The novelty hybrid model development proposal for mass appraisal of real estates in sustainable land management

Abstract

In this study, a new methodology has been developed for a sustainable mass appraisal system. A mathematical model was created with the combination of the Cobb-Douglas and the linear regression model. With the Analytic Hierarchy Process (AHP) method, real estate value criteria were grouped and weighted in a hierarchical structure. The weights obtained with AHP were integrated into the coefficients regarding the criteria weights and densities in the Cobb-Douglas hybrid model. The new hybrid model was confirmed with the features and price equivalents of 435 parcels for sale from the market. Besides, the model analysis results were compared with the Multiple Regression Analysis (MRA) modelling using market prices. While creating the methodology, Geographic Information Systems (GIS) was used to organize the geographic and regional data of the region. After developing the new hybrid model, criteria groups that developed the model and relevant sub-criteria were evaluated using Pearson's correlation analysis.

Keywords:

• Novelty Hybrid Model
• Cobb–Douglas
• Mass Appraisal
• MRA
• AHP

Acknowledgements

The authors would like to thank interviewers who made efforts and respondents who patiently completed the survey in the data collection phase of the survey.

Additional information

Funding

This study is supported by the Türkiye Bilimsel ve Teknolojik Araştirma Kurumu (TUBITAK in Turkish) with 115Y769 Projects Number.

Notes on contributors

Suleyman Sisman

Res. Assist. Suleyman Sisman graduated from the Department of Geomatics Engineering of Engineering and Architecture Faculty of Selçuk University in 2018 in Konya. He completed his master in 2021 from the Institute of Science and Technology of Gebze Technical University on Geodesy and Geographical Information Technology program. He is currently working as the Res. Assistant at Department of Geomatics Engineering of Faculty of Engineering in Gebze Technical University”. Specializations: GIS, mass real estate valuation and MCDA and Machine-Learning Technique.

Res. Assist.

Ali Utku Akar

Ali Utku Akar graduated from the Department of Geomatics Engineering of Engineering and Architecture Faculty of Selçuk University in 2018 in Konya. He completed his master in 2021 from the Institute of Graduate Education in Konya Technical University on Geomatics Engineering program. He is currently working as the Res. Assistant at Department of Geomatics Engineering of Faculty of Engineering in Konya Technical University”. Specializations: GIS, mass real estate valuation, MCDA, Machine-Learning Technique.

Sukran Yalpir

Assoc. Prof. Dr. Sukran Yalpir completed her master in 2001 and her doctorate in 2007 from the Institute of Science and Technology of Selçuk University on Land Management program. She is currently working as the Assoc Prof. Dr. at Department of Geomatics Engineering of Faculty of Engineering and Natural Sciences in Konya Technical University. Specializations: Land management, GIS, mass appraisal, real estate valuation, MCDA, model development and conceptualization.