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The Problem of Real Estate Research Area Selection for the Purpose of Appraisal Process

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  • Krajewska Małgorzata

    (The Department of Investment and Real Estate Nicolaus Copernicus University in Toruniu Department of Geomatics, Geodesy and Spatial Economy University of Technology and Life Sciences in Bydgoszcz)

Abstract

The following article contributes to the discussion on the issue of the interference of legal regulations on the procedure of real estate appraisal, which is as an economic activity. A special dose of attention is drawn to the selection of the research area of the real estate market. Legal regulations referring to this selection as well as, economic factors based on the preferences of buyers have been described. The application of quality-based methods of marketing has been indicated as a possible means of diagnosing the real estate market, bringing satisfactory results even in the case of limited as well as complex markets, such as suburban areas. On the basis of the Bydgoszcz agglomeration, it was proven that real estate market interference areas do not correlate with the administrative borders of cities or districts. Furthermore, an appraisal of land located in a suburban area of Bydgoszcz was performed twice by varying means, accepting data from different market areas: local (the territory of the commune) and supralocal (the territory of the commune and partially, the city), thus indicating the considerable influence of research area selection on the estimated value. The acquired research results may serve as a starting point for further analyses of other local markets.

Suggested Citation

  • Krajewska Małgorzata, 2013. "The Problem of Real Estate Research Area Selection for the Purpose of Appraisal Process," Real Estate Management and Valuation, Sciendo, vol. 21(3), pages 25-34, September.
    • Handle: RePEc:vrs:remava:v:21:y:2013:i:3:p:25-34:n:3
    DOI: 10.2478/remav-2013-0023
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