Residential property market prices estimation using spatial analysis models Online publication date: Tue, 12-Jun-2018
by A.P. Vavatsikos; E-S. Karagiorgou-Papavasili; M. Giannopoulou
International Journal of Decision Support Systems (IJDSS), Vol. 2, No. 4, 2017
Abstract: The construction sector is one of the most important production factors. In that manner property valuation consists of an important research field for significant production factors. Real estate valuation is the determination of the property transaction price on a specific date. Given the spatial nature of the real estate valuation procedures the role of geographic information systems can significant improve the quality of the valuation procedures so as to derive accurate price estimations and thus to provide decision support for investors and politicians with respect to financial and political decisions. GIS-based approaches are implemented aiming to obtain the most suitable spatial distribution of residential market prices from a set of known estimations. Through a description of the Greek real estate market, the paper at hand proposes a methodological framework that allows both private and public-sector organisations in Greece to obtain property price estimations. The framework is illustrated through a real-world case study
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