Multicriteria Evaluation in Real Estate Land-use Suitability Analysis: The case of Volos, Greece
(2024) In Master Thesis in Geographical Information Science GISM01 20222Dept of Physical Geography and Ecosystem Science
- Abstract
- The integration of Geographic Information Systems (GIS) into real estate analysis has long been considered an interesting interdisciplinary pursuit, but has yet to become mainstream. Despite the increasing academic focus over the last twenty years, this endeavour has mostly been approached from the scientific side of Geography. Inversely, such focus from the real estate sector remains marginal. Notably, there is an expanding theoretical and empirical basis supporting the importance of further exploring the GIS and Real Estate integration potential. Besides, the real estate sector is being increasingly scrutinised regarding the transparency and validity of decision-making practises. GIS-based analysis can help meet such requirements.
The... (More) - The integration of Geographic Information Systems (GIS) into real estate analysis has long been considered an interesting interdisciplinary pursuit, but has yet to become mainstream. Despite the increasing academic focus over the last twenty years, this endeavour has mostly been approached from the scientific side of Geography. Inversely, such focus from the real estate sector remains marginal. Notably, there is an expanding theoretical and empirical basis supporting the importance of further exploring the GIS and Real Estate integration potential. Besides, the real estate sector is being increasingly scrutinised regarding the transparency and validity of decision-making practises. GIS-based analysis can help meet such requirements.
The present research looked into the role of GIS in real estate analysis. The aim was to apply multicriteria evaluation techniques for real estate land-use suitability analysis in the Greek coastal city of Volos. The multicriteria evaluation of land-use suitability was examined based on selected spatial criteria related to real estate values in the study area, using the non-fuzzy and fuzzy method of the Analytical Hierarchy Process (AHP). The analysis focused on the Commercial, Office and Residential land-uses.
Research findings showed that fuzzy AHP should always be considered in terms of providing more accurate spatial weights compared to the non-fuzzy AHP, but whether the one will be selected over the other is dependent on context and the resources needed. The AHP analysis provided clear classification of suitability for the land-uses examined. Validity of the AHP output was assessed by using correlation analysis. The research also focused on the spatial criteria weight extraction methods, which are not often detailed in relevant studies. Based on the findings, attention is needed when using pairwise comparison matrices (PCMs) for weighting spatial criteria, if the participants have no prior experience with such processes. Also, fuzzification of PCMs should not overextend unless necessary. Linked to the above, live interviews conducted provided consistent PCMs. Acknowledging integration challenges like time and data constraints, this research confirmed the potential for GIS-based multicriteria evaluation to improve real estate decision-making. (Less) - Popular Abstract
- Theoretically, the discussion on the integration of Geographic Information Systems (GIS) into real estate analysis goes back to the early 90s. Empirical research was late to follow, but there is an increasing academic focus in the last twenty years. This trend has mostly been driven by geographers, while contribution by the real estate sector still remains marginal. Despite the importance of location to real estate, GIS spatial analysis has yet to enter the mainstream real estate research. Notably, there is an expanding theoretical and empirical basis supporting the utility of integrating GIS science and tools into real estate analysis. Moreover, the real estate sector has increasingly been scrutinised on the validity and transparency of... (More)
- Theoretically, the discussion on the integration of Geographic Information Systems (GIS) into real estate analysis goes back to the early 90s. Empirical research was late to follow, but there is an increasing academic focus in the last twenty years. This trend has mostly been driven by geographers, while contribution by the real estate sector still remains marginal. Despite the importance of location to real estate, GIS spatial analysis has yet to enter the mainstream real estate research. Notably, there is an expanding theoretical and empirical basis supporting the utility of integrating GIS science and tools into real estate analysis. Moreover, the real estate sector has increasingly been scrutinised on the validity and transparency of its decision-making practices. GIS methods and tools can help improve real estate analysis.
This research looked into the utility of GIS in real estate analysis, by applying multicriteria evaluation for real estate land-use suitability analysis in the Greek coastal city of Volos. Main aim was to model the varying suitability of the Volos city urban area for commercial, office and residential land-uses, using and comparing the output of different methods. To that end, various spatial criteria i.e. distances from open spaces, bus stops, waterfront etc. were set. The expert opinion of real estate professionals was sought, and then used to identify the varying importance (weights) of the spatial criteria for each real estate land-use.
Multicriteria evaluation methods used for this research provided clear and reliable suitability patterns for the real estate land-uses examined. The approach of this research provided findings useful both to local planning authorities and real estate professionals. Multicriteria evaluation may help spatial planning decision makers develop targeted policies related to optimising land-use parameters. Also, real estate professionals will be able to operate in a more spatially informed manner, thus reducing the risks related to imperfect property markets like the Greek one. Based on the present findings, high suitability for commercial and office land-uses in Volos city is spatially very limited, unlike for residential land-uses. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9149657
- author
- Tsachageas, Panagiotis Dimitrios LU
- supervisor
- organization
- course
- GISM01 20222
- year
- 2024
- type
- H2 - Master's Degree (Two Years)
- subject
- keywords
- Geography, GIS, Real Estate, Multicriteria Evaluation, Fuzzy, AHP
- publication/series
- Master Thesis in Geographical Information Science
- report number
- 173
- language
- English
- id
- 9149657
- date added to LUP
- 2024-03-12 09:40:42
- date last changed
- 2024-03-12 09:40:42
@misc{9149657,
abstract = {{The integration of Geographic Information Systems (GIS) into real estate analysis has long been considered an interesting interdisciplinary pursuit, but has yet to become mainstream. Despite the increasing academic focus over the last twenty years, this endeavour has mostly been approached from the scientific side of Geography. Inversely, such focus from the real estate sector remains marginal. Notably, there is an expanding theoretical and empirical basis supporting the importance of further exploring the GIS and Real Estate integration potential. Besides, the real estate sector is being increasingly scrutinised regarding the transparency and validity of decision-making practises. GIS-based analysis can help meet such requirements.
The present research looked into the role of GIS in real estate analysis. The aim was to apply multicriteria evaluation techniques for real estate land-use suitability analysis in the Greek coastal city of Volos. The multicriteria evaluation of land-use suitability was examined based on selected spatial criteria related to real estate values in the study area, using the non-fuzzy and fuzzy method of the Analytical Hierarchy Process (AHP). The analysis focused on the Commercial, Office and Residential land-uses.
Research findings showed that fuzzy AHP should always be considered in terms of providing more accurate spatial weights compared to the non-fuzzy AHP, but whether the one will be selected over the other is dependent on context and the resources needed. The AHP analysis provided clear classification of suitability for the land-uses examined. Validity of the AHP output was assessed by using correlation analysis. The research also focused on the spatial criteria weight extraction methods, which are not often detailed in relevant studies. Based on the findings, attention is needed when using pairwise comparison matrices (PCMs) for weighting spatial criteria, if the participants have no prior experience with such processes. Also, fuzzification of PCMs should not overextend unless necessary. Linked to the above, live interviews conducted provided consistent PCMs. Acknowledging integration challenges like time and data constraints, this research confirmed the potential for GIS-based multicriteria evaluation to improve real estate decision-making.}},
author = {{Tsachageas, Panagiotis Dimitrios}},
language = {{eng}},
note = {{Student Paper}},
series = {{Master Thesis in Geographical Information Science}},
title = {{Multicriteria Evaluation in Real Estate Land-use Suitability Analysis: The case of Volos, Greece}},
year = {{2024}},
}