Residential real estate price modelling through the method of the geographically weighted regression: Gomel city case study [Belarus]
2021
Zhukovskaya, N., Belarusian State Univ., Minsk (Belarus) | Popko, O., Belarusian State Univ., Minsk (Belarus)
One of the most challenging tasks in modelling of house pricing is to take into account the location factors. Geographically Weighted Regression (GWR) as a local regression model is an extremely effective instrument for spatial data analysis. The aim of the study is to model the relationships between a residential real estate price (per sq.m) and both building and location characteristics for Gomel using GWR. The data of the Belarus’ National Cadastral Agency on real estate transactions (apartments) in Gomel in 2019 are used as initial. The global Moran I index has been used to estimate a spatial autocorrelation of the dependent variable (price per square meter of residential real estate). Several factors having the impact on the apartment sale prices have been determined. Independent variables having been used in analysis can be divided into building characteristics and spatial characteristics. The building characteristics section includes the number of rooms within the property, property area (square meters), building age, number of floors in the building, floor of the property. The spatial characteristics group contains proximity to city centre, recreation areas, supermarkets, bus stops, healthcare and educational facilities. A regression model of housing price in Gomel has been developed. Mapping variable regression coefficients allows exploring spatial features of the impact of the different explanatory variables on the property price. Geographically weighted regression modelling has revealed the pricing peculiarities inherent for certain areas of the city.
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