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Article

Influence of the Cadastral Value of the Urban Land and Neighborhood Characteristics on the Mean House Mortgage Appraisal

1
Center for Economic Engineering, Universitat Politècnica de València, 46022 Valencia, Spain
2
Doctoral School, Universitat Politècnica de València, 46022 Valencia, Spain
3
Statistic and OR Department, University of Valencia, 46003 Valencia, Spain
4
Department of Economics and Business, University of Sassari, 07100 Sassari, Italy
*
Author to whom correspondence should be addressed.
Academic Editor: Jefferey M. Sellers
Land 2021, 10(3), 250; https://doi.org/10.3390/land10030250
Received: 29 January 2021 / Revised: 22 February 2021 / Accepted: 25 February 2021 / Published: 2 March 2021
(This article belongs to the Section Land Socio-Economic and Political Issues)
As house mortgage appraisal values have played a leading role in the 2007–2012 financial crisis, it is important to develop robust mass appraisal models that correctly estimate these values. The present paper intends to propose a methodology to examine the spatial distribution of house mortgage appraisal values. To do so, we analyzed the effect that these values, cadastral urban land values, characteristics of houses, and socioeconomic conditions and services in neighborhoods, have on house mortgage appraisal values in the 70 boroughs of Valencia (Spain). Econometric and spatial models were used, and variables were calculated as the mean and weighted values per boroughs. Our results showed that the hierarchy of cadastral values impacted mortgage appraisal values. Conversely, not all the boroughs-related variables influenced the mean mortgage values of houses, although some did anomalously. We conclude that the spatial error or autoregressive models provided very good fit results, which somewhat improved the ordinary least square model. Moreover, house mortgage appraisal values may be influenced by not only cadastral values but also by some district characteristics like mean family property size, vehicle age, distance from a metro station or from infant or primary education centers. View Full-Text
Keywords: cadastre; econometric models; externality; housing; mortgage appraisal; neighborhoods; spatial models; urban land cadastre; econometric models; externality; housing; mortgage appraisal; neighborhoods; spatial models; urban land
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MDPI and ACS Style

Guadalajara, N.; López, M.Á.; Iftimi, A.; Usai, A. Influence of the Cadastral Value of the Urban Land and Neighborhood Characteristics on the Mean House Mortgage Appraisal. Land 2021, 10, 250. https://doi.org/10.3390/land10030250

AMA Style

Guadalajara N, López MÁ, Iftimi A, Usai A. Influence of the Cadastral Value of the Urban Land and Neighborhood Characteristics on the Mean House Mortgage Appraisal. Land. 2021; 10(3):250. https://doi.org/10.3390/land10030250

Chicago/Turabian Style

Guadalajara, Natividad, Miguel Á. López, Adina Iftimi, and Antonio Usai. 2021. "Influence of the Cadastral Value of the Urban Land and Neighborhood Characteristics on the Mean House Mortgage Appraisal" Land 10, no. 3: 250. https://doi.org/10.3390/land10030250

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