1. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE Automated Valuation Models in Belgium

2. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE General valuation procedure with respect to the cadastral incomes : base 1975 Segmentation of the market of renting and diversified rents Localisation – age – living space – comfort Construction code 14 terms General characteristics Facilities Consistency 2

3. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE The Construction code can be schematically represented as follows: 3

4. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE Building’s value : presence or absence of particular characteristics in comparison with the sample. The monetary value of a building cannot diminish when the living space increases. The deviation between the monetary value of the building, which has been calculated, and the corresponding actual prices are, as a rule, distributed around a zero average. Statistic tools Pearson’s test a test comparing the average of the sample and the average of the population Necessity to have a more elaborate code : intrinsic characteristics 4

5. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE Building code 62 terms : nature : house, warehouse,… constituent elements : year, floors,… structure : façades, woodwork,… completion : floor, walls, ceilings,… equipment : bathroom installations, central heating,… facilities : pool, tennis,… environment : objective judgement particularities : listing signature : date, name of the expert surfaces : habitable, non habitable,… 5

6. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE Redistribution of the tasks : construction price, monetary value Extraction ECL : registration file coupled together with the cadastral matrix. Statistic analysis with multiple regression Profit and characteristics of the goods Structural variables : number of rooms, surface, comfort Localization : transport facilities and accessibility, quality of the neighbourhood 6

7. P A T R I M O N I A L D O C U M E N T A T I O N Federal Public Service FINANCE Workshop on automated valuation models of real state for cadastral purposes Santiago de Compostela (Spain) October 19-20, 2006 Francis GABELE Pierrette FRAISSE Multiple regression : link price / different characteristics Independent variables : certain terms of the construction code operation date in relation to the reference date of the model cadastral division of the municipality surface of open sites (the parcel) Dependent variable : operation price ECL extraction : buildings most similar /appropriate localization 7