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Over the recent years the market of multistory housing in Vilnius has developed intensively. For several years the VGTU Property Valuation Science Centre is doing the research into the market of multistory housing of Vilnius applying the regressive‐correlative analysis.The location (neighborhood), a house type, the year of construction and the condition of the flat have the biggest influence on flat pricing. During the analysis process of selling prices in separate neighborhoods of Vilnius similar results of variations in price curves are received. The dynamics of flat pricing in Vilnius over the last 7 years indicates the price cycle which lasted for 6 years ‐ from 1999 to 2004. During the first two years (till 2001) prices were decreasing. Later, the increase in pricing began and is lasting til now. During the year 2004 an average market value of 1 m2of flats in residential zoning districts of Vilnius (2366 Lt) has risen by 28% in comparison to 2003 value (1705 Lt). This year the value reached the highest value level of the year 1999 and has exceeded it by 12%. If compared to the lowest value level in 2001, an average market value of 1 m2 has increased by 42% in 2004.With this periodic dynamics of housing pricing it is very dangerous to valuate it according to the market value in the case of mortgage when banks assign loans. The valuation of real estate in the case of lending must be based on sustainable value the setting of which requires mathematic‐statistical research. Article in Lithuanian. Vilniaus miesto daugiaaukščio būsto rinkos vertės tyrimai First Published Online: 21 Oct 2010

The majority of Lithuanian multi-apartment residential buildings were built before 1993. Moreover, projects of housing renovation and maintenance have not been carried out before 1996. Lack of proper maintenance led to a significant deterioration of multi-apartment buildings. Most of these buildings are neither economic, nor environmentally-friendly and consume a significant amount of heat energy. Six major construction requirements should be satisfied when designing or refurbishing a building.Sustainable renovation of multi-apartment buildings and their environment is a universally recognized problem. It is crucial to evaluate both the buildings and their surrounding environment. A proper building renovation project can be created and selected only by performing multi-criteria assessment. Therefore, this paper presents a sustainable multi-apartment building assessment method, which is applied specifically for Lithuania and could help renovate multi-apartment buildings in residential areas of Lithuanian cities more effectively.After performing the analysis of modern building sustainability assessment methods, the BREEAM method was chosen as the basis for the proposed method, specifically adapted to Lithuania. It is one of the oldest and most widely used methods used for assessment of the environmental effect of buildings. This method allows evaluating the building's utility from the ecological perspective in the following areas: management, health and wellbeing, energy, transport, water, materials, waste, land use and ecology, pollution and innovation. However, BREEAM and other similar methods cannot be used to assess the financial aspects of a building, which should be included in the analysis at all assessment stages along with the aspects of environment protection. When creating a renovation project, an important criterion is the payoff of it; therefore, the absence of financial assessment diminishes the effectiveness of the BREEAM assessment method. To address this problem, the proposed method is complemented with an additional set of economic assessment criteria. Furthermore, the BREEAM method is modified, taking into account the conditions in Lithuania and determining new significances of the criteria sets. By applying this method, specifically adapted to Lithuania, the assessment of a renovation project of a standard 47-year-old multi-apartment building was made. The assessment score was 71.77%, therefore, the renovated building satisfied the sustainability requirements and was given an “Excellent” sustainability status.The application of the assessment method adapted to Lithuania could help renovate multi-apartment buildings in residential areas of Lithuanian cities more effectively. This, in turn, could result in a higher quality of life, since the consumption of natural resources and CO2emission would decrease. Renewable energy sources would become more widespread and, therefore, the climatic changes would occur less often. Article in Lithuanian. Daugiabučių namų lietuvoje atnaujinimo darnumo įvertinimas Santrauka.Didžioji dalis Lietuvos daugiabučių gyvenamųjų namų pastatyti iki 1993 m. Jie dėl nepakankamos priežiūros dabartiniu metu yra smarkiai nusidėvėję. Dauguma jų neekonomiški, neekologiški, suvartoja daug šilumos energijos, tokius daugiabučius reikia modernizuoti. Projektuojant ar atnaujinant pastatą turi būti laikomasi šešių esminių statinio reikalavimų. Todėl norint nustatyti pastatų atnaujinimo efektyvumą, reikia atlikti išsamų ir visapusišką vertinimą. Šiame straipsnyje siūlomas Lietuvos daugiabučių atnaujinimo darnumo vertinimo metodas, grindžiamas darnių pastatų vertinimo metodu BREEAM. Šis metodas padėtų efektyviau vykdyti daugiabučių namų miestų gyvenamuosiuose rajonuose atnaujinimą, pirmiausia pagerinant pačių pastatų būklę ir jų aplinką, taip pat gyvenimo kokybę, sumažinant gamtinių išteklių naudojimo mastą, CO2emisiją ir socialinę atskirtį, padidinant atsinaujinančiųjų energijos šaltinių vartojimą bei stabdant klimato kaitą. Reikšminiai žodžiai:daugiabučių namų atnaujinimas,modernizavimas,pastatų darnumo vertinimo metodas,BREEAM

