Factors Influencing the Appraised Value of Condominium Units: A Case Study Along the MRT Pink Line in Nonthaburi Province

Abstract

This article aims to (1) identify the most influential factors affecting the appraised value of condominium units, and (2) compare the study methods to determine which method is the most appropriate. The study utilized population data from the Nonthaburi Treasury Office, comprising a total of 432 data points, and analyzed the regression equations using the Regression Analysis method. The statistical processing model was established to examine the direction and relationship of various independent variables. The results indicate that the variable with the most influence on the assessed value of condominium units is “interior decoration materials,” which has a high standard coefficient (Beta) and is statistically significant at the 0.00 level. Although this variable was included in the “factors of building and condominium quality” group in the previous model, when analyzed separately, it was found to be the most significant variable clearly affecting the price. Model 3, which employs multiple regression analysis by separating 22 independent variables, can explain the highest variance of the appraised price (R-Squared = 0.793) compared to Models 1 and 2, which use only 4–5 main variables (R-Squared approximately 0.68). Therefore, Model 3 is considered more accurate and provides more in-depth results, making it the most appropriate approach. The findings can serve as a guideline to support the Treasury Department’s property appraisal policy by incorporating location, quality, and amenity factors to ensure more accurate valuations that reflect actual market values.