International Real Estate Review

Hui, Sam K.; Cheung, Alvin; Pang, Jimmy

doi:10.53383/100117

Cited by 12 publications

(5 citation statements)

References 39 publications

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“…However, interpreting the results is problematic (McCluskey et al, 2014); • hierarchical model -a model which takes into account the hierarchical structure of data. The hierarchical Bayesian approach (Hui et al, 2010), the analytical Bayesian approach (Cervelló-Royo et al, 2016) and the analytical hierarchical process have been used for property valuation; • cluster analysis -the use of data grouping methods is also applied in mass real estate valuation. The similarity of real estate allows for the isolation of clusters of similar properties; however, it is important to explain the resulting subgroups in practice.…”

Section: Literature Reviewmentioning

confidence: 99%

Mass appraisal: a statistical approach to determining the impact of a property’s attributes on its value

Gdakowicz,

Putek-Szeląg

2023

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One of the problems occurring when estimating the value of a property is determining how the individual attributes of a property affect its value. Until now, this was estimated either on the basis of analyses of prices and market features of similar properties, or by analogy to other properties in terms of the type and area of markets, by examining or observing the preferences of potential buyers, or in other ways (Polska Federacja Stowarzyszeń Rzeczoznawców Majątkowych, 2008). This article refers to the last option and presents an alternative way of dealing with the aforementioned issue. An approach based on statistical methods, using dependency coefficients is introduced as an objective proposal to determine the impact of individual attributes on the value of real estate. The idea of including statistical methods (dependency coefficients) in the procedure of mass real estate valuation is the basis of the statistical approach of the Szczecin Mass Real Estate Valuation Algorithm (Pol. Szczeciński Algorytm Masowej Wyceny Nieruchomości – SAMWN). Considering the specificity of the features (attributes) describing real estate, which in most cases may be presented on an ordinal scale, four coefficients measuring the strength of the relationship between the features and the value of the property were proposed. Since previous studies, e.g. Dmytrów et al. (2020), indicated that the results obtained for partial coefficients reflect the relationships found on the market more efficiently, the analysis was extended to include partial variants of selected coefficients. Then, six procedures for calculating weights in SAMWN were proposed. The obtained results were subsequently ordered on the basis of linear ordering procedures, as described in the work by Strahl (1978) and Pawlukowicz (2010). The aim of the article was twofold. Firstly, to identify the coefficients of dependencies that can be used in property valuation based on SAMWN, and also in the analysis of those properties whose attributes are often described on an ordinal scale. The second aim was to identify a combination of methods describing the influence and weights of the attributes which under SAMWN procedure produces results closest to the property values determined by real estate appraisers.

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Section: Literature Reviewmentioning

confidence: 99%

Mass appraisal: a statistical approach to determining the impact of a property’s attributes on its value

Gdakowicz,

Putek-Szeląg

2023

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Section: Literature Reviewmentioning

confidence: 99%

Untitled

2023

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estate appraisers. On the basis of empirical analyses covering 405 residential land properties in Szczecin, individually valued by appraisers for the purpose of the study, the authors propose four types of dependency coefficients and their partial values. They also propose four methods of considering these coefficients in the SAMWN procedure. Additionally, the authors assess the application of six weighting methods for the proposed measures. They obtain an optimal combination of the considered variants of the SAMWN algorithm by calculating the appraisal error measures, then followed by linear ordering procedures. The study shows that the valuation results are most affected by the formula used to calculate the weights of the influence of individual attributes on the value of the property in SAMWN. This confirms the usefulness of the analysed algorithm in practice, but at the same time the need to adapt its procedure to the specifics of the valued property.

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“…Использование иерархической модели может преодолеть этот недостаток. Исследователи используют эту модель для оценки недвижимости, например, иерархический подход Байеса [14] и метод анализа иерархий [15 -17]. Иерархическая модель также рассчитывает процент ошибки дисперсии, вызванной каждым уровнем.…”

Section: обсуждение методов и моделейunclassified

Современные Модели Массовой Оценки Недвижимости

Иванова

2022

Сборник Материалов VI Национальной Научно-Практической Конференции "Регулирование Земельно-Имущественных Отношений В России: Пр

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Аннотация. На современном этапе массовая оценка широко применяется во многих странах для различных целей, основной из которых является налогообложение. Цель настоящей работы заключается в проведении систематического обзора моделей массовой оценки, освещенных в работах отечественных и зарубежных исследователей с 2005 по 2022 год. Обзор фокусируется на тенденции применения и классификации методов построения моделей массовой оценки и выделяет три основные группы таких методов: на основе искусственного интеллекта, на основе геоинформационных систем и на основе смешанных методов. Выполнен анализ и сравнение характеристик различных моделей массовой оценки.

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International Real Estate Review

Cited by 12 publications

References 39 publications

Mass appraisal: a statistical approach to determining the impact of a property’s attributes on its value

Mass appraisal: a statistical approach to determining the impact of a property’s attributes on its value

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Современные Модели Массовой Оценки Недвижимости

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