The Possibilities and Limitations of Geostatistical Methods in Real Estate Market Analyses

• Autorzy: Radosław Cellmer
• Języki publikacji: EN

Abstrakty

EN

In the traditional approach, geostatistical modeling involves analyses of the spatial structure of regionalized data, as well as estimations and simulations that rely on kriging methods. Geostatistical methods can complement traditional statistical models of property transaction prices, and when combined with those models, they offer a comprehensive tool for spatial analysis that is used in the process of developing land value maps. Transaction prices are characterized by mutual spatial correlations and can be considered as regionalized variables. They can also be regarded as random variables that have a local character and a specific probability distribution. This study explores the possibilities of applying geostatistical methods in spatial modeling of the prices of undeveloped land, as well as the limitations associated with those methods and the imperfect nature of the real estate market. The results are discussed based on examples, and they cover both the modeling process and the generated land value maps.(original abstract)

Słowa kluczowe

EN

Real estate market; Statistics; Economic process modeling; Real estate prices

PL

Rynek nieruchomości; Statystyka; Modelowanie procesów gospodarczych; Ceny nieruchomości

• Czasopismo: Real Estate Management and Valuation
• Rocznik: 2014
• Numer: vol. 22, iss. 3
• Strony: 54--62

Twórcy

autor

Radosław Cellmer

• University of Warmia and Mazury in Olsztyn, Poland

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Identyfikatory

DOI

10.2478/remav-2014-0027