When using sales comparison approach, it is crucial to apply adjustments based on the differences between the appraised and comparable properties. Estimating the significance of each adjustment is of key importance for performing credible valuation. Adjustments should include factors such as location, physical and functional characteristics of residential properties and external influential factors. The aim of the article is to determine importance of influential factors and to quantify adjustments that arise from selected factors. Analytical results about the importance of factors influencing the appraised value of residential properties as perceived by different experts are presented in the empirical part of the article. The following factors were included in the study: orientation, views from the property, noise, number of storeys, and the age of the building. Data needed in the study were collected through interviews with authorised real estate appraisers, court sworn appraisers and real property agents. The key scientific problem was to determine mathematical functions for adjustment that arise from the storey of an apartment and from the age of the building. The findings of the study indicate that the location in relation to the distance from the city centre is the most important influential factor on the property value, similarly as in other countries across the world. Furthermore, the survey results show that the impact of the views and noise on the residential property value in Slovenia is also comparable with other studies. Results on the quantification of adjustments expectedly show that prices rise per storey in case there is an elevator in the building, but the result is opposite in case there is no elevator in the building. Results also show the influence of age on the value of the building. Based on mean values a linear function of annual depreciation rate has been set, which is the key novelty of the research. This function and the adjustments presented in the article are usable in valuation practice.

The real estate market is very important for every country, not merely because it ensures construction structures and infrastructure necessary for life and work, but also because it has a strong, multiple impact on the development of nation's entire economy. Real estate market trends are strong indicator of trends in the entire economy. Trends on the real estate markets have changed notably in recent years. As early as two years ago, the main characteristics of these real estate markets were domination of demand over offer, quick sales of apartments and a lack of "choosiness" on the part of buyers, all of which was accompanied by rising real estate prices, which has not abated in nearly two decades. Over the past two years, the conditions have changed notably: transactions are few, offer is dominating over demand, buyers are choosy, while apartment prices are falling. In the past, little attention has been paid to the problems we are about to study. Some researches have been conducted; however, none were developed so as to be applicable to the entire territory of Slovenia. For the very facts stated above, we decided to study and present the impact factors on the Slovenian real estate market using a practical example. The answers obtained through a structured survey questionnaire give rise to several questions. One of these questions is also what the primary factors are and how to form the best selection thereof. To determine them, it was our task to monitor the key factors. We obtained some of the information from past research and put them into the time context. Determining the goals and strategies, we elaborated a plan of the system for establishing the factors, and monitored the volatility of the selected indicators. Included into the research were also investors, real estate owners, tenancy right holders, real estate users, administrators, managers, tenants, real estate agencies and companies, design and construction companies, as well as other individuals across Slovenia, with varying durations of work experience and varying education levels. With the research that follows, we wanted to present the factors which most affect the real estate prices on the Slovenian real estate market, resulting in their rise or fall respectively. The role, significance and usage of the assessed parameters on the real estate market are important for efficient operation of construction company. There is a growing interest for modifying and determining the causes of the assessed parameters. Knowledge of conditions on the real estate market is extremely important for efficient and successful operation of an organisation. An analysis of the real estate market and the operation of construction companies represent a starting point for revamping it. The goal of the research is to define the factors that must be taken into account for an analytical forecast of future trends in the fluctuation of real estate prices. We have established that the main group of impact factors is associated with economic growth, interest rates, construction...

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IZVLEČEK

A problematic of construction project success evaluation is discussed in this paper. It is established that the success of a construction project depends on success in achieving goals in different success criteria which may or may not be co-dependent; hence, the calculation of construction project success is a multi-dimensional evaluation problem. Therefore, it is necessary to discuss the overall success of a construction project as a multi-criterion problem that can be solved using a multi-criteria decision method. A new approach to overall construction project success calculation is presented, based on the multi-criteria decision method M-TOPSIS. M-TOPSIS ranks results from ideal solution to negative ideal solution which suitable fits with a presented new approach to generalized project success evaluation method. For an ideal solution, the best values from all considered projects, including pre-production plan parameters, are used, and for negative ideal solution, minimal parameters for each criterion are defined. Because, in civil engineering, projects can be done even better than planned, results from M-TOPSIS are then transposed, so that results are presented on a scale from minimal solution (0) to planned solution (1) and above. Several project successes can be compared with each other and ranked according to their performance with this method. Since results from this method are very sensitive to incorrectly input data, the basic M-TOPSIS method theory is closely, presented and a simple practical example for using the suggested method is also shown.