The application of surface generated interpolation models for the prediction of residential property values

Abstract

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of developing a hybrid predictive model. The research attempts to develop a range of compensation factors based upon residual error that can be applied to unsold properties.

Dwelling Price Ranking versus Socioeconomic Clustering: Possibility of Imputation

“…In addition, the importance of the geographical location of dwellings in the context of their price level has been emphasized in several studies (McCluskey et al 2000;Bourassa et al 2003). In Israel this issue is of special importance.…”

Combining Geographic Information Systems and Regression Models to Generate Locational Value Residual Surfaces in the Assessment of Residential Property Values

“…From these, two key components of location can be isolated, i.e. neighbourhood quality and accessibility (McCluskey et al, 2000). Few, however, are capable of numeric measurement but, even that, the measures may not always be valid representation of the influence, especially because of the complex interaction of value factors.…”

“…Location is an amalgam of several factors that includes a number of spatial elements such as accessibility to shopping, employment, educational and leisure facilities; exposure to adverse environmental effects such as traffic noise and hazard; neighbourhood amenity; perceived levels of neighbourhood security (Gallimore et al, 1996;McCluskey et al, 2000). From these, two key components of location can be isolated, i.e.…”

Nuclearization of Iran; the Policy of China

“…These include institutional and economic factors, location, complementary uses, competition amongst and between uses, design, degree of obsolescence, accessibility, road network, relationship between landlord and tenant, and negative externalities (McCluskey, et al, 2000;Oyebanji, 2003;Olusegun, 2003;Kauko, 2003;and Omoogun, 2006). For purpose of this study, road network, location, demand and supply, and accessibility established in literature were isolated and regressed with commercial property values.…”