|
Conference publicationsAbstractsXIX conferenceSpatial models in mass valuation of real estateInstitute of Control Sciences V. A. Trapeznikov Academy of Sciences Russian Federation, 117997, Moscow, Profsoyuznaya ulitsa, 65 Tel: +7 495 334-89-10, fax: +7 495 334-93-40, +7 499 234-64-26 E-mail: BelyaevaAV@gmail.com 1 pp. (accepted)Effective property appraisal has been discussed actively for a long time. This question become more urgent for Russia due to the plan of tax reforming (land tax and property tax will be changed by real estate tax). Mass valuation models reflect dependence of the property market cost on their main characteristics that form this market cost. Regression models with factors such as floor, apartment area, kitchen area, balcony presence don’t give high quality results if the objects are not equal in location factor. The importance of a location factor in mass valuation was marked by Joseph K. Eckert [1]. Recognition of this factor is one of the key elements of the methodology which was developed by him. This methodology is applied in valuation of real estate in America, Canada and other countries. In report will be shown how to construct a mass valuation using spatial regression models, which are powerful tool for taking into account location factor of the facility to evaluate different characteristics of the location, for example, remoteness from the centers of local influences, environmental conditions, the time needed to get to jobs and shopping centers, etc. Two types of spatial models: a spatial autoregressive (SAR model) and spatial errors model, where the disturbances exhibit spatial dependence (SEM model) [2]. In report will be compared the quality of constructed models and will be discussed the possibility of using them to develop mass valuation for Russia. Conclusions are confirmed by experiment which was carried out on data sales value of housing buildings of Moscow.
|
