Journal of Global Optimization

, Volume 12, Issue 2, pp 197–214

A Multiple Criteria Analysis Model For Real Estate Evaluation

  • Ossama Kettani
  • Muhittin Oral
  • Yannis Siskos
Article

DOI: 10.1023/A:1008214528426

Cite this article as:
Kettani, O., Oral, M. & Siskos, Y. Journal of Global Optimization (1998) 12: 197. doi:10.1023/A:1008214528426

Abstract

Real estate evaluation is of great importance and interest to many socio-economic agents, especially to property buyers and sellers for personal benefits, municipalities for tax purposes, financial institutions for loan policies, and to real estate brokerage firms for marketing activities. Although these agents are motivated in their actions by different objectives, even conflicting at times, they all desire to have a realistic description of the real estate market behavior in order to make right and timely decisions. This article presents an estimation model to describe the behavior of real estate markets. The model is based on certain observable real estate market data as well as on the perceptions of real estate agents who are active in the market. The parameters that describe the behavior of the real estate market are estimated, through the estimation model, using mathematical programming tools within a multiple criteria analysis context. The usefulness and applicability of the approach is empirically shown through an implementation using the data of the City of Edmonton, Alberta, Canada.

Real estate appraisal estimation methods ordinal regression mathematical programming multiple criteria approach 

Copyright information

© Kluwer Academic Publishers 1998

Authors and Affiliations

  • Ossama Kettani
    • 1
  • Muhittin Oral
    • 2
  • Yannis Siskos
    • 3
  1. 1.Faculté des Sciences de l'administrationUniversité LavalSte-FoyCanada. (Email
  2. 2.Graduate School of Future ManagementSabanci UniversityIstanbulTurkey
  3. 3.Decision Support Systems Laboratory University CampusTechnical University of CreteChaniaGreece