Research on the Quantifying of the Non-pecuniary Return in Real Estate Appraisal

With the maturity of real estate market day by day, the method of appraisal by income capitalization and the method by direct sales comparison are widely used in real estate price appraisal. However, during the practical work, the author discovers that the appraisal results from these two methods have an obvious difference. Based on the analysis to a series of real estate market transaction data, unified with the real estate investment income theory and the Effectiveness theory, this paper analyzes the reason that causes the question and offers a way to quantify the Non-pecuniary return of real estate.