Modeling market value of land plots using GIS
Abstract
This work examines the regulatory framework for expert monetary valuation of land plots. Scientific research on the development and improvement of economic-statistical methods for mass monetary valuation of land plots is analyzed. The peculiarities and advantages of using GIS in the valuation procedure are considered. A structure of the valuation database is developed for the effective selection of comparable plots during valuation by comparing sales prices and market analysis. The valuation database is formed based on data on land plot sales. Price formation factors are analyzed in order to construct an economic-statistical model of market value for land plots in Rivne. Scales of indicator values are proposed for formalizing the assessment of price formation factors. Functions of the ArcGIS are used to establish indicator values. The market value of land plots is modeled using multiple regression analysis. Additionally, a surface of land plot values is constructed, which serves to determine the approximate market value. The model has been verified using GIS tools. An accuracy assessment of the developed model has been carried out.
Keyword : expert monetary valuation, lands of settlements, GIS, land plot, modeling, market value
How to Cite
Shulgan, R., & Nikolaichuk, K. (2024). Modeling market value of land plots using GIS. Geodesy and Cartography, 50(3), 132–140. https://doi.org/10.3846/gac.2024.19921
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bamshad, S., & Seyed, M. H. (2014). Comparison of multi-criteria evaluation (AHP and WLC approaches) for land capability assesment of urban development in GIS. International Journal of Geomatics and Geosciences, 4(3), 435–446.
Droj, G., & Droj, L. (2016) GIS based automated valuation models – A genuine solution for real estate valuation in Romania. RevCAD, 20, 45–52.
Hubar, Yu. (2007). Zastosuvannia matematychnoho aparata v metodychnomu pidkhodi, shcho gruntuietsia na zistavleni tsin prodazhu podibnykh zemelnykh dilianok. ISTCGCAP, 69, 156–166. https://science.lpnu.ua/sites/default/files/journal-paper/2017/may/1768/gka69200724.pdf (in Ukrainian)
Hubar, Yu. (2012). Rozrobka pidkhodiv i metodiv kadastrovoi otsinky nerukhomosti naselenykh punktiv [Development of approaches and methods of cadastral real estate evaluation of settlements]. Suchasni dosiahnennia heodezychnoi nauky ta vyrobnytstva, 2(24), 146–150 (in Ukrainian).
Hubar, Yu., Sai, V., & Vynarchyk, L. (2020). Metodyka mistobudivnoho modeliuvannia masovoi otsinky zemel. Suchasni dosiahnennia heodezychnoi nauky ta vyrobnytstva, 1(39), 128–138. https://ena.lpnu.ua:8443/server/api/core/bitstreams/8cacec3c-20f0-4428-96b7-06dc667ca328/content (in Ukrainian)
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Li, L., Prussella, P. G. R. N. I., Gunathilake, M. D. E. K., Munasinghe, D. S., & Karadana, C. A. (2015). Land valuation systems using GIS technology case of Matara urban council area, Sri Lanka. The Planning Research Journal.
Liashchenko, A. A., Kravchenko, Yu. V., & Horkovchuk, D. V. (2014). Heoinformatsiine modeliuvannia vplyvu lokalnykh faktoriv na normatyvnu hroshovu otsinku zemelnykh dilianok v 242 naselenykh punktakh. Mistobuduvannia ta terytorialne planuvannia, 53, 310–319 (in Ukrainian).
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Mete, M. O, Guler, D., & Yomralioglu, T. (2022a). Towards a 3D real estate valuation model using BIM and GIS. In M. Ben Ahmed, A. A. Boudhir, İ. R. Karaș, V. Jain, & S. Mellouli (Eds.), Lecture notes in networks and systems: Vol. 393. Innovations in smart cities applications (Vol. 5, pp. 945–962). Springer. https://doi.org/10.1007/978-3-030-94191-8_77
Nikolaichuk, K., & Shulgan, R. (2022, September 29–30). Pobudova poverkhni ekspertnoi vartosti zemelnykh dilianok m. Rivne. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 169–170). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Perovych, L., & Hubar, Yu. (2016). Otsinka nerukhomosti [Real estate valuation]: navch. posib. Natsionalnyi universytet “Lvivska politekhnika” (in Ukrainian).
Postanovoiu Kabinetu Ministriv Ukrainy. (2002). Pro ekspertnu hroshovu otsinku zemelnykh dilianok (No. 1531). https://zakon.rada.gov.ua/laws/show/1531-2002-%D0%BF#Text (in Ukrainian)
Shipulin, V., & Shterndok, E. (2017). Heoinformatsiine zabezpechennia intehralnoi otsinky prostorovykh faktoriv zemel mehapolisa. Zb. naukovykh prats Ukrainskoho derzhavnoho universytetu zaliznychnoho transportu, 169, 183–190 (in Ukrainian).
Shipulin, V., Palekha, Yu., & Shterndok, E. (2015). HIS-tekhnolohii v otsintsi zemli ta nerukhomoho maina: navch. posib. KhNUMH im. O. M. Beketova (in Ukrainian).
