The Impact of Physical-Spatial Components on Residential Land Value in Zaferanieh Neighborhood, Tehran

Urban land is one of the most significant constituents in portfolio of urban households of Iran. Land prices also have the greatest impact on real estate prices. Within the structure of urban management in Iran, valuation of urban land has no specific authority, and in fact, real estate agencies, builders and owners, according to their own interests, determine the value of a property. On the other hand, the value of urban land has a direct relationship with access to the city's physical-spatial facilities. Thus, the prediction of land prices and the factors affecting it for homeowners, investors, tax auditors, and other participants in the market of indirect assets is a significant issue. If the partial derivatives for each of the representatives and effective features are obtained from the monetary value of land function, the results show the final changes in the balanced price of land in terms of its characteristics. In the situation where many choices and factors are involved in the process of choosing a residential unit, the human mind is incapable of paying attention to such vast and varied information and processing it. In these circumstances, it is not possible to evaluate all factors in the decision-making process for determining the value of housing, thus the best decision cannot be made. Hence, considering the impact of urban amenities on the price of land and the interpretation of the role and contribution of each of these facilities in the course of life, real estate value can be estimated based on its utilization of the city and urban amenities. As the results of the model shows, the price of land not subject to trading can also be estimated based on the value determined for the neighborhood. For the estimated price of a property, it is easy to use a cartographic system or geographic information system to map the value of the neighborhood property using a color classification attributed to the calculated price range. This paper studies the physical-spatial factors affecting the value of residential land in Zaferanieh neighborhood in Tehran as a case study, identified during the literature review and interviews with experts, investors and residents of the neighborhood, and using prioritize and weigh the components derived from the ANP method. The research tool consists of interviewing experts in real estate sector and preparing a questionnaire. For sample size Cochran’s formula with a sample of 80 people was used. Moreover, Excel and SPSS software programs were used to analyze the data. The results show that the components of visibility into surrounding areas of land (0.249), accessing to facilities and urban activities (0.051), the structure of land plots (0.011), comfort (0.065), imagination (0.441) and security of the residents of the environment (0.228) affect residential land price. The model for estimating the physical-spatial components affecting the value of residential land derived from the research in the case study can provide an effective tool for determining and controlling the price of urban land, as well as creating a real estate tax map for the lands.