Urban Residential Property Values: Identifying the Key Influencing Parameters

Property value is a dynamic concept influenced by various parameters. The limited number of controlling parameters for property value is discussed in the existing literature, highlighting the need for a comprehensive list of factors and their relative importance. This paper focuses on identifying factors that affect property values in urban areas and provides their rankings and weights. A systematic review of literature was conducted following the PRISMA model by searching for terms like “factors impacting property values,” “valuation factors of real estate,” and “parameters of property values” across Google Scholar, ResearchGate, and Scopus. A total of 104 factors were identified through an exhaustive survey. Using a two-cycle Delphi method with a 5-point Likert scale, the list was refined to 67 and then further reduced to 37 factors under 10 major categories, which are further categorized into three levels: Macro, Meso, and Micro. These factors and sub-factors were ranked and weighted using the relative ranking method. Experts from academia and industry participated in the Delphi process. Location, connectivity, and accessibility were found to have the most tremendous impact on property values. This study has identified and categorized factors, regardless of geographic limitations, using PRISMA techniques and a relative ranking approach.