THE RESIDUALS ANALYSIS AS THE SOURCE DIAGNOSING OF STOCHASTIC FACTORS INFLUENT ON THE REAL ESTATE VALUE
||Renigier, Malgorzata Beata; Ryszard Zrobek
||THE RESIDUALS ANALYSIS AS THE SOURCE DIAGNOSING OF STOCHASTIC FACTORS INFLUENT ON THE REAL ESTATE VALUE
||Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
||The value of the real estate underlies to it price formation. Many factors have influence on the value of real estate but there are not only statical (i.e. localization of real estates, technical condition of real estate). Dynamical factors have also influence on the value real estate which are connected with economic, politic and social situation on the market of the real estate. Diagnosing of these factors usually is based on the deterministic theory , with the omission significant meaning, which is delivered by the stochastic theory to the market analysis and valuation of real estate. Stochastic aspects of the real estates value defining are extremely difficult to the proof, especially that it belong to the multiple factors (often egzogenic), dynamical and random. Authors found that the residuals from the model are a simplified representative of stochastic factors influence on the value of real estate, in accordance with a statement that residuals determine the formal measure of differences between specific phenomena and generalizations, give by created models. In this article (that is continuation of the preceding article entitled „The residual from statistical models in valuation and management of real estate” - ERES Dublin 2005r.) will become practical aspects submitted of the interpretation and the application of the analysis residuals in the real estate management, as significant source of information to the estimation of effects of changes on the real estate market and in its environment. Results of analyses will be significant to the delineation and predicting values for different aims (the analysis of the development of the social-economic space, the competitiveness and innovative of regions from expectancy of investors, predicting of results of economic spatial changes on the real estate market. etc.).
||residuals from model; stochastic factors; value of the real estate
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