Scholarly record
LINEAR AND NONLINEAR CORRELATION IN CALCULATION OF WEIGHTS OF REAL ESTATE FEATURES
Abstract
Determining the weights of market features of real estate in explaining their prices is one of the basic objectives of the market analysis carried out as part of property valuation. In practice, property appraisers usually settle for basic methods of determining weights, e.g. based on the principle of ceteris paribus. The paper proposes the use of curvilinear correlation coefficients for this purpose, an attempt of such use was made and the obtained results were compared with the weights determined on the basis of linear correlations. Analyzes show that the use of curvilinear correlations can significantly change the conclusions regarding the price-making nature of individual properties of real estate, in relation to analogous conclusions drawn only on the basis of a linear relationship analysis. Usually, more features turn out to be significant, and as a consequence, the average share in explaining the price scattering of those found to be material on the basis of linear relationships decreases slightly.
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