to their own personal advantage. Some analysts believe that the property bubble could have been avoided if the property prices had stayed on track. A diminutive part of the bubble-burst is also blamed on brokers, as even today most of the populace do not use a certified property valuator and just get their estate agents to estimate a value for them. Although, contemporary methods are much more complex and time consuming as compared to traditional methodologies that are less effective and easily manipulated, but the old methods do provide results within an extremely shorter time frame. As a matter of fact, with the increasing popularity of the Web 2.0, one may easily search for the property prices using old methodologies such as â€Å"Comparable sales† online through various WWW region specific services, such as a decent website for such an analysis in the UK is www.mouseprice.com. (Calnea Analytics Limited, N.D) At the outset, no two properties can ever be valued at an analogous value as no two properties are the same. A property might be worth much more for a particular occupier, whereas that same property could be worth nil to another. (Kilpatrick, 2004) The traditional property valuation methodologies used to focus much more on the property’s location and rates of surrounding property; but the new methodologies focus more on the use of a particular property. Nevertheless, even according to the modern approaches, a property may be of a significantly distinctive value for two different buyers. For example, a wheat farmland might be worth more to a wheat farmer than to an occupier who wants to set up a ranch. Therefore, a wheat farmer will consider