Abstract
In this paper a mass appraisal methodology for the periodic reviews of the market values of special properties that constitute the asset balance of relevant real estate portfolios has been developed. Using the information published by Italian databases, a study sample of office properties of medium and large size, located in the city of Milan (Italy) and sold in the last decade, has been obtained. After having identified the main characteristics that contribute to the formation of property prices for the study sample considered, a model for the “quick” assessment of similar properties for intended use and explanatory variables of the prices and located in the same territorial context has been defined through the implementation of a genetic algorithm. The methodology developed satisfies the need to perform repetitive valuations, that should be not only contextualized to the spatial characteristics, but also timed to the different stages of evolution of the property cycles.
The work must be attributed in equal parts to the authors.
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Acknowledgements
The writers would like to thank the Central Observatory of the Real Estate Market and Estimative Services (Italian Revenue Agency), for his availability to provide the necessary real estate data for the analysis carried out and explained in the paper.
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Tajani, F., Ntalianis, K., Di Liddo, F. (2017). An Assessment Model for the Periodic Reviews of the Market Values of Property Assets. In: Gervasi, O., et al. Computational Science and Its Applications – ICCSA 2017. ICCSA 2017. Lecture Notes in Computer Science(), vol 10406. Springer, Cham. https://doi.org/10.1007/978-3-319-62398-6_35
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DOI: https://doi.org/10.1007/978-3-319-62398-6_35
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