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REAL ESTATE VALUATION MODELS PERFORMANCE IN PRICE PREDICTION

International journal of strategic property management, 2022-03, Vol.26 (2), p.86-105 [Peer Reviewed Journal]

COPYRIGHT 2022 Vilnius Gediminas Technical University ;2022. This work is published under https://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1648-715X ;EISSN: 1648-9179 ;DOI: 10.3846/ijspm.2022.15962

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  • Title:
    REAL ESTATE VALUATION MODELS PERFORMANCE IN PRICE PREDICTION
  • Author: Deaconu, Adela ; Buiga, Anuta ; Tothazan, Helga
  • Subjects: Apartments ; artificial neural networking ; Forecasts and trends ; Generalized linear models ; Neural networks ; price prediction ; Pricing ; Property values ; real estate ; Real estate sales ; Real property ; Valuation ; Valuation methods ; valuation reports review
  • Is Part Of: International journal of strategic property management, 2022-03, Vol.26 (2), p.86-105
  • Description: Using a sample of 900 apartments from Cluj-Napoca, Romania, containing selling transactions for the second semester of 2019, and data for 33 locational, physical and neighbourhood-related attributes (socio-cultural, environmental, and urbanism related), our research objective is to test the performance in price prediction, and hence the utility, of the Artificial Neural Networking (ANN), as artificial intelligence model versus the Generalized Linear Model (GLM), as a regression model. By contributing to an ongoing debate, our empirical findings confirm the results of a predominant group of earlier studies, namely the superiority of ANN. Precisely, we found that ANN can better predict selling prices and provides stability of results. Additionally, we addressed the critiques related to the transparency of results, showing that ANN also has the ability to illustrate the significance of the different attributes of real estate, if appropriate statistical indicators are used. These findings can serve the different real estate valuation purposes, including that of the review of valuation reports.
  • Publisher: Vilnius: Vilnius Gediminas Technical University
  • Language: English
  • Identifier: ISSN: 1648-715X
    EISSN: 1648-9179
    DOI: 10.3846/ijspm.2022.15962
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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