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  • Author: Piotr Parzych x
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Principles and Criteria for using Statistical Parametric Models and Conditional Models for Valuation of Multi-Component Real Estate

Abstract

The complexity of multi-component real properties results from the possibility of identifying various components in legal, physical or functional terms. The possibility of distinguishing various functional elements of real properties, combined with the specificity resulting from their market properties, is problematic when applying the comparative approach to real estate valuation. In this case, the valuation procedure can be implemented using statistical models: the parametric model or the conditional one.

This research paper demonstrates the construction of the parametric and conditional models taking into account the geometric and pricing attributes of multi-component real estate. The authors paid attention to adjusting the models to the available market data. They also specified the conditions for the use of statistical models in the real estate valuation process. Based on the analytical and accounting considerations, the estimation criteria for the parametric model and the conditional model were defined, which allow the correct application of these models at the stages of the real estate market analysis and the real estate valuation process.

Open access
Appraisal of Real Estate with Various Functions in the Context of Sustainable Development

Abstract

The value of a piece of real estate depends on the purpose it is used for and on its function in planning documents. Unfortunately, current land development trends and the provisions of the law that are applicable in these documents often lead to real estate with heterogeneous functions. The valuation of such properties requires a special approach. One method is to divide the prices of real estate similar to the appraised real estate into components that correspond to areas with certain functions. The aim of this paper is to present statistical methods that can facilitate such a solution. The valuation models (parametric and conditional) presented in this article come from geodetic methods for the reconciliation of results. The presented calculations suggest that it is necessary to verify whether the heterogeneous functions of real estate should be considered in its appraisal.

Open access