Mass Appraisal is the valuation of large quantity of properties. This automatic valuation procedure gave the opportunity to reach a single point estimate (The Appraisal of Real Estate, 13th Edition). The work test different location sensitive methodologies on a sample of 600 residential properties in the city of Minsk in Belarus. This is the first application of mass appraisal modelling in Belarus. Empirical application compares a location blind model with two Location Value Response Surface models (O Connor, 1982), the former based on the detection of value influence centers the latter based on error surface modelling.

There is not a single definition/explanation about market-orientation education. Two opposite definitions/explanations of pure market-oriented education (Cato, 2010) and social-market-oriented education (Amaratunga, 2009) are provided in the paper. Integrated multiple criteria analysis at the micro-, meso- and macro-levels are needed to increase efficiency of the market-oriented higher education reforms. Market-oriented higher education reforms management involves numerous aspects that should be considered in addition to making educational, pedagogical, didactical, economic, political and legal/regulatory decisions. These must include social, culture, ethical, psychological, environmental, technological, technical, organizational and managerial aspects. This article presents a Life Cycle Process Model of a Market-Oriented and Student Centered Higher Education (developed during BELL-CURVE (Built Environment Lifelong Learning Challenging University Responses to Vocational Education) project's activities) for such considerations and discusses certain composite parts of it. To demonstrate the application of this research, two Case Studies from Lithuania are submitted for consideration.

This paper is focused on the integration of property valuation and market cycles analysis. Early work in this field (d’Amato, 2003) tried to integrate market analysis and valuation process and reduce the gap between academic research on property market cycles and professional practice of property valuation. In fact, whilst it is well documented that the property market presents a cyclical behavior, income approach in many cases still relies on the assumption that the real estate generate a stable or perpetually growing income. By considering a stable net operating income in a real estate market heaving a cyclical behavior may overestimate the property value in the recession phase of the market and underestimate it in the expansion phase. This may be the reason of the Ponzi effect denounced in Shiller (2002) which partially increased the real estate bubble and the consequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization that takes into consideration the real estate market cycle, as a further family of income producing properties valuation methodologies. This method, developed based on the traditional Dividend Discount Model, uses more than one growth rate (g) in order to include property market cycle analysis in the value opinion. An empirical application of cyclical capitalization is offered taking into consideration the office market of South Bank in London.

From a risk analysis perspective, property is typically treated as just another asset class. Some academics propose only a financial – not a physical or a functional – definition of valuation modelling. An alternative method is proposed here to assess the risk premium for both property valuation and assessment of worth which is directly based on the property market, rather than the traditional financial model of risk premium determination or reliance on the individual expertise of a property valuer. The proposed method is based on the empirical relationship between discount cash flow (DCF) inputs and output, and can be based on the prices of comparable properties. In the traditional approach, the fact that financial modelling approximates real property to a financial asset class arguably emphasizes the illiquid nature of real property. As a consequence, all the attributes including sustainability indicators are normally not taken into account by property valuers and consultants. The market increasingly requires green buildings and development; through the use of the proposed model this need can be included in the data for risk premium estimation, in the valuation process, and, generally speaking, in the body of knowledge informing the property market.