Testing the Use of Multiple Regression Analysis and Rank Transformation Regression for Heritage Property Valuation
The aim of this paper was to test the applicability of multiple regression analysis and rank transformation regression in assessing the values of private heritage property. The original dataset consists of 893 commercial properties transacted from 2004 to 2014 in Kelantan Malaysia. After filtration process, only 25 units of shophouse heritage property were available and valid to be used. The models have been constructed and their statistical performances have been compared. The results indicate that adopting statistical methods of valuation per se to overcome the issue of unavailability of market evidence could not solve the consequences of the limited data problem.
Keywords: real estate; heritage property; multiple regression analysis; rank transformation regression
eISSN 2398-4279 © 2019. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia.