Fuzzy numbers for the assessment of real estate market and property valuation

Abstract

AbstactThe paper is focused on the use of fuzzy numbers in some different spheres -real estate researches, investments and valuation.At the first part of paper it is shown that fuzzy numbers allows us to get exact model for the property valuation. The probability of this model is 100% in contradistinction of traditional models which has inaccuracy about 10%.The real estate market is not perfect and it is subject of many external influences, such as: an economic situation in the country, seasonal activity, availability of financial assets. Therefore it doesn't have precise logic connections and definitions. That is why it is necessary to use fuzzy numbers when we research a real estate market. The process of estimation of real estate investments of any country considerably becomes simpler. In another part of paper is analyzed the real estate market of Minsk -the capital of Belarus. It was used fuzzy numbers.