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DATA SHARING – WAY TO IMPROVE REAL ESTATE VALUATION QUALITY: LITHUANIAN CASE
With the growing quality of life, the construction sector is also growing, and more and more people are willing to acquire their own housing and settle in it. For financing purposes, many are applying to banks for housing loans, therefore it is highly important to adequately determine the value of real estate in order to create mutually suitable conditions for financing the purchase. In most cases, the current assessment of value is based on the subjective opinion of experts. In this paper, the authors propose to create a database ensuring the sufficient and comprehensive amount of data securing the accurate valuation of real estate. The creation of an accurate and comprehensive database with constantly updated and processed data would allow appraiser to work with limited amount of data while performing the assessment of real estate, to automatically capture causal relations between explanatory variables and asset prices, as well as to determine the short-term market value of the property, which becomes increasingly important.
Vydanie: 2017/2 Strany: 53-58 Klasifikácia JEL:
DOI:
Kľúčové slová: valuation, market value, data, database, data sharing
Sekcia: SOCIAL AND ECONOMIC DEVELOPMENT
Kontakty:
Prof. Jadvyga Čiburienė
Kaunas University of Technology,
School of Economics and Management,
Department of Economics;
e-mail: jadvyga.ciburiene@ktu.lt
Rusnė Jegelavičiūtė
Real estate appraiser-assistant,
Lituka ir ko, Ltd;
e-mail: rusnejegelaviciute@gmail.com
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