Development of an Innovative Land Valuation Model (iLVM) for Mass Appraisal Application in Sub-Urban Areas Using AHP: An Integration of Theoretical and Practical Approaches | Land Portal

Informações sobre recurso

Date of publication: 
Janeiro 2019
Resource Language: 
ISBN / Resource ID: 
LP-midp000906
Copyright details: 
© 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article

Land development in sub-urban areas is more frequent than in highly urbanized cities, causing land prices to increase abruptly and making it harder for valuers to update land values in timely manner. Apart from this, the non-availability of sufficient reliable market values forces valuers to use alternatives and subjective judgement. Land value is critical not only for private individuals but also for government agencies in their day-to-day land dealings. Thus, mass appraisal is necessary. In other words, despite the importance of reliable land value in all aspects of land administration, valuation remains disorganized, with unregulated undertakings that lack concrete scientific, legal, and practical foundations. A holistic and objective way of weighing geospatial factors through expert consultation, legal reviews, and evidence (i.e., news) will provide more realistic results than a regression-based method that does not comprehend valuation factors (i.e., physical, social, economic, environmental, and legal aspects). The analytic hierarchy process (AHP) enables these factors to be included in the model, hence providing a realistic result. The innovative land valuation model (iLVM), developed in this study, is an inclusive approach wherein experts are involved in the selection and weighing of 15 factors through the AHP. The model was validated using root mean squared error (RMSE) and compared with multiple regression analysis (MRA) through a case study in Baybay City, Philippines. Based on the results, the iLVM (RMSE = 0.526) outperformed MRA (RMSE = 1.953).

Autores e editores

Author(s), editor(s), contributor(s): 

Bencure, Jannet C.Tripathi, Nitin K.Miyazaki, HiroyukiNinsawat, SarawutKim, Sohee M.

Corporate Author(s): 
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    Provedor de dados

    MDPI AG, a publisher of open-access scientific journals, was spun off from the Molecular Diversity Preservation International organization. It was formally registered by Shu-Kun Lin and Dietrich Rordorf in May 2010 in Basel, Switzerland, and maintains editorial offices in China, Spain and Serbia. MDPI relies primarily on article processing charges to cover the costs of editorial quality control and production of articles. Over 280 universities and institutes have joined the MDPI Institutional Open Access Program; authors from these organizations pay reduced article processing charges.

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