Automated Real – Estate Mass Appraisal Using GIS

Abstract

Real estate appraisal is the procedure of attributing to each property a comprehensive description and classification in order to define its marketable value.

Real estate appraisal depends on many factors as market situation (supply & demand) ,property age, condition, improvements, neighborhood and location. Nevertheless, the current approach is the subject of the location factor in the first place, which is one of the essential missions of geographic information system (GIS). Residential properties inside and outside urban plan are chosen as a case study to outline the fundamental principles to evaluate them.

A GIS - based solution consist of two stages has been  introduced.  The first stage is about the location of the propriety and the second on is about its character.  the solution aims to establish a price – map depending on several spatial factors reaction to each other. GIS aides setting out the propriety in its right position on the price-map in order to tell its price automatically.

Some weight factors are supposed, but their values are not yet definitive. Opinions of valuators and real estate appraiser are still needed to calibrate and feedback the system.