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.