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Dissimilarity as a Component of the Property Price Model

Dissimilarity as a Component of the Property Price Model AbstractIn the course of discussion on an econometric model of property value and its place in property appraisal, the argument of the main goal of the process (property market value prediction itself) was raised in this article. The need for the consideration of an ontologically perceived, particular element of the real estate market with its distinctive characteristics indicates the specific nature of the interpretation of the data which may be used in the appraisal process.Therefore, a new shape of the property value model, based on LSM, was presented. It takes into account a specific description of the appraised property. Thus, the factor of dissimilarity between sold properties used in creating the value model and the appraised property was used in its coefficient matrix. The new model clearly shows the advantages and disadvantages of the dissimilarities between sold properties used in creating the coefficient matrix of the value model. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

Dissimilarity as a Component of the Property Price Model

Real Estate Management and Valuation , Volume 27 (3): 9 – Sep 1, 2019

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Publisher
de Gruyter
Copyright
© 2019 Jacek Zyga, published by Sciendo
ISSN
1733-2478
eISSN
2300-5289
DOI
10.2478/remav-2019-0030
Publisher site
See Article on Publisher Site

Abstract

AbstractIn the course of discussion on an econometric model of property value and its place in property appraisal, the argument of the main goal of the process (property market value prediction itself) was raised in this article. The need for the consideration of an ontologically perceived, particular element of the real estate market with its distinctive characteristics indicates the specific nature of the interpretation of the data which may be used in the appraisal process.Therefore, a new shape of the property value model, based on LSM, was presented. It takes into account a specific description of the appraised property. Thus, the factor of dissimilarity between sold properties used in creating the value model and the appraised property was used in its coefficient matrix. The new model clearly shows the advantages and disadvantages of the dissimilarities between sold properties used in creating the coefficient matrix of the value model.

Journal

Real Estate Management and Valuationde Gruyter

Published: Sep 1, 2019

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