Valuations of building plots using the AHP method
Abstract
Predicting the value of real estate is a complex endeavor due to the abundance of subjective criteria. Objective consideration of the value-affecting criteria in real estate and regulation of decision support systems will enable the acquisition of more accurate results. In this study, analytic hierarchy process (AHP), a type of multi-criteria decision analysis (MCDA), is used to reproduce coefficients that serve as the basis for real estate valuation. A region in the Selcuklu district of Konya, Turkey was used to test the model created by AHP. Weighted criteria describing areas subjected to purchase/sale were generated by the AHP method and then validated. Additionally, a valuation model was created by the multiple regression analysis (MRA) method for comparison and performance analyses. Weighted values were transformed from AHP points and acquired from the MRA method and then joined with geographic information systems (GIS). Value maps of the study area and purchase/sale values were generated according to these newly created models. The performance comparison and value maps revealed that the AHP method is more successful than the MRA method. This study addressed the complexity of criteria issue by using the original hierarchical structure of AHP and thus contributes to the world economy by enabling the generation of more accurate estimations.
Keyword : Real estate valuation, MCDA, decision making, multiple regression analysis (MRA), analytic hierarchy process (AHP), geographic information systems (GIS)
How to Cite
Bunyan Unel, F., & Yalpir, S. (2019). Valuations of building plots using the AHP method. International Journal of Strategic Property Management, 23(3), 197-212. https://doi.org/10.3846/ijspm.2019.7952
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Ferreira, F. A. F., Spahr, R. W., & Sunderman, M. A. (2016). Using multiple criteria decision analysis (MCDA) to assist in estimating residential housing values. International Journal of Strategic Property Management, 20(4), 354-370. https://doi.org/10.3846/1648715X.2015.1122668
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Garcia, N., Gamez, M., & Alfaro, E. (2008). ANN+GIS: an automated system for property valuation. Neurocomputing, 71, 733-742. https://doi.org/10.1016/j.neucom.2007.07.031
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Ge, X. J., & Runeson, G. (2004). Modeling property prices using neural network model for Hong Kong. International Real Estate Review, 7(1), 121-138.
Ghasemi, K., Hamzenejad, M., & Meshkini, A. (2018). The spatial analysis of the livability of 22 districts of Tehran Metropolis using multi-criteria decision making approaches. Sustainable Cities and Society, 38, 382-404. https://doi.org/10.1016/j.scs.2018.01.018
Gomes, L. F. A. M., & Rangel, L. A. D. (2009). An application of the TODIM method to the multicriteria rental evaluation of residential properties. European Journal of Operational Research, 193(1), 204-211. https://doi.org/10.1016/j.ejor.2007.10.046
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Kaklauskas, A., Zavadskas, E. K., & Trinkunas, V. (2007). A multiple criteria decision support on-line system for construction. Engineering Applications of Artificial Intelligence, 20, 163-175. https://doi.org/10.1016/j.engappai.2006.06.009
Karimov, A. (2010). Office rent variation in CBD: An application of mamdani and TSK-type fuzzy rule based system (Ms Thesis). Middle East Technical University, Financial Mathematics, Ankara, Turkey.
Kauko, T. (2002). Modelling the locational determinants of house prices: neural network and value tree approaches (PhD Thesis). Utrecht University, Netherlands. https://doi.org/10.1108/14635780310481676
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