The understanding that buildings have a constantly increasing impact on the environment has changed the attitude towards the designing, construction and building management, whilst the classification of buildings regulating their planning, designing, construction and management contributes to the regulation of the effect on the environment. Sustainable development is defined as the development of community providing opportunity to gain comprehensive well-being at present as well as for the future generations by integrating environmental, economic and social issues, yet not exceeding the acceptable impact on the environment. A chaotic growth of cities jeopardises the environmental stability. At present, the process of real estate development is based on the principle of sustainability. The principles of sustainability have been applied to the designing, evaluation, construction, operation and demolition of buildings. Sustainable real estate development is bound up with construction of recreational buildings. For sustainability assessment of Druskininkai Snow Arena the BREEAM New construction 2011 system has been selected based on the BREEAM New construction 2011 assessment instrument. The Indicative Overall BREEAM Score was 57.80 %, it has been evaluated as "Very Good", which is a high result for a recreational building in Lithuania.

Daugiabučių gyvenamųjų namų modernizavimas šiuo metu yra ypač aktuali problema ne tik Lietuvoje, bet ir daugelyje kitų šalių. Kad modernizavimas būtų efektyvesnis, daugiabučius reikia atnaujinti kompleksiškai, modernizuojant visą kvartalą, rajoną, vadovaujantis darniosios plėtros principais. Šiame straipsnyje aptariamos gyvenamųjų kvartalų, rajonų atnaujinimo planavimo problemos, analizuojama daugiabučių ir jų aplinkos būklė. Siūlomos daugiabučių rajonų atnaujinimo strategijos, kuriomis siekiama: gerinti gyvenimo standartus ir aplinkos kokybę, mažinti energijos suvartojimą ir CO2 emisiją, išlaikyti mišrią socialinę struktūrą, darnų naujų pastatų integravimą į jau egzistuojančią aplinką, plėtoti miesto centro kaip funkcionalios miesto dalies daugiabučių namų rajone sukūrimą, demokratinį planavimą bei prie modernizavimo prisidedančių partnerių glaudų bendradarbiavimą. Scenarijai, grindžiami atitinkamomis strategijomis, privalo apibrėžti renovacijos darbų priemones, jų įgyvendinimo prioretiškumą ir būsimus poveikius Modernisation of apartment houses is a particularly relevant issue both in Lithuania and many other countries. To make it more efficient, the modernisation of apartment houses must be integrated - an entire block or residential area must be renovated and the principles of sustainable development must be followed. This article dwells on the issues related to retrofit planning in residential blocks/areas and analyses the condition of apartment houses and their environment. The article also proposes strategies for retrofit of residential areas with apartment houses. The strategies aim to improve the living standards and the quality of environment, to cut energy consumption and CO2 emissions, to maintain mixed social structure, to integrate new buildings into the existing environment in a sustainable manner, to develop an urban centre of a residential area as a functioning part of the city, to develop democratic planning and to seek close cooperation of modernisation partners. The scenarios based on relevant strategies must define the measures of retrofit, their priority and their potential effect

