Development and calibration of models for mass valuation of real estate

Commissioned by: Ministry of physical planning, construction and state assets of the Republic of Croatia
Project duration: May 26, 2022 – November 21, 2022
Project manager: Maruška Vizek
Collaborators: Tajana Barbić, Ivona Krezić, Branimir Majčica, Nebojša Stojčić


Summary:
In this project we were developing and calibrating the models for mass valuation of real estates. The aim of the project was to establish robust models for mass valuation of real estates. In the project we focused on four different types of real estate: apartments, business spaces, construction sites (land) and agricultural land. The project was implemented for two local goverment units: the City of Zagreb and Osijek, as these two local goverment units have more develeped and complete databases in comparison to other local units. After the development and the calibration of models was made, within the scope of the project the activities which various governemental bodies need to perform were enlisted and described. The aim of these activities was to enhance the database with available data for mass valuation purposes, so that mass valuation process (when it will be implemented for the entire Republic of Croatia) is as efficient as possible.