Summary:

Introduction of market principles into the real estate management has made it necessary to perform market valuation. Since that time, we have been observing the development of valuation methodology aimed at the best possible approximation of the received result to the market value, understood as the most likely price possible to be obtained on the real estate market [Real Property Management Act 1997]. In case of unimproved real estates, the most frequently used valuation methods are those belonging to the comparative approach, where the property value is calculated on the basis of transaction prices reported on the local real estate market. The condition of accurate application of the comparative approach in practice is the existence of the stable and developed real estate market. Owing to this, it is possible to collect a suitable number of data in order to indicate price-related attributes and determine the scope of their influence upon price differences. The above-mentioned comparative approach requires performance of the whole estimation procedure every time when a change of at least one feature describing the object of the valuation takes place. The authors of this study have made an attempt at applying the Analytic Hierarchy Process method to evaluate the influence of changes in real estate features upon the real estate value.