The paper presents an application of multi-criteria evaluation developed to select the most significant property characteristics of a real
estate portfolio. The selected characteristics are utilized within a multi-parameter model to estimate the most probable market value
of a large public property portfolio owned by the Bank of Italy. The multi-criteria evaluation is based on the involvement of some key
actors of the decision process. The goal is overcoming the difficulties presented by econometric models due to the scarcity of a large
sample real estate data. The application has shown that the selection and weighting of real estate characteristics allows the development
of a reliable mass appraisal without the need for large amounts of data necessary for the application of regression models
