Title: Residential property market prices estimation using spatial analysis models

Authors: A.P. Vavatsikos; E-S. Karagiorgou-Papavasili; M. Giannopoulou

Addresses: Production and Management Engineering Department, School of Engineering, Democritus University of Thrace, Vasilissis Sofias 12, 67100, Xanthi, Greece ' Production and Management Engineering Department, School of Engineering, Democritus University of Thrace, Vasilissis Sofias 12, 67100, Xanthi, Greece ' Civil Engineering Department, School of Engineering, Democritus University of Thrace, Vasilissis Sofias 12, 67100, Xanthi, Greece

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

Keywords: GIS; real estate; spatial interpolation; real estate taxation.

DOI: 10.1504/IJDSS.2017.092256

International Journal of Decision Support Systems, 2017 Vol.2 No.4, pp.248 - 259

Received: 09 Feb 2016
Accepted: 12 Apr 2017
Published online: 12 Jun 2018 *

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