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International Valuation Standards as well as Common General Rules of Valuation (Powszechne Krajowe Zasady Wyceny – PKZW) defi ne three fundamental approaches to real property valuation, i.e. comparative, income and cost approach. In accordance with the International Valuation Standards and Common General Rules of Valuation the market value of real property may be determined using comparative approach or cost approach. The diff erence consists in the interpretation of the value as determined using the cost approach. The Common General Rules of Valuation defi ne the replacement cost, which is one of non-market values. The rules also indicate a possibility of using the replacement cost instead of the market value for properties that, due to their specifi city, are not frequently present on the market and for this reason it is not possible to determine their market value. The International Valuation Standards also indicate to a possibility of determining the market value using the cost approach. Moreover, the experience of other countries (i.a. the USA, Germany) in the scope of real property valuation allows to treat the cost approach as one of valuation approaches leading to market value determination [7, 8]. The article is an att empt at the analysis of comparative approach results – as the approach most frequently used by property appraisers, and of the statistical modelling based on the assumptions of the cost approach. Diff erent variants of models were presented by the authors in their previous works. The fi nal part of the article contains the results of calculations and analyses with regard to developed properties with single-family detached houses. As part of the comparative approach property valuation was conducted by means of statistical

Analysis of comparative approach and cost approach in the aspect of real property market value.