Spatio-Temporal Analysis of the Real Estate Market Using Geographic Information Systems

Abstract

The paper proposes the use of geographic information system tools for the analysis of spatial and temporal aspects of the real estate market. In particular, it focuses on the graphical presentation of the spatial distribution of price and its variability over time. The possibility of presenting an image of the spatial distribution of prices in the form of a 3D model is studied. A topographic surface is proposed as an alternative to traditional methods of spatial interpolation. Visual verification and numerical comparison have shown its superiority over other previously used methods. The best method of presenting four-dimensional data - the variation in time of the spatial distribution of house prices - was sought. The possibility of taking time into account as one of the attributes of the analyzed and presented objects, available in advanced GIS software, was used for this purpose. The undertaken activities were based on formal guidelines for the registration of time set out in the ISO 19100 series of standards dedicated to geographic information. Potential sources of data for this kind of analysis were identified and their availability was examined. The paper also presents how to build a spatial database on the basis of the available information, which is a starting material for further analysis. The carried out research demonstrated the benefits of the spatial approach to trends of changes in real estate prices, which can be used, among others, for mass appraisal.

Econometric Identification of the Impact of Real Estate Characteristics Based on Predictive and Studentized Residuals

“…The application of diverse statistical and econometric methods is quite common in real estate market analysis, both in foreign (see ARSLAN et al 2015, BIN 2004, PARDOE 2008 and Polish scientific publications (e.g. CELLMER andSZCZEPANKOWSKA 2015, CICHOCIŃSKI andDĄBROWSKI 2013). Still, the analytical method proposed here has, so far, not been used in real estate market analysis.…”

Towards Increasing Residential Market Transparency: Mapping Local Housing Prices and Dynamics

“…This information has limitations in the description of properties; however, it is still a huge step forward. Taking into account the ease of gathering data from different online sources (e.g., information on properties or sales, GIS (geographic information system) data-coordinates, layers shared by municipalities, or data from the OpenStreetMap project) there is an increased possibility of merging data, estimating models with new variables, and elaborating new ideas and solutions [12,13].Taking into account the above considerations, the paper attempts to use maps to improve the availability of information about the housing market and thus increase the transparency of this market. The developed maps should increase the residential market transparency as they provide new information to potential buyers, owners, investors, and in this way, reduce the investment risk in this market.…”

“…This information has limitations in the description of properties; however, it is still a huge step forward. Taking into account the ease of gathering data from different online sources (e.g., information on properties or sales, GIS (geographic information system) data-coordinates, layers shared by municipalities, or data from the OpenStreetMap project) there is an increased possibility of merging data, estimating models with new variables, and elaborating new ideas and solutions [12,13].…”

The Cartographic Method of Research in Exploring the Real Estate Market - A Case of Using Maps for the Introductory Analyses of the Lublin Suburban Commune of Konopnica

“…Hence, maps are very good tools in both, introductory analysis and the appraisal process, as well as at the stage of presenting the spatial distribution of prices, factors and the relationships between them. Maps were often used in the latter case, serving as illustrations of a certain state and situation; however, their use in the process of research is also becoming increasingly popular (CICHOCIŃSKI 2007;CICHOCIŃSKI, DĄBROWSKI 2013). This paper concentrates on the use of maps in the introductory analysis of the real estate market of a suburban gmina (commune).…”