Abstract
The real estate market is a domain of multi-faceted contemplations - ranging from economical, societal and sociological, to juridical aspects. These domains are important because they create an area of real estate (internal and external) and have an impact on the real estate market.
The multifariousness of properties has an influence on the creation of market values. Investors and people whose jobs are connected with the real estate market describe it using points, variables and characteristic attributes and on their basis, create algorithms or real estate market models. We need to draw attention to the fact that, in most cases, the terms “features “, “variables”, and “attributes” are treated as the same. The authors of the present article do not agree with that kind of approach and would like to systematize the knowledge in this area. The goal of the article is to explain problematic terms, and indicate their genesis and sense of using them.
The paper compares the legal systems of property valuation in three different countries. It describes their different valuation procedures and provides commentary on them.