Assessment of the Real Estate Market Value in the European Market by Artificial Neural Networks Application
Table 1
Basic inputs into the model, their definition, and basic characteristics.
Variable
Variable definition (according to the sources given below this table)
Minimum
Maximum
Mean
Standard deviation
Unit of measure
GDP
GDP (gross domestic product) reflects the total value of all goods and services produced less the value of goods and services used for intermediate consumption in their production.
5.142
3.032.820
477.763,56
720.649,35
mil €
BDP per capita
GDP per capita at market prices is calculated as the ratio of GDP at market prices to the average population of a specific year.
4.200
84.400
23.829,63
15.759,46
€
Real GDP growth rate
The calculation of the annual growth rate of GDP volume is intended to allow comparisons of the dynamics of economic development both over time and between economies of different sizes.
,8
11,9
1,63
3,84
%
Inequality of income distribution
The ratio of total income received by the 20% of the population with the highest income (top quintile) to that received by the 20% of the population with the lowest income (lowest quintile).
3,2
8,3
4,83
1,16
-
Total unemployment rate
Unemployment rates represent unemployed persons as a percentage of the labour force.
3,40
27,50
9,07
4,32
%
Average annual net earnings
Net earnings are calculated from gross earnings by deducting the employee's social security contributions and income taxes and adding family allowances in the case of households with children.
1.550,77
38.490,18
17.175,81
10.445,15
€
FDI
Foreign direct investment refers to direct investment equity flows in the reporting economy. It is the sum of equity capital, reinvestment of earnings, and other capital.
734.010
27.948
67.501
mil $
HICP-inflation rate
Harmonised Indices of Consumer Prices (HICPs) are designed for international comparisons of consumer price inflation.
,6
15,3
2,38
2,20
%
VAT (%)
The value added tax, abbreviated as VAT, in the European Union (EU) is a general, broadly based consumption tax assessed on the value added to goods and services.
15
27
20,5
2,57
%
Taxes on property as % of GDP
Tax on property is defined as recurrent and nonrecurrent taxes on the use, ownership, or transfer of property. These include taxes on immovable property or net wealth, taxes on the change of ownership of property through inheritance or gift, and taxes on financial and capital transactions.
0,283
5,387
1,463
1,06
%
Taxes on property as % of total taxation
0,844
14,907
4,013
2,74
%
Sources. Eurostat, World Bank, ECB, and OECD and Eurostat.
