Abstract: 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.