Shulgan, R., & Nikolaichuk, K. (2022a). Ekonomiko-statystychne modeliuvannia vartosti ekspertnoi hroshovoi otsinky zemelnykh dilianok iz zastosuvanniam zasobiv HIS. Visnyk Natsionalnoho universytetu vodnoho hospodarstva ta pryrodokorystuvannia seriia “Tekhnichni nauky”, 4(100), 47–60 (in Ukrainian).
Shulgan, R., & Nikolaichuk, K. (2022b, September 29–30). Model ekspertnoi vartosti zemelnykh dilianok m. Rivne. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 171–172). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Shulgan, R., & Nikolaichuk, K. (2022c, September 29–30). Osoblyvosti formuvannia bazy otsinochnykh danykh v prohramnomu produkti ARCGIS. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 173–175). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Shulgan, R., Kibukevich, O., Yanchuk, O., & Nikolaichuk, K. (2017). GRID-model of natural agricultural zoning. Geodesy and Cartography, 43(1), 22–27. https://doi.org/10.3846/20296991.2017.1299844
Sisman, S., Akar, A. U., & Yalpir, S. (2023). The novelty hybrid model development proposal for mass appraisal of real estates in sustainable land management. Survey Review, 55(388), 1–20. https://doi.org/10.1080/00396265.2021.1996797
Vynarchyk, L., Khavar, Yu., & Hubar, Yu. (2017). Zastosuvannia ekonomiko-matematychnoho pidkhodu do otsinky zemelnykh dilianok naselenykh punktiv. Molodyi vchenyi, 12, 507–512. http://nbuv.gov.ua/UJRN/molv_2017_12_122 (in Ukrainian)
Yanchuk, O., Shulgan, R., & Nikolaichuk, K. (2020). Ekspertna hroshova otsinka zemelnykh dilianok komertsiinoho pryznachennia na osnovi ekonomiko-statystychnoho modeliuvannia. Visnyk NUVHP. Tekhnichni nauky, 2(90), 178–192 (in Ukrainian).
Yomralioglu, T., & Nisanci, R. (2004, May 22–27). Nominal asset land valuation technique by GIS. In FIG Working Week (pp. 1–9), Athens, Greece. https://www.fig.net/resources/proceedings/fig_proceedings/athens/papers/ts27/TS27_4_Yomralioglu_Nisanci.pdf
Aydinoglu, A. C., Bovkir, R., & Colkesen, I. (2021). Implementing a mass valuation application on interoperable land valuation data model designed as an extension of the national GDI. Survey Review, 53(379), 349–365. https://doi.org/10.1080/00396265.2020.1771967
Bamshad, S., & Seyed, M. H. (2014). Comparison of multi-criteria evaluation (AHP and WLC approaches) for land capability assesment of urban development in GIS. International Journal of Geomatics and Geosciences, 4(3), 435–446.
Droj, G., & Droj, L. (2016) GIS based automated valuation models – A genuine solution for real estate valuation in Romania. RevCAD, 20, 45–52.
Hubar, Yu. (2007). Zastosuvannia matematychnoho aparata v metodychnomu pidkhodi, shcho gruntuietsia na zistavleni tsin prodazhu podibnykh zemelnykh dilianok. ISTCGCAP, 69, 156–166. https://science.lpnu.ua/sites/default/files/journal-paper/2017/may/1768/gka69200724.pdf (in Ukrainian)
Hubar, Yu. (2012). Rozrobka pidkhodiv i metodiv kadastrovoi otsinky nerukhomosti naselenykh punktiv [Development of approaches and methods of cadastral real estate evaluation of settlements]. Suchasni dosiahnennia heodezychnoi nauky ta vyrobnytstva, 2(24), 146–150 (in Ukrainian).
Hubar, Yu., Sai, V., & Vynarchyk, L. (2020). Metodyka mistobudivnoho modeliuvannia masovoi otsinky zemel. Suchasni dosiahnennia heodezychnoi nauky ta vyrobnytstva, 1(39), 128–138. https://ena.lpnu.ua:8443/server/api/core/bitstreams/8cacec3c-20f0-4428-96b7-06dc667ca328/content (in Ukrainian)
Lemmens, M., & Kurm, J. (2000). Integrating GIS with a land valuation in formation system: Some non-technical considerations for the Estonian case, Estonia. Delft University of Technology, Department of Geodesy, the Netherlands, Estonian National Land Board, Estonia. https://gdmc.nl/publications/2000/Land_valuation_system.pdf
Li, L., Prussella, P. G. R. N. I., Gunathilake, M. D. E. K., Munasinghe, D. S., & Karadana, C. A. (2015). Land valuation systems using GIS technology case of Matara urban council area, Sri Lanka. The Planning Research Journal.
