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

Author

Listed:
  • Gdakowicz Anna

    (Uniwersytet Szczeciński)

  • Putek-Szeląg Ewa

    (Uniwersytet Szczeciński)

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.

Suggested Citation

  • Gdakowicz Anna & Putek-Szeląg Ewa, 2020. "The Use of Statistical Methods for Determining Attribute Weights and the Influence of Attributes on Property Value," Real Estate Management and Valuation, Sciendo, vol. 28(4), pages 33-47, December.
    • Handle: RePEc:vrs:remava:v:28:y:2020:i:4:p:33-47:n:4
    DOI: 10.1515/remav-2020-0030
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    References listed on IDEAS

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    1. Foryś Iwona & Gaca Radosław, 2016. "Application of the Likert and Osgood Scales to Quantify the Qualitative Features of Real Estate Properties," Folia Oeconomica Stetinensia, Sciendo, vol. 16(2), pages 7-16, December.
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    More about this item

    Keywords

    attribute weights; dependency coefficients; mass real estate valuation;
    All these keywords.

    JEL classification:

    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C89 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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