In the market economy, the price of real property plays as a signal to mediate ownership, use, development, and transaction. The correct measurement of the land price is an important concern of both private and public sector. Generally, the price of t...
In the market economy, the price of real property plays as a signal to mediate ownership, use, development, and transaction. The correct measurement of the land price is an important concern of both private and public sector. Generally, the price of the real estate is determined by not only internal attributes of the real property but also environmental characteristics, like transit system, mixed land use etc. Main issue in the study on the price and its change of real estate is how to measure complicated urban environment and apply it to the valuation. If we could extract factors impacting on the land price and then apply strict statistical model, more correct valuation of real property would be possible. For that, this study aims to verify the factors that affect the price of real property, and to interpret the meaning of it. To achieve that this study used synthetic model which can integrate urban environmental attributes, transportation system, and mixed land use. The results show that a new valuation system could be possible with advanced computer-aided technology.