An apparatus and method are described for conducting spatially-based
valuation of property, taking into account the values of neighboring
properties. The method proceeds by analyzing a database of properties
including details of at least the location and value of the known
properties, and the location of the property to be valued. Other
characteristics of the properties may be included in the database.
Similarity scores for each property compared with each other property are
calculated, and used to identify those properties with are comparable to
the property to be valued. All the comparable properties within a
predetermined distance from the property to be valued are used to
calculate the unknown property value. The method and apparatus may also
generate a report on the property to be valued to a user, which report
may further include details of the comparable properties. A computer
program for implementing the method is also described.