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Automated Valuation Models in Belgium. General valuation procedure with respect to the cadastral incomes : base 1975 Segmentation of the market of renting and diversified rents Localisation – age – living space – comfort Construction code 14 terms General characteristics Facilities
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Automated Valuation Models in Belgium
General valuation procedure with respect to the cadastral incomes : base 1975 • Segmentation of the market of renting and diversified rents • Localisation – age – living space – comfort • Construction code 14 terms • General characteristics • Facilities • Consistency 2
The Construction code can be schematically represented as follows: 3
Building’s value : presence or absence of particular characteristics in comparison with the sample. • The monetary value of a building cannot diminish when the living space increases. • The deviation between the monetary value of the building, which has been calculated, and the corresponding actual prices are, as a rule, distributed around a zero average. • Statistic tools • Pearson’s test • a test comparing the average of the sample and the average of the population • Necessity to have a more elaborate code : intrinsic characteristics 4
Building code 62 terms : • nature : house, warehouse,… • constituent elements : year, floors,… • structure : façades, woodwork,… • completion : floor, walls, ceilings,… • equipment : bathroom installations, central heating,… • facilities : pool, tennis,… • environment : objective judgement • particularities : listing • signature : date, name of the expert • surfaces : habitable, non habitable,… 5
Redistribution of the tasks : construction price, monetary value Extraction ECL : registration file coupled together with the cadastral matrix. Statistic analysis with multiple regression Profit and characteristics of the goods Structural variables : number of rooms, surface, comfort Localization : transport facilities and accessibility, quality of the neighbourhood 6
Multiple regression : link price / different characteristics • Independent variables : • certain terms of the construction code • operation date in relation to the reference date of the model • cadastral division of the municipality • surface of open sites (the parcel) • Dependent variable : operation price • ECL extraction : buildings most similar /appropriate localization 7