Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging

Jorge Chica-Olmo

Journal of Real Estate Research, 2007, vol. 29, issue 1, pages 95-114

Abstract: Cokriging is a multivariate spatial method to estimate spatial correlated variables. This method allows spatial estimations to be made and interpolated maps of house price to be created. These maps are interesting for appraisers, real estate companies, and bureaus because they provide an overview of location prices. Kriging uses one variable of interest (house price) to make estimates at unsampled locations, and cokriging uses the variable of interest and auxiliary correlated variables. In this paper, housing location price is estimated using kriging methods, isotopic data cokriging, and heterotopic data cokriging methods. The results of these methods are then compared.

Date: 2007
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