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Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review

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  • Daikun Wang

    (Department of Geography and Resource Management, The Chinese University of Hong Kong, Shatin, New Territories 999077, Hong Kong)

  • Victor Jing Li

    (Department of Geography and Resource Management, The Chinese University of Hong Kong, Shatin, New Territories 999077, Hong Kong
    Institute of Future Cities, The Chinese University of Hong Kong, Shatin, New Territories 999077, Hong Kong)

Abstract

With the increasing volume and active transaction of real estate properties, mass appraisal has been widely adopted in many countries for different purposes, including assessment of property tax. In this paper, 104 papers are selected for the systematic literature review of mass appraisal models and methods from 2000 to 2018. The review focuses on the application trend and classification of mass appraisal and highlights a 3I-trend, namely AI-Based model, GIS-Based model and MIX-Based model. The characteristics of different mass appraisal models are analyzed and compared. Finally, the future trend of mass appraisal based on model perspective is defined as “mass appraisal 2.0”: mass appraisal is the appraisal procedure of model establishment, analysis and test of group of properties as of a given date, combined with artificial intelligence, geo-information systems, and mixed methods, to better model the real estate value of non-spatial and spatial data.

Suggested Citation

  • Daikun Wang & Victor Jing Li, 2019. "Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review," Sustainability, MDPI, vol. 11(24), pages 1-14, December.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:24:p:7006-:d:295539
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    References listed on IDEAS

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    5. Daikun Wang & Victor Jing Li & Huayi Yu, 2020. "Mass Appraisal Modeling of Real Estate in Urban Centers by Geographically and Temporally Weighted Regression: A Case Study of Beijing’s Core Area," Land, MDPI, vol. 9(5), pages 1-18, May.
    6. Elena Bykowa & Maria Hełdak & Julia Sishchuk, 2020. "Cadastral Land Value Modelling Based on Zoning by Prestige: A Case Study of a Resort Town," Sustainability, MDPI, vol. 12(19), pages 1-26, September.
    7. Elena Bykowa & Maria Skachkova & Ivan Raguzin & Irina Dyachkova & Maxim Boltov, 2022. "Automation of Negative Infrastructural Externalities Assessment Methods to Determine the Cost of Land Resources Based on the Development of a “Thin Client” Model," Sustainability, MDPI, vol. 14(15), pages 1-29, July.
    8. Renigier-Biłozor, Małgorzata & Źróbek, Sabina & Walacik, Marek & Borst, Richard & Grover, Richard & d’Amato, Maurizio, 2022. "International acceptance of automated modern tools use must-have for sustainable real estate market development," Land Use Policy, Elsevier, vol. 113(C).
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