Abstract
The real estate appraisal largely consists of estimating the property’s value based on the transaction prices of similar buildings with the usable area being one of the main comparative units. A Polish appraiser finds data mentioned in the Price and Value Register (PVR). However, one of the authors’ previous studies indicated that the PVR contained highly incomplete information on usable area of residential buildings rendering it impractical for real estate appraisal purposes. Here, we propose a machine learning method to estimate the usable area of flat-roof residential buildings based on Light Detection and Ranging (LiDAR) data as well as the Database of Topographic Objects (BDOT10k). First, we train models with different architectures on the exact project data of residential buildings available online, obtained mostly from the design offices Lipińscy and Archon. Then, we apply trained algorithms on available residential building in Koszalin, Poland, using BDOT10k and LoD1 standard LiDAR data, and compare the results with usable area reported in PVR. Results show that the usable area of flat-roof houses without garages and extensions can be calculated with great accuracy up to 4%, while for more complex flat-roof buildings-up to 4–10%, depending on how detailed data are available. The model may be used by real estate appraisers to approximate the unknown usable area of residential buildings with known transaction prices, and as such increase the number of properties that can be compared to the evaluated real estate. To estimate the usable area of buildings with more complex roofs, a higher standard of LiDAR data is needed.
Highlights
This work is a continuation of previous studies of one of the authors [1,2,3] on the completeness of data contained in the Polish Price and Value Register (PVR)
The source of information on residential buildings in Koszalin is the data contained in PVR obtained from the District Office and the Surveying, Cartography and Municipal Cadastre Agency in Koszalin, available for real estate appraisers, as well as BDOT10k and Light Detection and Ranging (LiDAR) data publicly accessible in Geoportal [42] maintained by the Polish Head Office of Land Surveying and Cartography
We identified two features that made buildings the dataset outliers, understood here as buildings whose usable areas were estimated with the largest errors
Summary
This work is a continuation of previous studies of one of the authors [1,2,3] on the completeness of data contained in the Polish Price and Value Register (PVR). It constitutes an element of Land and Building Register [4], and is an important source of data on real estate [5,6,7] used by real estate appraisers to estimate values of properties. The real estate appraisal largely consists of estimating the property’s value based on the transaction prices of similar buildings. A lack of data is the main reason for which a certified real estate appraiser must reject a specific transaction, and, considering a small number of transactions on the local market, real estate appraisal becomes problematic
Sign-in/Register to view highlights & summary 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.
