Suchergebnisse

PurposeProposes a new real estate valuation methodology and presents the architecture for a decision support system for real estate analysis based on Geographic Information Systems (GIS) techniques integrated with fuzzy theory and spatial analysis.Design/methodology/approachThe proposed information system architecture/problem‐solving methodology uses GIS technology integrated with two approaches: fuzzy logic and spatial analysis. The steps required in the proposed methodology are: database design and implementation; criteria and rules; system design; and implementation. The components/modules included in the proposed methodology are: requirement and definition analysis; data production; topology; integrated database; visualization; variables; quantification; valuation; and implementation.FindingsThe applicability of the system is evaluated via a case study in estimation of house sale prices. The proposed system/methodology was used in order to valuate property values in one municipality of Attica in Greece. The estimation, market analysis, forecasting and management of property values are of great importance and a prerequisite for real estate development.Originality/valueThe proposed methodology is innovative, easy to implement and has a vast theoretical background. Following the methodology/architecture, a prototype information system is presented in order to move from theory to practice. The value of the paper is the combination of new technology assessments and GIS tools, integrated with fuzzy theory and spatial analysis.

The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset, the value of the land flows from the use to which it is put, and that in turn is dependent upon the demand (and supply) for the product that is produced. Valuation, in its simplest form, is the determination of the amount for which the property will transact on a particular date. However, there is a wide range of purposes for which valuations are required. These range from valuations for purchase and sale, transfer, tax assessment, expropriation, inheritance or estate settlement, investment and financing. The objective of the paper is to provide a brief overview of the methods used in real estate valuation. Valuation methods can be grouped as traditional and advanced. The traditional methods are regression models, comparable, cost, income, profit and contractor's method. The advanced methods are ANNs, hedonic pricing method, spatial analysis methods, fuzzy logic and ARIMA models.