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Kriging In Mass Appraisal For Rating

Buyong , Taher and Ismail, Suriatini and Sipan, Ibrahim @ Atan and Hashim, Mohd Ghazali and Adan, Mohd Nurul Fakhri (2008) Kriging In Mass Appraisal For Rating. In: International Real Estate Research Symposium (IRERS) 2008 Benchmarking, Innovating and Sustaining Real Estate Market Dynamics, 28 – 30th April 2008, PWTC Kuala Lumpur, Malaysia. (Unpublished)

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Abstract

The application of geostatistical method, kriging, to predict the unknown property values from observed data of known property values in the context of mass appraisal is described in this paper. This method uses semivariogram to define the weight of neighboring observations in the prediction procedure. Kriging has been used successfully in predicting underground surfaces such as ore bodies and soil nutrients but receive less attention from valuation and econometrics experts. Several variations of kriging are available but the focus of the paper is on ordinary kriging. The theory is described and computational method applicable to hedonic price equation is shown. Transaction data within Majlis Perbandaran Kulai from year 2004 to 2006 are used as a case study. The results are compared with the traditional method of Multiple Regression Analysis (MRA) in term of its prediction performance.

Item Type:Conference or Workshop Item (Paper)
Uncontrolled Keywords:Property tax, Multiple Regression Analysis (MRA), spatial regression, spatial autocorrelation
Subjects:G Geography. Anthropology. Recreation > G Geography (General)
T Technology > T Technology (General)
G Geography. Anthropology. Recreation > GA Mathematical geography. Cartography
H Social Sciences > H Social Sciences (General)
Divisions:Geoinformation Science And Engineering (Formerly known)
ID Code:5593
Deposited By: Dr Suriatini Ismail
Deposited On:26 May 2008 07:34
Last Modified:01 Jun 2010 15:32

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