Proposal of real estate mass valuation in Slovenia based on generalised additive modelling approach

Ulbl, Melita (author), Verbič, Miroslav (author), Lisec, Anka (author), Pahor, Marko (author)

The present paper discusses the heterogeneity of the apartment market. For this purpose, we have developed the model for the mass valuation of apartments in the Republic of Slovenia. The construction of the mass valuation model is based on the generalised additive model approach. In this paper, the development of the model is presented. In the experimental part, the analysis of the results of the two models is performed. The dependent variable (the price of an apartment) is distributed according to the Gaussian and the gamma distributions. Particular attention has been paid to the impact of the transaction time on the apartments' transaction value. The results of the model are also compared with the results of the mass valuation model in the Republic of Slovenia, which is carried out cyclically and iteratively, the results of which depend on the results (and mass valuation models) of previous cycles.

• Language: English
• Keywords: real property market, apartments, market value, mass valuation, models, Slovenia, GAM, SPAR, sale price
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: EF - School of Economics and Business
• Publication status: Published
• Publication version: Version of Record
• Year: 2021
• Number of pages: Str. 46-64
• Numbering: Letn. 65, št. 1
• PID: 20.500.12556/RUL-126633
• UDC: 332.6:004.6(497.4)
• ISSN on article: 0351-0271
• DOI: 10.15292/geodetski-vestnik.2021.01.46-81
• COBISS.SI-ID: 59105027
• Publication date in RUL: 29.04.2021

Record is a part of a journal

• Title: Geodetski vestnik. glasilo Zveze geodetov Slovenije
• Shortened title: Geod. vestn.
• Publisher: Zveza geodetov Slovenije
• ISSN: 0351-0271
• COBISS.SI-ID: 5091842

Licences

• License: CC BY-NC 4.0, Creative Commons Attribution-NonCommercial 4.0 International
• Link: http://creativecommons.org/licenses/by-nc/4.0/
• Description: A creative commons license that bans commercial use, but the users don’t have to license their derivative works on the same terms.
• Licensing start date: 01.01.2021

Secondary language

• Language: Slovenian
• Title: Predlog za izboljšavo množičnega vrednotenja nepremičnin v Sloveniji na podlagi pristopa generaliziranih aditivnih modelov

Abstract

V prispevku obravnavamo množično določitev vrednosti stanovanj, za kar smo na podlagi podatkov trga nepremičnin razvili model množičnega vrednotenja stanovanj v Republiki Sloveniji. Pri tem smo uporabili generalizirane aditivne modele. V prispevku podrobneje predstavljamo izgradnjo tega modela, v eksperimentalnem delu raziskave pa je izvedena analiza rezultatov ocenjevanja tržnih vrednosti stanovanj dveh modelov, pri katerih je odvisna spremenljivka (cena stanovanja) porazdeljena po Gaussovi ter gama porazdelitvi. Posebej smo obravnavali vpliv trenutka prodaje stanovanja na transakcijsko ceno. Rezultate modela smo primerjali tudi z rezultati modela množičnega vrednotenja v Republiki Sloveniji, ki se izvaja ciklično, iterativno in katerega rezultati so odvisni od rezultatov (in modelov množičnega vrednotenja) predhodnih ciklov vrednotenja.

• Keywords: trg nepremičnin, stanovanja, tržna vrednost, množično vrednotenje, modeli, Slovenija, GAM, SPAR, cena stanovanj