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An ANP framework for property pricing combining quantitative and qualitative attributes

Author

Listed:
  • J Aznar

    (Universidad Politécnica de Valencia)

  • J Ferrís-Oñate

    (Universidad Politécnica de Valencia)

  • F Guijarro

    (Universidad Politécnica de Valencia)

Abstract

This paper presents a new comparative methodology for the valuation of urban properties based on the Analytic Network Process (ANP), with the twin objective of overcoming the drawbacks found in classical urban valuation methods and enhancing the current set of tools available for the appraiser. The ANP enables to tackle contexts in which scant information is available, qualitative variables are considered and, unlike the Analytic Hierarchy Process, interdependences among variables are present, all very common situations in professional valuation practice, so this study proposes its application to the field of urban valuation. To illustrate the new proposal, a real case study is put forward alongside four different models for solving it, with the aim of analysing the varying accuracy of each model. It may be concluded that the more information taken into account in relation to the interdependences between criteria and alternatives, the greater the accuracy of the results.

Suggested Citation

  • J Aznar & J Ferrís-Oñate & F Guijarro, 2010. "An ANP framework for property pricing combining quantitative and qualitative attributes," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(5), pages 740-755, May.
    • Handle: RePEc:pal:jorsoc:v:61:y:2010:i:5:d:10.1057_jors.2009.31
    DOI: 10.1057/jors.2009.31
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    References listed on IDEAS

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    Cited by:

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    2. R Cervelló & F García & F Guijarro, 2011. "Ranking residential properties by a multicriteria single price model," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 62(11), pages 1941-1950, November.
    3. Yang, Hao-Wei & Chang, Kuei-Feng, 2012. "Combining means-end chain and fuzzy ANP to explore customers’ decision process in selecting bundles," International Journal of Information Management, Elsevier, vol. 32(4), pages 381-395.

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