Spatial econometrics and spatial hedonic model in property valuation: A bibliometric analysis

Abstract

The econometric and hedonic analysis offers reliable input in property valuation, primarily for economic studies and the country’s revenue. However, the lack of spatial reliability in statistical analysis has become a serious debate among researchers. This research is carried out to review the current trend and pattern of literature and visualize the network of the authors, countries, and keywords applied in property valuation by emphasizing the application of spatial analysis in econometric and hedonic using bibliometric analysis. The increment of documents related to spatial analysis, especially the approach of Spatial Econometric (SE) and Spatial Hedonic (SH) in property valuation, has indicated the current interest of researchers around the globe. A few bibliometric analyses are done on the Hedonic Pricing Method (HPM) and property valuation issues. Still, the attention of the review on emphasizing the spatial element is limited. Three hundred ten (310) documents are involved in the bibliometric analysis related to the property valuation issue from the Scopus database. The methodology was according to the modified Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) to provide clarity in screening and filtering documents. VOSviewer, Harzing’s Publish or Perish (PoP), and Microsoft Excel are used to ease the analysis process. This research will provide a basis to unlock new research opportunities for scholars and assist property valuation practitioners with an efficient valuation approach with spatial application. An efficient property valuation approach would drive a comprehensive insight into supporting sustainable economic and living quality. Keywords: Bibliometric, property valuation, spatial econometric, spatial hedonic