A Rating System for the Real Estate Market
The authors propose rating as a new instrument providing objective comparability criteria to classify the residential market. Nowadays we face the growing popularity of various support systems, but comprehensive and effective information systems that facilitate the real estate market continue to be in short supply. The rating methodologies from the capital markets cannot be simply copied to the real estate market. The specificity of the real estate market is totally different. The main aim of this study was the development of a rating procedure for residential markets as a specific instrument to help in the making of reliable decisions within urban development. The classification was conducted on the basis of factors that can have the most important influence on property market decision-making for demand and supply relating to residential, economic and political, social, spatial and location market conditions. The crucial stage in this methodology was the establishing of the benchmark point (BB) distinguished by stimulants or destimulants of the markets. This point might represent the level of similarities (or indiscernibilities, as in rough set theory) of the features in the set. The results demonstrate that the rating of residential markets depends on the expectation of further area development and quality of life rather than the richness of a region.(original abstract)
- Anglin, P. M., Yanmin, G., Integrating Illiquid Assets into the Portfolio Decision Process, "Real Estate Economics", 39 (2), pp. 277-311, 2011.
- Azadeh, A., Ziaei, B., Moghaddam, M., A hybrid fuzzy regression-fuzzy cognitive map algorithm forthe forecasting and optimization of housing market fluctuations, "Expert Systems with Applications", 39 (1), pp. 298-315, 2012.
- Bailey, N., Livingston, M., Population Turnover and Area Deprivation, Policy Press: Bristol, 2017.
- Bello, R., Verdegay, L., Rough sets in the Soft Computing environment, "Information sciences", 212, pp. 1-14, 2012.
- Bełej, M., Kulesza, S., Similarities in time-series of housing prices on local markets in Poland, "Real Estate Management and Valuation", 22 (3), pp. 45-53, 2014.
- Beracha, E., Skiba, H., Momentum in Residential Real Estate, "Journal of Real Estate Finance And Economics", 43 (3), pp. 299-320, 2011.
- Bieda A., Adamczyk T., Parzych, P., Water maritime spatial planning in the European Union using the example of the Polish part of the Baltic Sea, "Water", 11(3), pp. 1-27, 2019.
- Biłozor, A., Renigier-Biłozor, M., The application of geoinformation in the process of determining significance of real estate attributes. 14th GeoConference on Informatics. Geoinformatics and remote sensing. Photogrammetry and remote sensing cartography and Gis. Section Cartography and Gis, 17-26 June 2014, Bulgaria, vol. III pp. 941-948, 2014.
- Brzezicka, J., Wiśniewski, R., Figurska, M., Disequilibrium of the real estate market: evidence from Poland, "Land Use Policy", 78, pp. 515-531, 2018.
- Bryx, M., Matkowski, R., Inwestycje w nieruchomości [Investing in property], Poltext, Warszawa, 2001.
- Chi, D., Yeh, C., Lai, M., A hybrid approach of DEA. Rough set theory and random forests for credit rating, "International Journal of Innovative Computing Information and Control", 7(8), pp. 4885-4897, 2011.
- Chung, W., Tseng, T., Discovering business intelligence from online product reviews: A rule-induction framework, "Expert systems with applications", 39 (15), pp. 11870-11879, 2012.
- Cirman, A., Pahor, M., Verbic, M., Determinants of Time on the Market in a Thin Real Estate Market, "Engineering Economics", 26(1), pp. 4-11, 2015.
- Collett, D., Lizieri, C., Ward, C., Timing and the Holding Periods of Institutional Real Estate, "Real Estate Economics", 31(2), pp. 205-222, 2003.
- Commission Delegated Regulation (EU) No. 447/2012 supplementing Regulation (EC) No. 1060/2009 of the European Parliament and of the Council on credit rating agencies, March 2012.
- D'Arcy, A., Keogh, G., The property market and urban competitiveness: a review, "Urban Studies", 36(5-6), pp. 917-928, 1999.
- Dawidowicz, A., Renigier-Biłozor, M., Radzewicz, A., An algorithm for the purposes of determining the real estate markets efficiency in Land Administration System, "Survey Review", 46 (336), pp. 189-204, 2014.
- Dawidowicz, A., Źróbek, R., Land Administration System for Sustainable Development - the Case Study of Poland, "Real Estate Management and Valuation", 25(1), pp. 112-122, 2017. Dawidowicz, A., Źróbek, R., A methodological evaluation of the Polish cadastral system based on the global cadastral model, "Land Use Policy", 73, pp. 59-72, 2018.
- Dawkins, C.J., Racial Gaps in the Transition to First-Time Homeownership: The Role of Residential Location, "Journal of Urban Economics", 58(3), pp. 537-554, 2005.
- Dieleman, F. M., Clark, W.A.V., Deurloo, M. C., The Geography of Residential Turnover in 27 large US Metropolitan Housing Markets, 1985-1995, "Urban Studies", 37(2), pp. 223-245, 2000.
