Abstract
Parametric model of real estate valuation for land located in different land-use zones
Highlights
IntroductionPursuant to the Real Estate Management Act [1], the appropriate approach, method, and technique for real estate valuation is selected by a real estate appraiser
This paper aims to present the possibility of using a parametric model for the valuation of land properties located in different land-use zones and to verify whether it is reasonable to consider non-homogeneity in land-use classes when determining the value of land
Pursuant to the Real Estate Management Act [1], the appropriate approach, method, and technique for real estate valuation is selected by a real estate appraiser
Summary
Pursuant to the Real Estate Management Act [1], the appropriate approach, method, and technique for real estate valuation is selected by a real estate appraiser. As is the case with most property valuations performed, prices should be adjusted for differences in attributes between comparable real estate and the property being valued. These attributes usually constitute a given set in which two subsets can be identified [25]. The Real Estate Management Act [1] identifies several of these attributes as mandatory These include legal status of the property being valued, its land use in planning documents, and its actual manner of use. The second subset includes the attributes, based on which the level of prices of the real estate collected in the comparable database shall be adjusted
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