1. Introduction“In classic economic

1. Introduction“In classic economics the classic model of a city is monocentric […] Given no depreciation of buildings and no externalities within neighbourhoods, all prices and rents or implicit rents of urban and suburban housing decrease monotonically with the distance from the centre. […] Prices and rents may no longer decrease monotonically with distance from the centre because quality may increase with distance.”(William, 1999, p. 13)Area's factors are a crucial determinant for property prices. The relation between housing value and characteristics of the area has been widely studied. These characteristics are considered by people before purchasing a house and are reflected in the property prices.The literature (Table 1), shows hundreds of researches on the effects on property values from neighbourhood, pollution, crime, urban parks, accessibility, quality of views, pedestrian areas, etc. Many studies have been conducted using least squares, minimum sum of absolute errors, multiple criteria regression models, quantile regression, rank regression, ridge regression, robust regression methods, neural networks, fuzzy logic, time series methods, Bayesian approach, goal programming, data envelopment analysis, hierarchical linear model, multiple criteria decision modelling, analytic hierarchy process and analytic network process.