Jump to ContentJump to Main Navigation
Show Summary Details
More options …

Folia Oeconomica Stetinensia

The Journal of University of Szczecin

2 Issues per year

Open Access
Online
ISSN
1898-0198
See all formats and pricing
More options …

The Use of the Geographically Weighted Regression for the Real Estate Market Analysis

Radosław Cellmer Ph.D.
  • Corresponding author
  • University of Warmia and Mazury in Olsztyn Faculty of Geodesy and Land Management Department of Real Estate Management and Regional Development Prawochenskiego 15, 10-720 Olsztyn, Poland
  • Email
  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
Published Online: 2013-03-15 | DOI: https://doi.org/10.2478/v10031-012-0009-6

Abstract

The article presents a method for developing geographically weighted regression models for analyzing real estate market transaction prices and evaluating the effect of selected property attributes on the prices and value of real estate. The property attributes were evaluated on a grading scale to determine the relative (percentage) indicators characterizing the relationships on the real estate market. The market data were analyzed to evaluate the influence of infrastructure availability on the prices of land in Olsztyn. The results were used to assess the effect of every utility service on the property transaction prices.

Keywords : market analysis; geographically weighted regression; spatial models

  • Adamczewski, Z. (2006). Elementy modelowania matematycznego w wycenie nieruchomości. Warszawa: Oficyna Wydawnicza Politechniki Warszawskiej.Google Scholar

  • Akaike, H. (1973). Information theory and an extension of the maximum likelihood principle. In: B. Petrov and F. Csaki (Eds.), 2nd Symposium on Information Theory, Budapest: Akademiai Kiado (pp. 267-281).Google Scholar

  • Anselin, L. (1988). Spatial econometrics: methods and models. Dordrecht: Kluwer Academic Publishers.Google Scholar

  • Barańska, A. (2008). Kryteria stosowania modeli stochastycznych w predykcji rynkowej wartości nieruchomości. Zastosowania Metod Statystycznych w Badaniach Naukowych. StatSoft, www.statsoft.pl/czytelnia.Google Scholar

  • Bitner, A. (2007). Konstrukcja modelu regresji wielorakiej przy wycenie nieruchomości, ActaScientiarum Polonorum, Administratio Locorum, 7, 1, 41-53.Google Scholar

  • Bonnafous, A. & Kryvobokov, M. (2011). Insight into apartment attributes and location with factors and principal components. International Journal of Housing Markets and Analysis, 4, 2, 155-171. DOI: 10.1108/17538271111137930.CrossrefGoogle Scholar

  • Bruce, R.W. & Sundell, D.J. (1977). Multiple regression analysis: history and application in the appraisal profession. Real Estate Appraiser, Jan/Feb, 37-44.Google Scholar

  • Brunsdon, C., Fotheringam, S. & Charlton, M. (1999). Some notes on parametric significance tests for geographically weighted regression. Journal of Regional Science, 39, 3, 497-524.Google Scholar

  • Brunsdon, C., Fotheringham, S. & Charlton, M. (2000). Geographically Weighted Regressionas a Statistical Model, Spatial Analysis Research Group, Department of Geography, University of Newcastle-upon-Tyne, UK.Google Scholar

  • Caseti, E. (1972). Generating models by the expansion method: applications to geographic research, Geographical Analysis, 4, 81-91.Google Scholar

  • Charlton, M. & Fotheringham, S. (2009). Geographically weighted regression. National Centre for Geocomputation, Maynooth, Ireland.Google Scholar

  • Czaja, J. (2001). Metody szacowania wartości rynkowej i katastralnej nieruchomości. Kraków: Wydawnictwo Akademii Górniczo-Hutniczej w Krakowie.Google Scholar

  • Fotheringham, S., Brunsdon, C., Charlton, M. (2002). Geographically Weighted Regression - the analysis of spatially varying relationships. New York: John Wiley & Sons, Ltd.Google Scholar

  • Haining, R. (2003). Spatial analysis of regional geostatistics data. Cambridge University Press.Google Scholar

  • Hozer, J. (2001). Regresja wieloraka a wycena nieruchomości. Rzeczoznawca Majątkowy, 2, 13-14.Google Scholar

  • Hurvich, C.M., Simonoff, J.S. & Tsai, C.L. (1998). Smoothing parameter selection in nonparametric regression using an improved Akaike information criterion. Journal of RoyalStatistical Society, B, 60, 271-293, DOI: 10.1111/1467-9868.00125.CrossrefGoogle Scholar

  • Kulczycki, M. & Ligas, M. (2007). Regresja ważona geograficznie jako narzędzie analizy rynku nieruchomości, Geomatics and Environmental Engineering, 1, 2, 59-68.Google Scholar

  • Lis C. (2005). Ekonometryczne modele cen transakcyjnych lokali mieszkalnych, Zeszyty NaukoweUniwersytetu Szczecińskiego 415. Prace Katedry Ekonometrii i Statystyki 16, 161-174.Google Scholar

  • Mark, J. & Goldberg, M.A. (1988). Multiple regression analysis and mass assessment. A review of the issues. Appraisal Journal, 56, 89-109.Google Scholar

  • McCord, M., Davis, P.T., Haran, M., McGreal, S. & Mcllhatton, D. (2012). Spatial variation as a determinant of house price: Incorporating a geographically weighted regression approach within the Belfast housing market, Journal of Financial Management of Propertyand Construction 17, 1, 49-72. DOI: 10.1108/13664381211211046.CrossrefGoogle Scholar

  • Sawiłow, E. (2010). Problematyka określania wartości nieruchomości metodą analizy statystycznej rynku. Studia i Materiały Towarzystwa Naukowego Nieruchomości, 18, 1, 21-32.Google Scholar

  • Simpson, E.H. (1951). The interpretation of interaction in contingency tables. Journal of theRoyal Statistical Society B13, 238-241.Google Scholar

  • Swamy, P. (1971). Statistical inference in random coefficient models. Berlin: Springer.Google Scholar

  • Tobler, W.R. (1970). A computer movie simulating urban growth in the Detroid region, EconomicGeography, 46, 234-240.Google Scholar

  • Wang, K. & Wolverton, M.L. (2002). Real Estate Valuation Theory. Berlin: Springer.Google Scholar

About the article

Published Online: 2013-03-15

Published in Print: 2012-01-01


Citation Information: Folia Oeconomica Stetinensia, ISSN (Online) 1898-0198, ISSN (Print) 1730-4237, DOI: https://doi.org/10.2478/v10031-012-0009-6.

Export Citation

This content is open access.

Comments (0)

Please log in or register to comment.
Log in