Sustainable market valuation of buildings by the single-valued neutrosophic MAMVA method

Abstract

Scientists and appraisers around the world use approved, standardized methods (cost, sales comparison, income pproaches) to calculate the market value of property. But only a few multiple criteria decision making (MCDM) methods are used for that purpose. Approved, standardized and MCDM methods often cannot produce a single optimal market value because valuations are opinions and differ with the evaluator. The Neutrosophic Multi-Attribute Market Value Assessment (MAMVA) method developed by the authors of this article handles market value calculations by solving multiple criteria assessment problems, thus aggregating all necessary kinds of the information into a single measure (utility degree). The supplementary novelty of the present paper is the inclusion of the sustainability aspects into the real estate market valuation. The sustainable market valuation of Croydon University Hospital (Emergency Department) is performed as the case study to present numerical capabilities of the proposed approach. Our research findings suggest that neutrosophic MAMVA is a rational technique for calculations of property market valuation and might be suitable for application worldwide.