Liashchenko, A. A., Kravchenko, Yu. V., & Horkovchuk, D. V. (2014). Heoinformatsiine modeliuvannia vplyvu lokalnykh faktoriv na normatyvnu hroshovu otsinku zemelnykh dilianok v 242 naselenykh punktakh. Mistobuduvannia ta terytorialne planuvannia, 53, 310–319 (in Ukrainian).
Mete, M. O, & Yomralioglu, T. (2022b). A hybrid approach for mass valuation of residential properties through geographic information systems and machine learning integration. Geographical Analysis, 55(4), 535–559. https://doi.org/10.1111/gean.12350
Mete, M. O, Guler, D., & Yomralioglu, T. (2022a). Towards a 3D real estate valuation model using BIM and GIS. In M. Ben Ahmed, A. A. Boudhir, İ. R. Karaș, V. Jain, & S. Mellouli (Eds.), Lecture notes in networks and systems: Vol. 393. Innovations in smart cities applications (Vol. 5, pp. 945–962). Springer. https://doi.org/10.1007/978-3-030-94191-8_77
Nikolaichuk, K., & Shulgan, R. (2022, September 29–30). Pobudova poverkhni ekspertnoi vartosti zemelnykh dilianok m. Rivne. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 169–170). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Perovych, L., & Hubar, Yu. (2016). Otsinka nerukhomosti [Real estate valuation]: navch. posib. Natsionalnyi universytet “Lvivska politekhnika” (in Ukrainian).
Postanovoiu Kabinetu Ministriv Ukrainy. (2002). Pro ekspertnu hroshovu otsinku zemelnykh dilianok (No. 1531). https://zakon.rada.gov.ua/laws/show/1531-2002-%D0%BF#Text (in Ukrainian)
Shipulin, V., & Shterndok, E. (2017). Heoinformatsiine zabezpechennia intehralnoi otsinky prostorovykh faktoriv zemel mehapolisa. Zb. naukovykh prats Ukrainskoho derzhavnoho universytetu zaliznychnoho transportu, 169, 183–190 (in Ukrainian).
Shipulin, V., Palekha, Yu., & Shterndok, E. (2015). HIS-tekhnolohii v otsintsi zemli ta nerukhomoho maina: navch. posib. KhNUMH im. O. M. Beketova (in Ukrainian).
Shulgan, R., & Nikolaichuk, K. (2022a). Ekonomiko-statystychne modeliuvannia vartosti ekspertnoi hroshovoi otsinky zemelnykh dilianok iz zastosuvanniam zasobiv HIS. Visnyk Natsionalnoho universytetu vodnoho hospodarstva ta pryrodokorystuvannia seriia “Tekhnichni nauky”, 4(100), 47–60 (in Ukrainian).
Shulgan, R., & Nikolaichuk, K. (2022b, September 29–30). Model ekspertnoi vartosti zemelnykh dilianok m. Rivne. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 171–172). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Shulgan, R., & Nikolaichuk, K. (2022c, September 29–30). Osoblyvosti formuvannia bazy otsinochnykh danykh v prohramnomu produkti ARCGIS. In Tezy Vseukrainskoi naukovo-praktychnoi konferentsii Naukovo-innovatsiinyi suprovid zbalansovanoho pryrodokorystuvannia: materialy III Mizhnarodnoi naukovo-praktychnoi internet-konferentsii, prysviachenoi pamiati ta 95-richchiu z Dnia narodzhennia profesora S.T. Vozniuka (pp. 173–175). NUWEE. https://ep3.nuwm.edu.ua/25070/ (in Ukrainian)
Shulgan, R., Kibukevich, O., Yanchuk, O., & Nikolaichuk, K. (2017). GRID-model of natural agricultural zoning. Geodesy and Cartography, 43(1), 22–27. https://doi.org/10.3846/20296991.2017.1299844
Sisman, S., Akar, A. U., & Yalpir, S. (2023). The novelty hybrid model development proposal for mass appraisal of real estates in sustainable land management. Survey Review, 55(388), 1–20. https://doi.org/10.1080/00396265.2021.1996797
Vynarchyk, L., Khavar, Yu., & Hubar, Yu. (2017). Zastosuvannia ekonomiko-matematychnoho pidkhodu do otsinky zemelnykh dilianok naselenykh punktiv. Molodyi vchenyi, 12, 507–512. http://nbuv.gov.ua/UJRN/molv_2017_12_122 (in Ukrainian)
Yanchuk, O., Shulgan, R., & Nikolaichuk, K. (2020). Ekspertna hroshova otsinka zemelnykh dilianok komertsiinoho pryznachennia na osnovi ekonomiko-statystychnoho modeliuvannia. Visnyk NUVHP. Tekhnichni nauky, 2(90), 178–192 (in Ukrainian).
Yomralioglu, T., & Nisanci, R. (2004, May 22–27). Nominal asset land valuation technique by GIS. In FIG Working Week (pp. 1–9), Athens, Greece. https://www.fig.net/resources/proceedings/fig_proceedings/athens/papers/ts27/TS27_4_Yomralioglu_Nisanci.pdf