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The Use of Statistical Methods for Determining Attribute Weights and the Influence of Attributes on Property Value

The Use of Statistical Methods for Determining Attribute Weights and the Influence of Attributes... AbstractDetermining the impact of individual attributes on the value or price of real estate in business practice poses many problems. One of the solutions to this problem is the use of statistical methods. The article proposes correlation coefficients (and their partial modifications) that can be used to determine the impact of selected features on the value of real estate. In addition, several procedures were taken into account for the factors in further calculations, using different methods for determining weights. Empirical verification of the proposed solutions was based on the mass valuation of land properties. The obtained results were compared with valuations developed by property appraisers and valuation errors were calculated. Based on valuation errors, the proposed methods of calculation procedures were ranged, indicating those which provide results closest to the individual valuations carried out by property appraisers. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

The Use of Statistical Methods for Determining Attribute Weights and the Influence of Attributes on Property Value

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Publisher
de Gruyter
Copyright
© 2020 Anna Gdakowicz et al., published by Sciendo
ISSN
1733-2478
eISSN
2300-5289
DOI
10.1515/remav-2020-0030
Publisher site
See Article on Publisher Site

Abstract

AbstractDetermining the impact of individual attributes on the value or price of real estate in business practice poses many problems. One of the solutions to this problem is the use of statistical methods. The article proposes correlation coefficients (and their partial modifications) that can be used to determine the impact of selected features on the value of real estate. In addition, several procedures were taken into account for the factors in further calculations, using different methods for determining weights. Empirical verification of the proposed solutions was based on the mass valuation of land properties. The obtained results were compared with valuations developed by property appraisers and valuation errors were calculated. Based on valuation errors, the proposed methods of calculation procedures were ranged, indicating those which provide results closest to the individual valuations carried out by property appraisers.

Journal

Real Estate Management and Valuationde Gruyter

Published: Dec 1, 2020

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