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Autor
Banaś Marek (The Bronisław Markiewicz State Higher School of Technology and Economics in Jarosław, Poland), Czaja Józef (The Bronisław Markiewicz State Higher School of Technology and Economics (PWSTE) in Jarosław, Poland), Dąbrowski Janusz (The Bronisław Markiewicz State Higher School of Technology and Economics in Jarosław, Poland)
Tytuł
The Application of Regression Analysis for Estimating the Market Value of Commercial Real Estate
Źródło
Geomatics and Environmental Engineering, 2022, nr 16/1, s. 17-35, tab., bibliogr. 9 poz.
Słowa kluczowe
Nieruchomości gruntowe, Nieruchomości komercyjne, Rynek nieruchomości, Wartość nieruchomości, Wycena nieruchomości, Analiza regresji
Ground real estate, Commercial property, Real estate market, Real estate's value, Real estate valuation, Regression analysis
Abstrakt
The transaction price of a land property with commercial buildings depends on both its quantitative and qualitative attributes. Quantitative attributes include surface areas of plots of land and usable floor spaces of premises and buildings with various intended purposes, as well as values of rents. Qualitative attributes are represented by the global attributes of these properties. In the analysis of the land property market with commercial buildings, all pairs that relate a transaction price to individual attributes are considered. The market value prediction is based on multiple regression analysis for a two-dimensional random variable, represented by the price and the predetermined attribute. The final market value of the property being valued is calculated as the weighted average of the market values predicted for each attribute. This research paper presents the procedure for determining the market value of land with commercial buildings, which falls within the method of statistical analysis of the market. The derived formulas and substantively justified algorithms may be the basis for market analysis and estimation of the market value of such land. This procedure has been thoroughly verified using two practical numerical examples. (original abstract)
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Bibliografia
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  1. Czaja J., Parzych P.: Szacowanie rynkowej wartości nieruchomości w aspekcie Międzynarodowych Standardów Wyceny. Stowarzyszenie Naukowe im. Stanisława Staszica, Kraków 2007.
  2. d'Amato M.: Cyclical Capitalization. [in:] Lorenz D., Dent P., Kauko T. (eds.), Value in a Changing Built Environment, Wiley Blackwell, 2017, pp. 151-172.
  3. d'Amato M., Amoruso P.: Application of a Cyclical Capitalization Model to the London Office Market. International Real Estate Review, Global Social Science Institute, vol. 21(1), 2018, pp. 113-143.
  4. Fehribach F., Rutherford R., Eakin M.: An Analysis of the Determinants of Industrial Property Valuation. Journal of Real Estate Research, vol. 8, no. 3, 1993, pp. 365-376. https://doi.org/10.1080/10835547.1993.12090717.
  5. Saderion Z., Smith B., Smith Ch.: An Integrated Approach to the Evaluation of Commercial Real Estate. Journal of Real Estate Research, vol. 9, no. 2, 1994, pp. 151-167. https://doi.org/10.1080/10835547.1994.12090743.
  6. Parzych P., Czaja J.: Szacowanie rynkowej wartości nieruchomości. Wydawnictwa AGH, Kraków 2015.
  7. Epley D.: The Need to Reference Automatic Valuation Models to the Valuation Process. Journal of Real Estate Literature, vol. 25, no. 1, 2017, pp. 237-251. https://doi.org/10.1080/10835547.2017.12090450.
  8. Bruneau C., Cherfouh S.: Long-run equilibrium for the Greater Paris office market and short-run adjustments. Journal of Property Research, vol. 32(4), 2015, pp. 301-323. https://doi.org/10.1080/09599916.2015.1089310.
  9. McCartney J.: Short and long-run rent adjustment in the Dublin office market. Journal of Property Research, vol. 29(3), 2012, pp. 201-226. https://doi.org/10.1080/09599916.2012.689990.
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ISSN
2300-7095
Język
eng
URI / DOI
http://dx.doi.org/10.7494/geom.2022.16.1.17
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