Modification of the Comparative Valuation Method for Valuation of a Set of Real Estate With an Insufficiently Large Battery of Comparable Property

Abstract

The aim of this paper is to present a suggestion for the modification possibility of a selected valuation method which can be used to value real estate in case it is not possible to find a sufficiently large battery of comparable real estate to determine the estimate of the market price. The modification of the selected valuation method consists in the double use of correction coefficients in the creation process of the so-called standardized unit of thought which serves as an intermediary in the valuation of specific real estate. Based on the results achieved by the application, it was concluded that such a modified valuation method can be used to estimate the market price of a set of real estate more quickly and efficiently.