Abstract
Abstract1 The article is of a dual character. On the one hand, it concerns the analysis of the real estate market in terms of investment attractiveness and the influence of particular attributes of property on attractiveness itself. On the other hand, it proposes the use as a research tool selected using one of the multicriteria methods (DEMATEL), which is an alternative to commonly used statistical methods. The theoretical part of the work is completed by a brief computational example which deals with the analysis of factors affecting the prices of residential real estate on a local scale.
Highlights
Analysis of the real estate market is an extremely important element in the study of investment process profitability, as well as in the valuation of properties
The real estate market is very complex, and its dynamics and size are influenced by three overlapping main factors, i.e. supply, demand and price
The main determinant of real estate market development is price, implying the price that is an incentive for investors to take specific decisions
Summary
Analysis of the real estate market is an extremely important element in the study of investment process profitability, as well as in the valuation of properties. The analyses are carried out are not so much as an indication of the factors affecting the profitability of real estate investments, but the level of their mutual relations which may influence that profitability (UNSAL 2016; GAWRON, STRĄCZKOWSKI 2015). In this regard, statistical and econometric methods are primarily used. It seems reasonable to analyze the usefulness of methods of multi-criteria decisionmaking (support) as research tools on the real estate market This elaboration presents the increasing popularity of the DEMATEL (Decision Making Trial and Evaluation Laboratory) method.
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