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

<p>A housing price, not considering its change over time, is widely determined by hedonic properties. This is common in literature; however, there is a significant part of a price, the so-called unexplained variance, that is not captured by hedonic models. The scientific problem of this research is how to classify and visualize architectural factors that might have an influence on the market value of a dwelling. The object of the research are architectural factors in a housing market value analysis and the aim of research is to describe the theoretical framework that defines the structure and scope of architectural variables influencing a housing market value. Not all architectural factors described in the literature review are equal in terms of scale, measurability, public or private context, aesthetic or functional priority. A systematic approach would be to classify architectural factors as a matrix of built environment properties. Two orthogonal dimensions can be identified: architectural factors spanning from non-design (functional, utilitarian) to design (abstract, unexplained) and factors spanning from architectural design (private) to urban design (public). A multidimensional and complex system of architectural variables influencing a housing market value exists. Understanding this system is crucial for a housing development to succeed.</p>
</abstract>

A housing price, not considering its change over time, is widely determined by hedonic properties. This is common in literature; however, there is a significant part of a price, the so-called unexplained variance, that is not captured by hedonic models. The scientific problem of this research is how to classify and visualize architectural factors that might have an influence on the market value of a dwelling. The object of the research are architectural factors in a housing market value analysis and the aim of research is to describe the theoretical framework that defines the structure and scope of architectural variables influencing a housing market value. Not all architectural factors described in the literature review are equal in terms of scale, measurability, public or private context, aesthetic or functional priority. A systematic approach would be to classify architectural factors as a matrix of built environment properties. Two orthogonal dimensions can be identified: architectural factors spanning from non-design (functional, utilitarian) to design (abstract, unexplained) and factors spanning from architectural design (private) to urban design (public). A multidimensional and complex system of architectural variables influencing a housing market value exists. Understanding this system is crucial for a housing development to succeed.

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Real Estate Management and Valuation

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

A housing price, not considering its change over time, is widely determined by hedonic properties. This is common in literature; however, there is a...

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Published Online: Mar 10, 2023

Page range: 25 - 35

Received: Apr 12, 2022

Accepted: Jun 16, 2022

DOI: https://doi.org/10.2478/remav-2023-0003

Keywords
housing market value, architectural factors, hedonic models, economic value

© 2023 Skripkiūnas et al., published by Sciendo

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

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Published Online: Mar 10, 2023

Page range: 25 - 35

Received: Apr 12, 2022

Accepted: Jun 16, 2022

DOI: https://doi.org/10.2478/remav-2023-0003

Keywordshousing market value, architectural factors, hedonic models, economic value

© 2023 Skripkiūnas et al., published by Sciendo

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

Keywords
housing market value, architectural factors, hedonic models, economic value