Abstract
Background/Objectives: Physical characteristics of real property are considered as the deciding factors of housing value. Value calculated on the basis of only property characteristics may not give accurate figure. This can be due to ignorance in considering variables which indirectly affect the value. Methods/Statistical Analysis: Real property prices vary due to impact of not only property characteristics but also macroeconomic variables. Impact of macroeconomic variables is indirect and is difficult to assess in terms of quantum of variation in value of property. It is required to study available literature to summarize the probable attributes of real property value. Findings: Variables have been identified and presented in two categories namely intrinsic variables and extrinsic variables. Applications/Improvements: Wide range of variables from gross domestic product of nation to type of fixtures in the house affect property value. Appraisers should know which variables to be given consideration to get fairly accurate result.
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