IMPROVEMENT OF METHODS OF THE PROPERTY VALUATION BASED ON MATHEMATICAL AND NUMERICAL MODELING

Abstract

The conducted researches aimed to analyze modern models and methods of implementation of the comparative approach in property and real estate appraisal, to investigate and evaluate their effectiveness, to suggest ways of further improving the methods of property valuation. To achieve this aim, the authors carried out a series of computational experiments on a computer. The essence of these experiments was the comparative evaluation of the cost of test properties based on the following methods: expert evaluation, solving systems of linear algebraic equations, based on the normalized distances in the space of pricing factors and the correlation-regression method. An analysis was made of the influence of methods of digitizing the initial data (pricing factors) on the final cost of real estate. On the basis of the studies, prospective ways and directions for further improvement of the methods of property valuation are determined.