FACTORS OF THE REAL ESTATE MARKET AND THEIR IMPACT ON THE MARKET VALUE OF REAL ESTATE

Vrednost nepremičnin je odvisna od številnih dejavnikov. Ob tehnično-funkcionalnih dejavnikih, med katere prištevamo površino in uporabnost (koristnost) nepremičnin ter energetsko učinkovitost, na vrednost nepremičnin vplivajo tudi gradbeno-komercialni, fizični, prostorski in ekonomski dejavniki. Cilj raziskave je definiranje vplivnih dejavnikov, s pomočjo katerih bo mogoče določiti vpliv na zaznano tržno vrednost nepremičnine. Na podlagi primarnih podatkov, ki smo jih pridobili v gradbenih in projektantskih podjetjih, nepremičninskih družbah, pri potencialnih kupcih, Statističnem uradu Republike Slovenije, Geodetski upravi Republike Slovenije, Slovenskem nepremičninskem portalu ter s pomočjo sekundarnih virov, ki smo jih pridobili iz člankov in monografij, smo ugotovili, da se glavna skupina vplivnih dejavnikov navezuje na prostorske, tehnično-funkcionalne, fizične, gradbeno-komercialne in ekonomske dejavnike. Raziskavo smo razdelili v dve fazi. V prvi fazi smo s pomočjo različnih statističnih metod preverjali medsebojno odvisnost izbranih vplivnih dejavnikov. V drugi fazi smo definirali in proučevali prostorske, tehnično-funkcionalne, fizične, gradbeno-komercialne in ekonomske dejavnike ter s pomočjo multiple regresijske analize razvili hedonski model, na podlagi katerega lahko ocenimo zaznano tržno vrednost nepremičnine. Pri prostorskih dejavnikih smo obravnavali dejavnika »kraj« in »lokacija nepremičnine«, pri tehnično-funkcionalnih dejavnikih smo obravnavali tri dejavnike, in sicer »površino nepremičnine«, »uporabnost nepremičnine« in »energetsko učinkovitost nepremičnine«, pri fizičnih dejavnikih smo obravnavali »stanje nepremičnine«, »tehnologijo gradnje« in starost nepremičnine. Pri gradbeno-komercialnih dejavnikih smo upoštevali »popusti pri prodaji nepremičnine« ter »razmerje med ponudbo in povpraševanjem«. Pri ekonomskih dejavniki smo upoštevali »gospodarsko rast«. Rezultati raziskave, ki smo jih pridobili s pomočjo podatkov iz strukturiranega vprašalnika in izračunom parametrov v hedonskem modelu z multiplo regresijsko analizo kažejo, da je pomen nekaterih dejavnikov ključen, drugi na trg nepremičnin ne vplivajo. Za razvoj multiple regresijske analize smo uporabili metodi Enter in Stepwise. Na podlagi analize smo ugotovili, da sta korelacijski in determinacijski koeficient zelo visoka, kar kaže na dober model. Za analizo smo uporabili regresijski model, ki je pojasnil največji del variabilnosti odvisne spremenljivke – zaznane tržne vrednosti nepremičnine. Ugotovili smo, da so od obravnavanih dejavnikov najbolj vplivni dejavniki, zapisani po njihovi pomembnosti, naslednji: »površina nepremičnine«, »kraj«, kjer se nahaja nepremičnina«, »stanje nepremičnine«, »starost nepremičnine«, »lokacija nepremičnine«, »gospodarska rast« in »tehnologija gradnje«. Razviti regresijski model pojasnjuje vpliv posameznih dejavnikov na trg nepremičnin in pomaga pri razumevanju odzivov trga na spremembo posameznega dejavnika. Deležnikom nepremičninskega trga je v pomoč pri optimiranju svojih investicijskih odločitev.The value of real estate depends on many factors. Apart from the technical and functional factors, including surface and usefulness (utility) of the real estate and its energy efficiency, the value of real estate is also affected by civil engineering, commercial, physical, spatial and economic factors. The aim of the research is to define the contributing factors which will enable to determine the impact on the perceived market value of the real estate. Based on primary data that we have gained in construction and designing companies, real estate companies, potential buyers, the Statistical Office of the Republic of Slovenia, the Surveying and Mapping Authority of the Republic of Slovenia, the Slovenian real estate portal and through secondary sources, which we have gained from articles and monographs, we found out that the main group of contributing factors is related to the spatial, technical-functional, physical, construction and commercial and economic factors. The research was divided into two phases. In the first phase, we used a variety of statistical methods to compare the interdependence of selected contributing factors. In the second phase, we have defined and studied spatial, technical-functional, physical, civil engineering, commercial and economic factors and via a multiple regression analysis developed a hedonic model on which we can estimate the perceived market value of the property. In the case of spatial factors we have discussed the factors of place and the property location, for the technical-functional factors we have discussed three factors, namely the property surface, the usefulness of the property and the energy efficiency of the property, for the physical factors we discussed the state of the property, the building technology and the age of the property. In the civil engineering and commercial factors, discounts in the sale of real estate and the relationship between supply and demand were taken into account. In economic factors, economic growth was taken into account. The survey results, which have been obtained by using data from a structured questionnaire and a calculation of the parameters in the hedonic model with multiple regression analysis show that some factors are of key importance, while others do not affect the real estate market. The Enter and Stepwise methods were used for the development of the multiple regression analysis method. Based on the analysis, we have found that the correlation and the determination coefficient are very high, which is indicative of a good model. For the analysis we have used a regression model that has explained the largest part of the variability of the dependent variable - the perceived market value of real estate. We have found that among the considered factors the most influential are the following, listed by their importance: property surface, location of property, property state, property age, economic growth and construction technology. The developed regression model explains the impact of various factors on the real estate market and helps understand the market\u27s reactions to the change of individual factors