Real Estate Valuation Analysis in Kosovo
Izvleček
The purpose of this research paper is to provide an overview of the structure of real estate valuation practices in Kosovo with the special emphasis on property valuation using GIS system. Furthermore, in this paper we will examine the real estate valua-tion and its methods, the implementation of standard methods of valuation, the source of data for real estate valuation such as Im-movable Property Rights Register in Kosovo (Section 1 of Law no. 2002/5 dated 17.10.2002 on the establishment of the immovable property rights registries), Kosovo cadastral Land Information Systems, and WebGIS, and the purpose of real estate valuation in Kosovo such as expropriation, mortgage, taxation, and prop-erty transactions. The methodology used in this research is based upon the critical review of the existing literature on the matter, whereas empirical information was obtained through structured interviews with practitioners in Kosovo. The real estate valuation in Kosovo can also be conducted through GIS system, which en-tails both time and technology. because of data and technology constraints we are obliged to focus this study only on the capital of Kosovo, Prishtina and apartments in Prishtina as a particular type of property. There are two ways of real estate valuation by means of GIS. First, we can create a model in which we input all independent variables that affect the value of real estate such as location, proximity to the road, proximity to urban traffic and so forth only for Prishtina. Second we can develop a model through Multi Regression Analysis and using a software such as ArcGIS and MapInfo. The main source of GIS data is the Kosovo cadastral Agency through its GIS Directorate, in particular air photograph-ing. Research results show that the most commonly used valuation method in Kosovo is sales comparison approach. It is seen that GIS software and GIS collected data can be very useful in identifying appropriate comparables in Kosovo. We find that the law that regulates the real estate needs to be amended in order to make it mandatory for the real estate owners to register the actual real estate price, which would provide real comparative statistics to the real estate appraiser.
References
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors are confirming that they are the authors of the submitting article, which will be published (print and online) in journal Dignitas by Nova univerza, Fakulteta za slovenske in mednarodne študije. Author’s name will be evident in the article in journal. All decisions regarding layout and distribution of the work are in hands of the publisher.
- Authors guarantee that the work is their own original creation and does not infringe any statutory or common-law copyright or any proprietary right of any third party. In case of claims by third parties, authors commit their self to defend the interests of the publisher, and shall cover any potential costs.
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a
Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal. - Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
