Valuation of commercial real estate in Ankara middle east industry and trade center (MEITC)
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Abstract
Commercial real estate is an important part of the real estate sector. In the commercial real estate market, value estimates are made with the help of the characteristics of the samples that are subject to purchase and sale, and they are used in transactions such as taxation, insurance and privatization. In this study, collective valuation processes are aimed by applying the Multiple Regression Analysis (MRA) statistical method to the commercial properties offered for sale in the Middle East Trade and Industry Center (MEITC) in Yenimahalle district of Ankara. In this direction, 31 office sales data were collected for valuation, 29 criteria affecting the value were determined, and a mathematical model was developed according to independent variables. R², Root Mean Square Error (RMSE), Mean Absolute Error (MAE), and Mean Absolute Percent Error (MAPE) were considered. Their results were found as 0.938; 0.00; 0.04; 0.42 respectively. Based on these values, it has been concluded that the regression method, which is seen to produce high accuracy, can be used in commercial real estate valuation. Geostatistical analyzes were made using market values and estimated values, and value maps were produced in the Geographical Information Systems (GIS) environment.
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