New method revolutionizes real estate pricing, making housing more affordable.
This paper looks at how to figure out the prices of apartments in Poland using a method called hedonic analysis. The researchers studied over ten thousand apartment listings in Wrocław to create models that can predict apartment prices based on different characteristics. The hedonic method says that the price of something is based on its specific features. This model helps to estimate the value of different aspects of an apartment, like its location or size, even if those values aren't directly seen in the market. This is helpful for the real estate market because it lets us understand how different features affect the price of a home.