Abstract
In this study, house prices are modeled using a mixed two-stage model for mass appraisal employing valuations of second-hand housing units conducted in Medellín, Colombia. In the first stage, submarkets of houses that share non-spatial attributes are created using clustering; in the second stage, the spatial dependency is incorporated into the house price estimation using kriging. The best results were obtained when the sample was divided into three submarkets using property area and age as the classification criterion and later applying a Matérn kriging model to submarket 1, a spherical kriging model to submarket 2, and a circular kriging model to submarket 3. These results may provide further guidance to enhance mass appraisal practice in other Latin American cities as well as potentially other cities in developing countries.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
