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

Gdakowicz Anna () and Putek-Szeląg Ewa ()
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Gdakowicz Anna: Uniwersytet Szczeciński
Putek-Szeląg Ewa: Uniwersytet Szczeciński

Real Estate Management and Valuation, 2020, vol. 28, issue 4, 33-47

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.

Keywords: attribute weights; dependency coefficients; mass real estate valuation (search for similar items in EconPapers)
JEL-codes: C40 C89 R33 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:28:y:2020:i:4:p:33-47:n:4

DOI: 10.1515/remav-2020-0030

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