The appraisal of undivided and indivisible real estate shares represents a recurring and underestimated issue by professional appraisers. This problem requires a logical solution considering that the undivided real estate shares are more difficult to sell and, consequently, there is a decrease of their market value. It follows that issue can be referred, in theoretical and practical terms, to the real estate investment risk valuation and on how to convert this risk into an expected rate that can compensate it. In this paper theCapital Asset Pricing Modelhas been integrated withPenalized Spline Semiparametric Methodin order to obtain an algorithm that allows to rationalize the appraisal of undivided real estate shares using easily accessible data.
Based on AHP- fuzzy comprehensive evaluation method of real estate investment risk research