Factors influencing property valuation models development and application as decision support systems

PurposeThere is a shift in the traditional professional practice approaches to information search and processing. As a result, this review paper examines emerging property valuation models in property literature and the factors affecting their application in professional practice. It advocates for a new or extended paradigm for developing models that align with industry regulations.Design/methodology/approachA scoping review approach was adopted to explore property valuation models, the factors influencing their development and their application in professional practice. We summarise the extant literature to understand the concepts, current debates and research trends. A snowball technique using an author citation search was undertaken to ensure that relevant studies were not excluded.FindingsThe findings indicate that challenges in decision-making with traditional valuation methods have led to the creation of advanced valuation models and spatial/database systems. However, technological challenges have hindered the adoption and implementation of these advanced valuation approaches. The study also points out an overemphasis on model development in current property research, neglecting impact assessment and widening the research-practice gap in the property sector.Originality/valueThis study underscores the need for impact analysis to understand the challenges in adopting and engaging with property innovations. We recommend developing industry-specific advanced property valuation models collaboratively through research-practice partnerships. This collaborative approach would help align advanced property valuation models with existing regulations, established standards and practices, ultimately facilitating the institutionalisation and normalisation of innovations within the property industry.