HEDONIC APPRAISAL OF APARTMENTS IN TIRANA AND DURRËS (years 2019-2021)
Session
Information Systems
Description
Valuation of property is an important part of the land organization framework since it has a direct impact on people’s life. (Williamson, 2010)
The adjustments within the property estimation can dramatically change the abundance of the organizations and their ability for development. A variety of people may benefit from a better property valuation framework in our society because it reduces the risk of investing in this division and encourages lower interest rates on loans. (Anon., 2010)
The objective of this paper is to empirically demonstrate that, aside from location and address of properties, there are other major factors that influence the price of flats in Tirana and Durrës by developing a hedonistic pricing model. According to the findings, apartments attributes such as area of the living, number of bedrooms and other factors influence the price. The findings also revealed the marginal influence of the number of apartment’s spaces, which was dependent on the living area of the apartment.
The capital city of Tirana and Durrës are selected for this research paper in order to develop a hedonic price model and I have taken under consideration the properties sold at one of the largest real estate agency “Century 21”. The information was limited and depended only on the apartments that was already sold during the last six years.
Keywords:
Property, valuation, risk reducing, hedonic appraisal, living area, pricing model
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-550-50-5
Location
UBT Kampus, Lipjan
Start Date
29-10-2022 12:00 AM
End Date
30-10-2022 12:00 AM
DOI
10.33107/ubt-ic.2022.121
Recommended Citation
Nurja, Ines and Kastrati, Anila, "HEDONIC APPRAISAL OF APARTMENTS IN TIRANA AND DURRËS (years 2019-2021)" (2022). UBT International Conference. 122.
https://knowledgecenter.ubt-uni.net/conference/2022/all-events/122
HEDONIC APPRAISAL OF APARTMENTS IN TIRANA AND DURRËS (years 2019-2021)
UBT Kampus, Lipjan
Valuation of property is an important part of the land organization framework since it has a direct impact on people’s life. (Williamson, 2010)
The adjustments within the property estimation can dramatically change the abundance of the organizations and their ability for development. A variety of people may benefit from a better property valuation framework in our society because it reduces the risk of investing in this division and encourages lower interest rates on loans. (Anon., 2010)
The objective of this paper is to empirically demonstrate that, aside from location and address of properties, there are other major factors that influence the price of flats in Tirana and Durrës by developing a hedonistic pricing model. According to the findings, apartments attributes such as area of the living, number of bedrooms and other factors influence the price. The findings also revealed the marginal influence of the number of apartment’s spaces, which was dependent on the living area of the apartment.
The capital city of Tirana and Durrës are selected for this research paper in order to develop a hedonic price model and I have taken under consideration the properties sold at one of the largest real estate agency “Century 21”. The information was limited and depended only on the apartments that was already sold during the last six years.