Statistical analysis of main determinant’s role in the value formation of residential property assets in Ukraine
DOI:
https://doi.org/10.46299/j.isjmef.20240303.05Keywords:
Real estate market, factor analysis, regression analysis, apartment cost, qualitative factors, quantitative factors, pricing, apartments, land plots, householdsAbstract
The objective of this study is to investigate the influence of both qualitative and quantitative factors on real estate valuation within the Ukrainian residential market. Leveraging a comprehensive dataset from the Ukrainian real estate market, encompassing essential property characteristics and historical pricing data, specific indicators were identified to discern primary determinants impacting residential property values. Through the development of multivariate regression models, this research ranks qualitative indicators to facilitate their integration into the analysis. Regression analysis conducted over data spanning from 2021 to 2023 reveals significant factors affecting housing prices across different segments, including apartments, land plots, and households. Notable determinants include area, building type, renovation quality, layout, heating system, and natural gas availability for apartments; area, distance to the nearest city, soil type, location, natural surroundings, and land use for land plots; and property type, location, and area for households. This study contributes to the understanding of real estate valuation dynamics by employing regression analysis to scrutinize the influence of various factors on property prices. Utilizing data sourced from the continually updated information and analytical database of the Ukrainian real estate market, this research offers valuable insights into the drivers shaping property valuation trends in the region. Notably, the inclusion of individual factor sets comprehensively describing housing price formation, along with the utilization of factor analysis approaches across all three segments of the secondary real estate market in Ukraine, underscores the novelty and significance of this study.References
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