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Factors Affecting the Market Value of Residential Properties in Tirana City
Proceedings of International Conference on Studies in Engineering, Science, and Technology - 2021
Elfrida Shehu
Dr. Stephen Jackowicz, Dr. Maher Al-Jabari
978-1-952092-26-8
105-114
Real estate is one of the most valuable assets for both the individual and the society, therefore its valuation has a special importance. There are known and acceptable differences in the values reported by different appraisers for the same property, at a given point in time and for the same appraisal purpose, because appraisal is the art of analyzing and interpreting other transactions performed on it recent past, under the optics of market characteristics and individual characteristics that each property has. When the method used for property valuation is the comparison method, it is crucial to apply adjustments based on the differences between the appraised and comparable properties. Taking into account the same characteristics and moreover according to the importance that each one has would narrow the differences in the values reported by different appraisers. This paper highlights the most important characteristics that affect the market value of residential properties. The paper confirms the importance of such factors as: location, surface area, condition of the property itself. Of interest is the finding that for properties built before the `90s is the number of rooms that affects or explains the value, while for buildings after the`90s is the surface area.
Shehu, E. (2021). Factors Affecting the Market Value of Residential Properties in Tirana City. In S. Jackowicz & M. Al-Jabari (Eds.), Proceedings of ICSEST 2021-- International Conference on Studies in Engineering, Science, and Technology (pp. 105-114), Antalya, TURKEY. ISTES Organization.
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