A significant amount of energy, materials and finances are consumed when using and demolishing the buildings. Proper planning, design, construction, management and marketing allow to reduce the environmental impact and expenses as well as to improve the quality of buildings and to raise their market value. Renovation of blocks of multi-apartment houses is nowadays one of the most important problems in residential districts which have been built in Lithuania before 1993. Sustainable development of blocks of multi-apartment houses requires to analyze various renovation strategies, prepare scenarios and select the most rational alternative. Based on the definition of sustainability, technical, economical, social and ecological requirements, not only alternatives for buildings, but also for their environment should be analyzed. It is important to improve the quality of the living environment, to reduce pollution and energy consumption, maintain mixed social structure and make a sustainable integration of new buildings into the existing environment. A successful renovation project can be prepared only by conducting a thorough research and properly evaluating buildings and their surrounding environment. The paper analyses sustainable systems of assessment of the buildings, such as BREEAM and LEED. These tools should be used to assess the multi-apartment buildings and the needs for renovation of them and their surrounding environment. The systems use various information sources, systematics and assessment criteria; therefore, the results may vary greatly, depending on the system selected. The most important modern quality criterion for buildings is the maximum satisfaction of the users’ needs and the minimum environmental impact by consuming the minimum amount of energy and other resources. The most important criteria which played a key role in all systems are energy consumption, resource saving, waste management and recycling, inner environment, quality of materials, longevity and the use of the building for another purpose.

The relevant objectives of a housing strategy is to vouch the effective usage of the present housing, maintenance and renovation. The selection of the means for building and residential environment renovation is dictated by the drawbacks of their present state, out‐of‐date designed decisions, natural physical deterioration. While fixing the optimal renovation prices from the aspect of market value increase, the main indicator, limiting the size of investments into building renovation, is the difference between market values after and before renovation. The difference between 1m2of market value of a building of new construction and the average price of 1m2of a building of old construction and the cost of renovation means for it will decide the size of the packet of the investments into renovation. First Published Online: 18 Oct 2010

The economic effect of buildings’ renovation largely depends on implementation of energy saving methods and devices. A very high economic effect is achieved by wall insulation. In this respect, it is even higher than the replacement of windows. The alternative solutions of wall insulation of buildings differ in the materials used, labour expenditure and other aspects. The cost of renovation depends on the solutions made. The criteria describing the available wall insulation alternatives may have different values. Moreover, they may change in different directions, i.e. a higher value of some criteria denotes a better state, while for others they mean a worse situation. In this environment, a compromise variant is required, which can be found by multicriteria evaluation methods. To reduce the effect of various methods on calculation results, it can be recommended to assess the object (or phenomenon) considered by several different methods, with a subsequent determination of the average estimate value. In this way, the disadvantages of some particular multicriteria evaluation methods could be compensated by the advantages of others. The integration of methods will be correct if there is a correlation between the values obtained by different methods., Lietuviška santrauka. Ekonominis pastatų renovacijos efektyvumas priklauso nuo energiją taupančių priemonių įgyvendinimo. Pastatų sienų šiltinimas yra viena iš geriausių priemonių ir net efektyvesnis energijos taupymo požiuriu negu langų keitimas. Pastatų sienų šiltinimo variantai skiriasi vienas nuo kito pagal medžiagas, darbo sanaudas ir pan. Nuo to priklauso renovacijos kaina. Kriterijai, atspindintys skirtingus sienų šiltinimo variantus, gali turėti įvairių reikšmių. Gali skirtis jų kitimo kryptys, t.y. vienų kriterijų reikšmių didėjimas padėtį gerina, kitų – blogina. Kompromisiniam variantui pasirinkti padeda daugiakriterio vertinimo metodai (MCDA). Norint mažinti metodų specifikos įtaka skaičiavimų rezultatams, tą patį nagrinėjamą reiškinį tikslinga vertinti keliais būdais, paskui nustatyti šio vertinimo vidurkį. Tokiu atveju vienų daugiakriterio vertinimo būdų trūkumus kompensuoja kitų būdų privalumai. Metodų susiejimas bus korektiškas, jeigu reikšmės, gautos naudojant įvairius būdus, tarpusavyje koreliuoja.

