Real Property Valuation in the Sample of the City of Nigde through GIS and AHP Method

Abstract

The real estate valuation is to determine the value of the real property impartially and objectively by evaluating the factors such as the quality, environment and conditions of use of the real property. The estimation of the value of a reliable real estate is possible by an objective co-analysis of the land properties. Today, the valuation of real estate has not been established as an ideal system. Therefore, inconsistencies occur in real estate values and the criteria used to evaluate the real estate need to be investigated effectively. In this study, 5 main criteria and 38 sub-criteria related to these criteria were determined after the literature search for the valuation of immovable properties. The immovable value of the 30 apartments selected in the development region of Nigde city were evaluated according to these criteria in terms of the structure and positional characteristics of the structure and compared with the market values. Analytical Hierarchy Process (AHP), which is the most widely used Multi-Criteria Decision Making (MCDM) methods, was used to determine the importance ranking of these criteria in the valuation of structures. The comparison of the criteria was made according to expert opinions and their significance levels and statistical significance levels were calculated. In order to determine the positional properties of the structures, the analysis carried out with the help of GIS were used. As a result, the real estate value of the selected 30 apartments was determined using AHP and GIS method and these values were compared with the market values of the properties. The values of the immovable determined with the help of AHP and GIS were found to be consistent with the market values.