Generating real property value maps of public estate: Examples of Afyonkarahisar

Real property valuation can be defined as combining and processing the factors affecting the value and, on the basis of the processed data, determining unit value according to market conditions. Real property valuation is a wide subject with many different aspects due to various factors affecting the value. Accurate determination of real property value and accurate estimation of taxes on property are among the most important economic pillars of the society. Furthermore, accurate determination of value of public property allows for generation of sources which provide more income to the national economy. It is also important to determine public property value accurately not only for selling but also for the purposes of renting, easement acquisition and payment of damages for unlawful occupation.Advances in information technology have led to improvements in Geographic Information Systems (GIS) which have been used for real estate valuation purposes. GIS has been gaining more significance, since databases created for real estate valuation are location based and also there is the necessity to analyse a large number of factors.This study examined real estate valuation and focused on newly developed methods. One of these methods, Nominal Valuation was used to create real property value map of the town of Afyonkarahisar.Cluster analysis was performed on sample parcels in order to increase accuracy. Analytic Hierarchy Process, which is one of the Multiple-Criteria Decision-Making Methods, was used to re-establish the factor weights that affect real property value and so new values were generated. Cluster analysis performed again and value maps were created. Differences were demonstrated by comparing these values to the previous method.