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## Real Estate Management and Valuation

2016 | vol. 24, iss. 3 | 5--15
Tytuł artykułu

### Connection Between Similarity and Estimation Results of Property Values Obtained by Statistical Methods

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Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The article discusses the topic of the application range of statistical methods in estimating property value on the grounds of a comparative approach. The analysis of application effects to estimate the unitary value of properties, respectively similar and dissimilar sets of market properties, by using the method of least squares and a linear price model. The prepared test set was developed from a priori assumed explanatory variable values as well as deterministically specified dependent variables (simulated prices) which were subjected to additional modification by a random factor. On the basis of the prepared set and series of accounting experiments, the estimation effects of any property out of a tested set were analyzed, understood as the determination of the value of the function of explanatory variables in the way of extrapolation or interpolation of values describing these variables. The experiments carried out show that the estimation of an explanatory variable for a random property out of a set of elements serving as the estimation base can be reliable only when it is related to the interpolation in the set of explanatory variables of this base. The application as an estimation base - a set in relation to which explanatory variables of the estimated property exceed the limits of corresponding variables, requires the completion of a basic set with records describing properties similar or close to the estimated property so that the values of explanatory variables for the estimated property are contained in the appropriate subsections of values of corresponding explanatory variables of the basic set. The paper refers to the issue of defining property market value indicating, by the prism of conducted experiments, that the estimation results obtained by means of statistical methods do not always meet the requirements of the statutory definition of market value, and hear rather in the direction of a result corresponding to the so-called "desk appraisal" result. (original abstract)
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PL
EN
Czasopismo
Rocznik
Numer
Strony
5--15
Opis fizyczny
Twórcy
autor
• Lublin University of Technology, Poland
Bibliografia
• Barańska A., 2004, Wybór cech nieruchomości do modelowania matematycznego wartości rynkowej na przykładzie kilku baz nieruchomości gruntowych, (Selection of Real Estate Features for Mathematical Modelling of the Market Value Exemplified by Several Databases of ground Properties) (in Polish), Geodezja, Vol. 10. No. 1. pp. 31-38.
• Beamonte A., Gargallo P., Salvador M.J., 2013, Retrospective Analysis of the Dwelling Price by Means of STAR Models with Neighborhood Effects, Journal of Real Estate Research, Vol. 35, No. 2, pp. 173-197
• Benjamin J. D., Randall S. Guttery R. S., Sirmans C. F., 2004, Mass Appraisal: An Introduction to Multiple Regression Analysis for Real Estate Valuation, Journal of Real Estate Practice and Education, Vol. 7, No. 1, pp. 65-77.
• Beracha E. Babajide Wintoki M., 2013, Forecasting Residential Real Estate Price Changes from Online Search Activity, Journal of Real Estate Research, Vol. 35, No. 3, pp. 283-312.
• Bitner A., 2007, Konstrukcja modelu regresji wielorakiej przy wycenie nieruchomości (Construction of a Multiple Regression Model for the Valuation of Real Estate) (in Polish), Acta Scientiarum Polonorum, Administratio Locorum, No. 6(4), pp. 59-66.
• Hozer J., Kokot S., Kuźmiński W., 2002, Metody analizy statystycznej rynku w wycenie nieruchomości, (Methods of Statistical Market Analysis in Real Estate Valuation) (in Polish), Wyd. PFSRM,. Warszawa.
• Kalibatas D., Zavadskas E.K., Kalibatienė D., 2012, A Method of Multi-Attribute Assessment Using Ideal Alternative: Choosing an Apartment with Optimal Indoor Environment, International Journal of Strategic Property Management, Vol. 16, Issue 3, pp. 338-353.
• Kiehelä S., Falkenbach H., 2014, Modelling and Forecasting Central Helsinki Office Rents, International Journal of Strategic Property Management, Vol. 18, Issue 3, pp. 292-306.
• Meszek W., 2013, Property Valuation Under Uncertainty. Simulation vs Strategic Model, International Journal of Strategic Property Management, Vol. 17, issue 3, pp. 79-92.
• Pawlak Z., 1983, Systemy informacyjne. Podstawy teoretyczne, (Information Systems. Theoretical Basis) (in Polish), WNT, Warszawa.
• Rozporządzenie Rady Ministrów z dnia 21 września 2004 r. w sprawie wyceny nieruchomości i sporządzania operatu szacunkowego (Dz.U. 2004 nr 207 poz. 2109 z późniejszymi zmianami). (Regulation of the Council of Ministers of 21 September 2004 on the valuation of the property and the preparation of the valuation report, Journal of Laws 2004, No. 207, item 2109, as amended).
• Ustawa z dnia 21 sierpnia 1997 o gospodarce nieruchomościami r. (Dz. U. z 2015r. poz. 782) (The Act of 21 August 1997 on Real Property Management, Journal of Laws 1997, No. 115, item 741 as amended).
• Zyga J., 2011, Definicja podobieństwa nieruchomości dla potrzeb ich wyceny (Similarity Definition for Real Estate Appraisal); Rzeczoznawca Majątkowy, 72 (4/2011), pp. 33-35.
• Zyga J., 2012, Istota podobieństwa w procedurach wyceny nieruchomości (Essence of Similarity in Real Estate Appraisal Procedures) (in Polish), Rzeczoznawca Majątkowy, 75 (3/2012), pp. 22-26.
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Bibliografia
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