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MOSCOW ECONOMIC JOURNAL
Journals / MOSCOW ECONOMIC JOURNAL / Volume 10 Issue 3 / REGRESSION MODELS FOR ESTIMATING THE MARKET VALUE OF REAL ESTATE IN ST. PETERSBURG
VAK Russia 5.2.1 UDC 332.642

REGRESSION MODELS FOR ESTIMATING THE MARKET VALUE OF REAL ESTATE IN ST. PETERSBURG

Published in MOSCOW ECONOMIC JOURNAL · Volume 10, Issue 3 · Pages 115–142 · Rubric: Economic theory
DOI: https://doi.org/10.55186/2413046X_2025_10_3_69
Received: 12.03.2025 Accepted: 11.04.2025 Published: 11.04.2025
Authors
EV
Evgenii Chesnokov
ABSTRACT
The work is devoted to the urgent problem of obtaining an objective mass assessment of the market value of residential real estate. The purpose of the study is to use the example of the dynamically developing market of one-room flats in St. Petersburg to obtain an optimal, in terms of accuracy, regression model of real estate assessment. Regression analysis methods had been used to analyze the influence of various price-forming factors, including the characteristics of the location of real estate and the level of comfort of living. Four optimized models of real estate assessment have been obtained. The models differ in the factors characterizing the level of comfort of living, as well as in their structure: additive and multiplicative. Testing of the obtained models based on a control representative sample made it possible to select a model with maximum estimation accuracy (MedAPE=5,2%) and recommend it for practical use. As an example of the practical use of the model, the identification of undervalued and overvalued flats based on the obtained interval estimates of the average value of the real estate have been considered.
KEYWORDS
economic and mathematical modeling, mass assessment of real estate, regression analysis, price-forming factors
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