Valuation for mortgage purposes is a very important part of the work of a surveyor in general practice. The property is valued at the date of inspection, but bearing in the future †will the value be maintained and easily realizable. This work considers the important aspects of the approach to such valuation and the factors witch the valuer should take into account. In UK open market valuers use value as the basics of mortgage valuation, but possible diminution of value cannot be ignored. A valuer must inform the lender about special circumstances and the risk and duty of care, of the prospective purchase, which may base his decision to purchase on the valuer's report. In Germany the lending value is always established on the basis of real value (cost approach and income approach) (.dual pillar principle.), with both values being calculated independently of each other (control function). Depending on the type of property, the Mortgage Lending Value (MLV) will as a rule be derived through cost†or the income approach. Mortgage Lending Value, provaided by the European Group of Valuers. Associations (TEGoVA) and the International Valuation Standards Committee (IVSC) are not strongly defined and it is necessary to rate criteria for the determination of the risk profile of property. Ä®keiÄiamo nekilnojamojo turto vertinimo ypatumai Santrauka Nekilnojamojo turto vertinimas, siekiant jį įkeisti, yra svarbi vertintojo darbo dalis bendrojoje jo praktikoje. Nekilnojamasis turtas vertinamas jo apžiÅ«ros dienÄ…, atsižvelgiant į tai, ar tokia vertÄ— iÅ¡liks ir bus reali. Å iame darbe nagrinÄ—jami svarbÅ«s tiek vertinimo metodo, tiek veiksnių, į kuriuos vertintojas privalÄ—tų atsižvelgti, aspektai. Vertintojas JungtinÄ—je KaralystÄ—je taiko atvirosios rinkos vertÄ™ kaip pagrindÄ… įkeistam nekilnojamajam turtui vertinti, taÄiau jos galimas sumažėjimas negali bÅ«ti ignoruojamas. Vertintojas privalo informuoti skolintojÄ… apie specialiÄ…sias bÅ«simo pirkimo aplinkybes, rizikÄ… ir atidumo pareigÄ…. Pirkimas turi bÅ«ti pagrįstas vertintojo parengta vertinimo ataskaita. Vokietijoje paskolos vertÄ— visada nustatoma realiosios vertÄ—s pagrindu (atkuriamosios vertÄ—s metodas ir naudojimo pajamų vertÄ—s metodas) ("dviejų kolonų principas"), kur dvi vertÄ—s nustatomos nepriklausomai viena nuo kitos (kontrolÄ—s funkcija). Atsižvelgiant į nekilnojamojo turto rūšį, hipotekinÄ—s paskolos vertÄ— (HPV) gaunama pagal atkuriamosios vertÄ—s arba naudojimo pajamų vertÄ—s metodus. HipotekinÄ—s paskolos vertÄ— tiek Europos vertintojų asociacijų grupÄ—s (TEGoVA), tiek Tarptautinių turto vertinimo standartų komiteto (IVSC) nÄ—ra griežtai apibrėžta, todÄ—l bÅ«tina suklasifikuoti kriterijus, nusakanÄius nekilnojamojo turto rizikÄ…. ReikÅ¡miniai žodžiai: rinkos vertÄ—, atvirosios rinkos vertÄ—, hipotekinÄ—s paskolos vertÄ—, pagrįstoji vertÄ—, rizika First Published Online: 21 Oct 2010

