Transformations  in
Business & Economics

Modelling and Simulation of Real Estate Sector: The Case for Lithuania
Artūras Kaklauskas, Edmundas Zavadskas, Saulius Raslanas

ABSTRACT. This paper presents the results of a study on the development of novel Multiple Criteria Model for Real Estate for the support of innovative and effective solutions and processes in real estate sector. Through the new approach it will be possible to systematically analyze, model and adapt new worldwide trends in Lithuanian real estate. The article describes the main stages modelling framework that is developed in a few Lithuanian and Framework 5 projects. The main aspects of the modelling framework are discussed. The wider adoption of such best practices has the potential to save the Lithuanian real estate sector large sums of money and to help to solve different economic, organisational, social, political and other problems. In the paper, the analysis of transformations of Lithuanian housing market and quality of life is used as examples of the Model implementation.

KEYWORDS: MOORA, real estate sector, model, transformations, development, examples, Lithuania.

JEL classification: C02, C61, E17, O11, P29.