THE APPLICATION OF MULTI-CRITERION METHODS FOR VALUATION OF RECREATION PROPERTY

Abstract

Summary Multi-criterion valuation methods are widely used in real estate valuation all over the world. In USA, UK and other countries these methods are part of techniques based on comparative and reinstatement values as well as on income use [1]. A number of problems in the valuation of real property can be eliminated by the methods of multiple criteria analysis, which came into existence only at the second half of the 20th century. Currently, they have become very important in the international practice of the real property valuation. In most cases they are based on market modelling and economic assumptions. Therefore, sometimes they are referred to as separate valuation methods, and classified as modern ones. This article describes a new method of multiple criteria analysis. This method based on the market analysis and valuation principle is in line with the traditional comparative value method, therefore it can be attributed to the group of the indirect comparative value methods. These methods facilita...