- Dinis, A., Marketing and innovation: useful tools for competitiveness in rural and peripheral areas, "European Planning Studies", 14 (1), pp. 9-22, 2006.
- Dinnie, K., Melewar, T. C., Seidenfuss, Kai-Uwe, Musa, G., Nation branding and integrated marketing communications: an ASEAN perspective, "International Marketing Review", 27 (4), pp. 388-403, 2010.
- Fama, E., Efficient Capital Markets: II, "Journal of Finance", 46 (5), pp. 1575-1617, 1990.
- Ferretti, V., Montibeller, G., Key challenges and meta-choices in designing and applying multi-criteria spatial decision support systems, "Decision Support Systems", 84, pp. 41-52, 2016.
- Frew, J., Jud, G., Estimating the Value of Apartment Buildings, "Journal of Real Estate Research", 25(1), pp. 77-86, 2003.
- Global Real Estate Transparency Index for 2014, www. http://www.jll.com/GRETI/, http://www.joneslanglasalle.pl/ 05.26.2015, 2014.
- Goodhart, C., Beyond current policy frameworks, Working Papers 189, BIS, 2005.
- Goodman, A.C., Thibodeau, T.G., Housing market segmentation, "Journal of Housing Economics", 7(2), pp. 121-143, 1998.
- Goodman, A.C., Thibodeau. T.G., Housing market segmentation and hedonic prediction accuracy, "Journal of Housing Economics", 12(3), pp. 181-201, 2003.
- van Ham M., Clark, W.A.V., Neighbourhood Mobility in Context: Household Moves and Changing Neighbourhoods in the Netherlands, "Environment and Planning A", 41(6), pp. 1442-1459, 2009.
- Haurin, D. McGreal, S., Alastair, A., Brown, L., Webb, J. R., List Price and Sales Prices of Residential Properties during Booms, "Journal of Housing Economics", 22(1), pp. 1-10, 2013.
- Humphreys, B., Zhou, L., Sports Facilities. Agglomeration. and Urban Redevelopment, Working Paper 2013-4. University of Alberta Department of Economics, 2013.
- Irwin, R., ed., The McGraw-Hill Real Estate Handbook. Inc. McGraw-Hill, 1993.
- Jacobs, R. A., Bias/Variance Analyses of Mixtures-of-Experts Architectures, "Neural Computation", 9(2), pp. 369-383, 1997.
- Jaffe, A., Sirmans, C., Fundamentals of Real Estate Investment, Prentice Hall Inc, 1989.
- Janowski, A., The circle object detection with the use of Msplit estimation. In E3S Web of Conferences 26, 00014, EDP Sciences, 2018.
- Janowski, A., Bobkowska, K., Szulwic, J., 3D modelling of cylindrical-shaped objects from lidar data-an assessment based on theoretical modelling and experimental data, "Metrology and Measurement Systems", 25(1), pp. 47-56, 2018.
- Jud, D., Winkler, D., The dynamics of metropolitan housing prices, "Journal of Real Estate Research", 23 (1-2), pp. 29-45, 2002.
- Kaklauskas A., Kelpsiene, L., Zavadskas, E. K., Bardauskiene, D., Kaklauskas, G., Urbonas, M., Sorakas, V., Crisis management in construction and real estate: Conceptual modeling at the micro-. meso- and macro-levels, "Land Use Policy", 28(1), pp. 280-293, 2011.
- Kalberer, W., The future of risk analysis in valuation: property and market rating. TEGOVA EVS Conference, Krakow, 2012.
- Kan, K., Dynamic Modeling of Housing Tenure Choice, "Journal of Urban Economics" 48(1), pp. 46-69, 2000.
- Kim, K., Park, J., Segmentation of the housing market and its determinants: Seoul and its neighboring new towns in Korea, "Australian Geographer", 36(2), pp. 221-232, 2005.
- Kotler, P., Reinventing Marketing to Manage the Environmental Imperative, "Journal of Marketing", 75 (4), 132-135, 2011.
- Kotler, P., Haider, D., Rein, I., Marketing Places, Pub. Free Press, New York, 1993.
- Kwan Ok Lee, Why do renters stay in or leave certain neighborhoods? The role of neighborhood characteristics. Housing tenure transitions and race, "Journal of Regional Science", 54 (5), pp. 755-787, 2014.
- Leung, Ch., Macroeconomics and housing: A review of the literature, "Journal of Housing Economics", 13(4), pp. 249-267, 2004.
- Leung, Ch., Kan, K., Kwong, S., The dynamics and volatility of commercial and residential property prices: Theory and evidence, "Journal of Regional Science", 44 (1), pp. 95-123, 2004.
- Liu, J.G., Zhang, X.L., Wu, W.P., Application of Fuzzy Neural Network for Real Estate Prediction. Advances in Neural Networks - ISNN 2006, Third International Symposium on Neural Networks, Chengdu, China, May 28 - June 1, 2006.
