Appraisal of Real Estate with Various Functions in the Context of Sustainable Development

Abstract

Abstract The value of a piece of real estate depends on the purpose it is used for and on its function in planning documents. Unfortunately, current land development trends and the provisions of the law that are applicable in these documents often lead to real estate with heterogeneous functions. The valuation of such properties requires a special approach. One method is to divide the prices of real estate similar to the appraised real estate into components that correspond to areas with certain functions. The aim of this paper is to present statistical methods that can facilitate such a solution. The valuation models (parametric and conditional) presented in this article come from geodetic methods for the reconciliation of results. The presented calculations suggest that it is necessary to verify whether the heterogeneous functions of real estate should be considered in its appraisal.