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Methodology for Homogenous Market Area Determination HAD2 - Mission Accomplished

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  • Walacik Marek

    (Department of Real Estate and Urban Studies, University of Warmia and Mazury in Olsztyn, Prawochenskiego 15, 10-724 Olsztyn, Poland)

Abstract

Property market delineation or determination of areas signifying property market consistency has been a subject of scientific investigation by a variety of researchers from different perspectives. Some explored it for the purposes of decision-making support systems, others for, for example, zoning or housing policy. The theory of property valuation also did not remain indifferent for spatial extraction of homogenous market areas. The following paper constitutes a several-year study within that area. Following the trace of thought formulated by John Maxwell that “every step back is a chance to look at your goals from a different perspective”, the study being based on, amongst others, the method of historic research and critical analysis, ultimately organizes and complements the author’s contribution to the scientific discussion, and in that scope is one of the substantial issues included in the concept of spatial management. It contributes to the current state of the art discussion by introducing the definition of property market tessellation, utilizing it for the purposes of original HAD2 methodology implementation.

Suggested Citation

  • Walacik Marek, 2025. "Methodology for Homogenous Market Area Determination HAD2 - Mission Accomplished," Real Estate Management and Valuation, Sciendo, vol. 33(1), pages 113-124.
    • Handle: RePEc:vrs:remava:v:33:y:2025:i:1:p:113-124:n:1010
    DOI: 10.2478/remav-2025-0010
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    References listed on IDEAS

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    1. Alexander N. Bogin & Jessica Shui, 2020. "Appraisal Accuracy and Automated Valuation Models in Rural Areas," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 40-52, February.
    2. Renigier-Biłozor, Małgorzata & Janowski, Artur & Walacik, Marek & Chmielewska, Aneta, 2022. "Modern challenges of property market analysis- homogeneous areas determination," Land Use Policy, Elsevier, vol. 119(C).
    3. Elli Pagourtzi & Vassilis Assimakopoulos & Thomas Hatzichristos & Nick French, 2003. "Real estate appraisal: a review of valuation methods," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 21(4), pages 383-401, August.
    4. Fernando Bruna, 2024. "Market potential, spatial theories and spatial trends," Spatial Economic Analysis, Taylor & Francis Journals, vol. 19(4), pages 527-548, October.
    5. Yue Ying & Mila Koeva & Monika Kuffer & Kwabena Obeng Asiama & Xia Li & Jaap Zevenbergen, 2022. "The Perception of the Vertical Dimension (3D) through the Lens of Different Stakeholders in the Property Market of China," Land, MDPI, vol. 11(2), pages 1-29, February.
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    More about this item

    Keywords

    property market tessellation; real estate valuation; homogeneity; similarity;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General

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