ISCTE Business School, BRU-IUL, University Institute of Lisbon, Avenida das Forças Armadas, 1649-026 Lisbon, Portugal; Fogelman College of Business and Economics, University of Memphis, Memphis, TN 38152-3120, USA
Residential real estate assumes crucial importance in a country's socioeconomic development. It is an important field of study, and much work has gone into better understanding the sector and the factors determining sales within it, such as time-on-the-market (TOM). TOM can be influenced by a variety of elements; a fact that in effect raises a lot of issues, because these determinants are often interpreted in an ambiguous or unstructured way. This study aims to bring greater accuracy and structure to our understanding of these factors, by showing that the integrated use of cognitive mapping with the Analytic Hierarchy Process (AHP) can give rise to a conceptually coherent and empirically valid framework to calculate TOM indices in the residential real estate market. Because it takes into account both tangible and intangible characteristics of a house, this measurement framework also boosts strategic planning support and allows for more informed business planning, which we believe can be a real contribution to the development of the real estate market. The practical implications and limitations of this evaluation system are also discussed.
Martins, V. C. S., Filipe, M. N. M., Ferreira , F. A. F., Jalali, M. S., & António, N. J. S. (2015). For sale… but for how long? a methodological proposal for estimating time-on-the-market. International Journal of Strategic Property Management, 19(4), 309-324. https://doi.org/10.3846/1648715X.2015.1072746
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.