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http://dx.doi.org/10.7319/kogsis.2015.23.1.055

A Study for Applicability of Cokriging Techniques for Estimating the Real Transaction Price of Land  

Choi, Jin Ho (Real Estate R&D Institute, Korea Appraisal Board)
Kim, Bong Joon (Real Estate R&D Institute, Korea Appraisal Board)
Publication Information
Journal of Korean Society for Geospatial Information Science / v.23, no.1, 2015 , pp. 55-63 More about this Journal
Abstract
The need for estimating the real transaction price of land is increasing in order to build foundation for transparent land transaction and fair taxation. This study looked into the applicability of cokriging combining real transaction price of land, altitude and gradient for effective price estimation on the points where the real transaction does not take place in the course of using the real transaction price of land. The real transaction price of land have been estimated using the real transaction materials of Yeongcheon, Gyeongsangbuk-do from January 2012 to June 2014, and the results have been compared with the estimation results of ordinary kriging. As a result of analyzing the mean error and root mean square error (RMSE) of the estimated price and 2,575 verification points, it was found that compared to ordinary kriging, cokriging results were more effective in terms of the real transaction price estimation and actualization. The reason that cokriging is more effective in the real transaction price estimation is because it takes account of altitude and gradient which are the forces influencing the land value.
Keywords
Real Transaction Price of Land; CoKriging; Ordinary Kriging;
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Times Cited By KSCI : 2  (Citation Analysis)
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