<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Determining 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.</p></abstract>

Determining 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.

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

Real Estate Management and Valuation

This work is licensed under the Creative Commons Attribution 4.0 International License.

Determining 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...

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

Published Online: Dec 12, 2020

Page range: 33 - 47

DOI: https://doi.org/10.1515/remav-2020-0030

Keywords
attribute weights, dependency coefficients, mass real estate valuation

© 2020 Anna Gdakowicz et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Published Online: Dec 12, 2020

Page range: 33 - 47

DOI: https://doi.org/10.1515/remav-2020-0030

Keywordsattribute weights, dependency coefficients, mass real estate valuation

© 2020 Anna Gdakowicz et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
attribute weights, dependency coefficients, mass real estate valuation