Hedonische Modelle – Chancen und Anwendungsrestriktionen für die Grundstückswertermittlung

Autor*innen

• Anne Sanftenberg

Parameter

• Lehrbücher
• Universitätslehrbücher

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This work develops practical regression models, specifically hedonic models, to assess the value of rental apartment buildings and residential and commercial properties in Berlin. The hedonic appraisal method evaluates properties based on intrinsic values, determining overall worth from distinguishing characteristics. The focus is on creating a hedonic model with relevant valuation parameters, emphasizing model specification, estimation, and validation. Hedonic models are widely used in real estate for explaining price developments and identifying price-determining factors, particularly in EU countries like Switzerland and the UK, though their use is also recognized in Germany. For property owners or investors, achieving profit and value appreciation is crucial. The income approach to valuation, including methods like discounted cash flow (DCF), is considered for determining property value based on market values. However, comparison-based methods, such as the comparative-value method, are often preferred due to their market closeness and reduced subjectivity. This study utilizes transaction prices from Berlin's valuation experts as the data foundation for the hedonic models. The author intentionally refrains from using external data to test quality. The combination of theoretical investigation and empirical analysis led to criteria for model specification, particularly in variable selection and functional form. The models were

• Sprache: Deutsch
• Erscheinungsdatum: 2015