Valuation of vacant building land based on market standard ground values

The purpose of this Master Thesis is to create an evaluation system of undeveloped building land, which will allow objective evaluation of the market value of building land. We have set ourselves the following research hypothesis: the generalized market value of building land, estimated to meet the needs of mass valuation, is not applicable to individual valuation of building lands in Slovenia, because it does not reflect the situation on the market of building land. Therefore, in Slovenia we need to establish a system of an individual valuation of building land, based on the market standard ground values of building land.\ud For the purposes of research, we obtained, processed and analyzed data on completed transactions with building land on the applied area of the Municipality of Maribor in the period from 2007 to the end of 2014. We adjusted the acquired data on completed transactions on 31 12 2014 and eliminated the differences, caussed by different time of sale. We have created value zones by using the modified method of leaders. The adequacy of formed zones has been checked by comparing the coefficients of variation and execution of t-tests with which we verified differences of created zones. We have determined the reference building land, which has properties that are on the applied area most represented. Range of factors that affect the value of building land has been determined based on a survey of the professional public. With multiple regression analysis, we have checked which factors in each zone affected the value of building land. Standard ground values have been determined by a statistical method and its suitability was checked by intersubjective methods. In order to verify the adequacy of zones, the "Zielbaum" method or branched diagram after Aurnhammer procedure has been used. We have found that the standard ground value is properly defined by using the statistical methods. We have designed the coefficients for the conversion for variable area of building land in the value zone three. The survey has shown that the existing system of individual evaluation does not prohibit indirect valuation through market comparisons, which may also include the evaluation with the help of market standard ground values. It turns out that the derived market standard ground values are appropriate basis for carrying out individual evaluations of building land. We have found out that derived standard ground values in the applied area of Municipality of Maribor differ from the generalized market values