DEVELOPMENT OF REAL ESTATE MASS VALUATION MODEL FOR CONDOMINIUMS IN SKOPJE

Abstract

Development of real estate mass valuation model for condominiums in Skopje Real estate mass valuation models of a market value have a tendency to generate real estate property values as close as to the real market values. The success of the mass valuation model is determined based on the differences in the appraised market value and the price a certain property has reached on the open market. In order to establish a model with satisfactory quality, the right factors that determined property value need to be considered in creating mathematical relations between property value and selected factors. Property valuation theory, as one of the primary factors influencing property value, considers location. The paper is striving toward establishing a mass valuation real estate property model considering the implementation of spatial data as a significant factor in determining the market value of condominiums in Skopje.