Mass Appraisal Modelling in Minsk: Testing different Models Location sensitive

Abstract

Mass Appraisal is the valuation of large quantity of properties. This automatic valuation procedure gave the opportunity to reach a single point estimate (The Appraisal of Real Estate, 13th Edition). The work test different location sensitive methodologies on a sample of 600 residential properties in the city of Minsk in Belarus. This is the first application of mass appraisal modelling in Belarus. Empirical application compares a location blind model with two Location Value Response Surface models (O Connor, 1982), the former based on the detection of value influence centers the latter based on error surface modelling.