Pastaruoju metu profesionalių nekilnojamojo turto agentų poreikis rinkoje išaugo. Straipsnyje JAV ir Lietuvos nekilnojamojo turto agentų veikla analizuojama pagal pasirinktus kriterijus. Remiantis JAV nekilnojamojo turto agentūrų paslaugų kokybės tyrimais, svarbiausias veiksnys yra agentų profesionalumas. Ši mintis akcentuojama nekilnojamojo turto agentų veikloje ir struktūroje kaip licencijavimo įstatymo problema, taip pat pabrėžiami jo privalumai ir trūkumai bei pateikiami siūlymai nekilnojamojo turto agentų veiklai tobulinti, gerinti. Norint padidinti Lietuvos nekilnojamojo turto agentų profesionalumą ir kvalifikaciją, sureguliuoti turto savininkų ir tarpininkų santykius bei padidinti pasitikėjimą nekilnojamojo turto agentais, būtina licencijuoti nekilnojamąjį turtą. Recently a demand for professional real estate agents has increased in the market. The present paper includes a research into the real estate related activity of the USA and Lithuania carried out in accordance with the chosen criteria. According to real estate agency service quality research in the USA the most important factor is agents professionalism. This thesis places a major emphasis on the activity and structure of real estate agents, law on licence issue as well as advantages and disadvantages; it also presents proposals on improvement and development of real estate agents activity. Real estate licencing is necessary in order to raise the level of professionalism and qualification of real estate agents in Lithuania, to adjust relationship between property owners and middlemen, as well as to increase the level of confidence among real estate agents.

Decision support systems (construction, real estate, facilities management, etc.) created in Lithuania are described in this paper. The above decision support systems comprise of the following constituent parts: data (database and its management system), models (model base and its management system) and a user interface. Presentation of information in databases may be in conceptual (digital, textual, graphical, photographic, video) and quantitative forms. Quantitative information presented involves criteria systems and subsystems, units of measurement, values and initial weight fully defining the variants provided. The databases were developed providing a multiple criteria analysis of alternatives from economical, legislative, infrastructure, social, qualitative, technical, technological and other perspectives. This information is provided in a user-oriented way. Since the analysis of alternatives is usually performed by taking into account economic, quality, technical, legal, social and other factors, a model-base include models which enable a decision maker to carry out a comprehensive analysis of the variants available and make a proper choice. These systems and the related questions were analysed the paper.

Lyginamosios vertės metodas – vienas dažniausiai taikomų nekilnojamojo turto vertinimo metodų individualių namų vertinimo praktikoje. Straipsnyje analizuojami lyginamosios vertės metodo taikymo atvejai, aptariama metodika, nagrinėjami esminiai veiksniai, į kuriuos būtina atsižvelgti, siekiant nustatyti objektyvią individualių namų vertę, akcentuojama nepakankamo pardavimo kainos analogų duomenų skaičiaus problema ir jos įtaka galutinei vertinamojo objekto vertei. Siekiant išvengti vertės nustatymo netikslumų, remiantis JAV ir kitų užsienio šalių patirtimi, Lietuvos turto vertinimo metodikoje siūloma nustatyti reikalaujamą lyginamųjų objektų skaičių, veiksnius, į kuriuos turėtų atsižvelgti vertintojai bei vertinamo objekto ir lyginamųjų objektų verčių nesutapimo ribas. Didesniam rinkos skaidrumui užtikrinti rekomenduojama burti profesines turto vertintojų organizacijas, kurios atliktų tyrimus ir viešai skelbtų rinkos analizės, pardavimo kainų duomenis bei kitus aktualius informacinius pranešimus. Sales comparison approach is the most often used approach in private houses valuation practice. This article discusses cases of sales comparison approach method application; its methodology as well as key factors to be considered in objective private houses valuation. Furthermore problem of not sufficient comparative sales prices in neighborhood is discussed emphasizing on its influence to appraised object value reliability. In order to avoid incorrect valuation basing on experience of the USA and other foreign countries some proposals for Lithuanian valuation methodology were given: to establish an exact number of comparative objects, to distinguish the key factors to be considered in every special private houses valuation case and to establish variance limits between appraised object value and comparative sales prices. In order to guarantee real estate market transparency professional appraisals organizations must be established to be responsible for real estate market research as well as analysis data and sales prices official announcements and other information spread tasks.