- McCue, D., Belsky, E. S., Why do house prices fall? Perspective on the historical drivers of large nominal house price declines, Joint Center for Housing Studies, Harvard University, 2007.
- Merrill Lynch, European Ratings Guide, 2000.
- Pawlak, Z., Rough sets. International Journal of Information and Computer Science, 11, 1982.
- Polkowski, L., Reductive Reasoning Rough and Fuzzy Sets as Frameworks for Reductive Reasoning, "Approximate reasoning by parts: An introduction to rough mereology", part of "Intelligent Systems Reference Library", 20, pp. 145-190, 2011.
- Renigier-Biłozor, M., Analysis of real estate markets with the use of the rough set theory, "Journal of the Polish Real Estate Scientific Society", 19(3), pp. 107-118, 2011.
- Renigier-Biłozor, M., Modern classification system of real estate markets, "Geodetski Vestnik", 61(3), pp. 441-460, 2017.
- Renigier-Biłozor, M., Biłozor, A., Wiśniewski, R., Rating attributes toolkit for the residential property market, "International Journal of Strategic Property Management", 21(3), pp. 307-317, 2017.
- Renigier-Biłozor, M., Janowski, A., d'Amato, M., Automated Valuation Model based on Fuzzy and Rough Set Theory for Real Estate Market with Insufficient Source Data, "Land Use Policy", 87, pp. 104-115, 2019.
- Renigier-Biłozor, M., Janowski, A., Walacik, M., Geoscience Methods in Real Estate Market Analyses Subjectivity Decrease, "Geosciences", 9(3), 130, 2019.
- Renigier-Biłozor, M., Wiśniewski, R., Biłozor, A., Kaklauskas, A., Rating methodology for real estate markets - Poland - a case study,"International Journal of Strategic Property Management", 18 (2), pp. 198-212, 2014.
- Rossi-Hansberg, E., Optimal urban land use and zoning, "Review of Economic Dynamics", 7(1), pp. 69-106, 2004.
- Rossini, P.A., Application of Artificial Neural Networks to the Valuation of Residential Property. 3rd Pacific Rim Real Estate Society Conference, New Zealand, 1997.
- Saaty, T. L., Decision-making with the analytic hierarchy process, "International Journal of Services Sciences", 1(1), pp. 83-98, 2008.
- Selim, H., Determinants of house prices in Turkey: hedonic regression versus artificial neural network, "Expert Systems with Applications", 36(2), pp. 2843-2852, 2009.
- Sæther, J. P., Fluctuations in Housing Markets, Causes and Consequences, submitted in partial fulfillment of the requirements for the degree of Master of Philosophy in System Dynamics, System Dynamics Group, Department of Geography, University of Bergen, 2008.
- Shakoorifar, A., Kaveh, A., Design of a Dynamic System for Analyzing Houses Supply and Demand Market. A thesis submitted in partial fulfillment of the requirements for the degree of Master of Science in construction management and engineering, Iran University of Science and Technology, 2001.
- Stefanowski, J., Tsoukias, A., Valued Tolerance and Decision Rules, [in:] Ziarko, W., Yao, Y. (eds.) Proceedings of the RSCTC 2000 Conference, Banff, 2000.
- Szulwic, J., Przyborowski, M., Szczechowski, B., Szubiak, W., Widerski, T., Photo-grammetric development of the threshold water at the dam on the Vistula river in Wloclawek from unmanned aerial vehicles (UAY). Conference paper in 15th International Multidisciplinary Scientific GeoConference SGEM 2015, 3(1), pp. 493-500, 2015.
- TEGoVA, European Property and Market Rating: A Valuer's Guide, 2003.
- Torto Wheaton Research, Real Estate Cycles and Outlook 2002, Torto Wheaton Research, Boston 2002.
- Trojanek, R., Gluszak, M., Tanas, J., The Effect of Urban Green Spaces on House Prices in Warsaw, "International Journal of Strategic Property Management", 22(5), pp. 358-371, 2018.
- Sato, Y., Xiao, W., Land development. search frictions and city structure, "Regional Science and Urban Economics", 50, pp. 63-76, 2015.
- Zhang, N., Li, B., Zhang, Z., Guo Y., A Quick Algorithm for Binary Discernibility Matrix Simplification Using Deterministic Finite Automata, "Information", 9(12), 314, 2018.
- Zhang, Z., A rough set approach to intuitionistic fuzzy soft set based decision-making, "Applied Mathematical Modelling", 36(10), pp. 4605-4633, 2012.
- Zavadskas, E., Turskis, Z., Multiple criteria decision-making (MCDM) methods in economics: An overview, "Technological and Economic Development of Economy", 17(2), pp. 397-427, 2011.
- Ziółkowsk,i P., Niedostatkiewicz, M., Machine Learning Techniques in Concrete Mix Design, "Materials", 12(8), 1256, 2019.
- Źróbek, S., Grzesik, C., Modern Challenges Facing the Valuation Profession and Allied University Education in Poland, "Real Estate Management and Valuation", 21(1), pp. 14-18, 2013.