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Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review

by Daikun Wang 1 and Victor Jing Li 1,2,*
1
Department of Geography and Resource Management, The Chinese University of Hong Kong, Shatin, New Territories 999077, Hong Kong
2
Institute of Future Cities, The Chinese University of Hong Kong, Shatin, New Territories 999077, Hong Kong
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(24), 7006; https://doi.org/10.3390/su11247006
Received: 31 October 2019 / Revised: 2 December 2019 / Accepted: 6 December 2019 / Published: 8 December 2019
(This article belongs to the Special Issue Real Estate Landscapes: Appraisal, Accounting and Assessment)
With the increasing volume and active transaction of real estate properties, mass appraisal has been widely adopted in many countries for different purposes, including assessment of property tax. In this paper, 104 papers are selected for the systematic literature review of mass appraisal models and methods from 2000 to 2018. The review focuses on the application trend and classification of mass appraisal and highlights a 3I-trend, namely AI-Based model, GIS-Based model and MIX-Based model. The characteristics of different mass appraisal models are analyzed and compared. Finally, the future trend of mass appraisal based on model perspective is defined as “mass appraisal 2.0”: mass appraisal is the appraisal procedure of model establishment, analysis and test of group of properties as of a given date, combined with artificial intelligence, geo-information systems, and mixed methods, to better model the real estate value of non-spatial and spatial data. View Full-Text
Keywords: mass appraisal; artificial intelligence; geo-information systems; mixed models mass appraisal; artificial intelligence; geo-information systems; mixed models
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Wang, D.; Li, V.J. Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review. Sustainability 2019, 11, 7006.

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