Examining Determinants of Real Estate Appraisal Accuracy in Property Business

Abstract

This study investigates the factors influencing real estate appraisal accuracy, focusing on market dynamics, technological integration, appraiser expertise, and the regulatory framework. The research aims to explore how these factors impact the accuracy of property valuations performed by real estate appraisers in Saudi Arabia. A cross-sectional survey was conducted with 161 licensed real estate appraisers, using a convenience sampling method. Data was collected through a structured questionnaire, and the responses were analyzed using structural equation modeling (SEM). The study found that market dynamics, technological integration, appraiser expertise, and regulatory frameworks significantly influence real estate appraisal accuracy. The findings highlight the importance of these factors in improving the reliability of property valuations, providing valuable insights for real estate professionals, regulators, and policymakers. The findings suggest that real estate appraisers should stay informed about market trends, enhance their technological skills, and continuously develop their expertise to improve appraisal accuracy. Regulatory bodies should strengthen guidelines and standards to ensure consistency in the appraisal process. Policymakers can use these insights to develop strategies that promote trust and stability in the real estate market.