Methodology of Conducting Comparative Analyses of Local Real Estate Markets for the Purposes of Land Management

Miroslaw Belej and Radoslaw Cellmer

ERES from European Real Estate Society (ERES)

Abstract: This paper presents the results of a project to compare the local real estates markets in Poland, especially in Warmia and Mazury region by creating appropriate integrated indicators of these markets using statistical techniques. Such indicators will make it possible to find a similarity of different local markets and present them hierarchically. The need of such analysis comes from polish law and professional standards in area of; land management, real estates valuation, real estates market analysis. It was assessed that the useful tools in conducting comparative analyses of various local real estates markets include the procedures of statistical inference. From a good number of methods available, techniques originating from two spheres of statistic inference were selected: distribution free methods and multivariate analysis methods for analyses within the distribution free methods, it was Friedman's test (Friedman's non-parametric variance analysis) as well as Kendall's test (W. Kendall's compatibility ratio) that were selected. For analyses within the multivariate analysis methods, it was factor analysis, that were selected, which constitutes a set of statistic methods and procedures allowing for conversion of a large number of variables tested to a significantly smaller number of independent factors or main components which preserve a considerable amount of information conveyed in the primary variables. If this statistic method is applied, it is possible to reduce the number of attributes describing local real estates markets down to a few integrated indicators, which preserve their descriptive qualities, despite the reduction of variables that has taken place.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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