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New Statistical Technologies applied to the estimation of the free Housing Prices: Kriging

Author

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  • José Maria Mont Lorenzo
  • Noelia García Rubio

Abstract

The aim of this research is the use of the methodology called Kriging to estimate the free housing prices in a given geographical environment. This methodology allows the design of digitized maps of geographical areas like towns, provincial capitals, ... in such a way that if you pick in a certain house location and set the most relevant information concerning the house (age, surface, quality, ...), the system supplies its price on line. Therefore, the authors propose an automated system to fix prices which would result in a great economic saving for the real estate agencies and a fiscal optimization from the point of view of the appropriate economic authorities in the matter of housing price. This system can be generalized to be used in relation to another real estate assets such as offices or lots,... Furthermore, it allows the cokriged estimation of all of them at the same time.

Suggested Citation

  • José Maria Mont Lorenzo & Noelia García Rubio, 2001. "New Statistical Technologies applied to the estimation of the free Housing Prices: Kriging," ERES eres2001_238, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2001_238
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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