The close relationship between collateral value and bank stability has led to a considerable need to a rapid and economical appraisal of real estate. The greater availability of information related to housing stock has prompted to the use of so-called big data and machine learning in the estimation of property prices. Although this methodology has already been applied to the real estate market to identify which variables influence dwelling prices, its use for estimating the price of properties is not so frequent. The application of this methodology has become more sophisticated over time, from applying simple methods to using the so-called ensemble methods and, while the estimation capacity has improved, it has only been applied to specific geographical areas. The main contribution of this article lies in developing an application for the entire Spanish market that fully automatically provides the best model for each municipality. Real estate property prices in 433 municipalities are estimated from a sample of 790,631 dwellings, using different ensemble methods based on decision trees such as bagging, boosting, and random forest. The results for estimating the price of dwellings show a good performance of the techniques developed, in terms of the error measures, with the best results being achieved using the techniques of bagging and random forest.
Concern about the potential consequences of nonresponse 2 in survey research is as old 1 The research reported in this paper is based on the study "Un Análisis para la Mejora de la Calidad Predictiva en las Estimaciones Electorales a partir de Datos de Encuesta" funded by the Centro de Investigaciones Sociológicas through a Sociological Research Grant awar-as the discipline itself. According to Smith(1999), "Early research extends back to the emergence of polling in the 1930s and has been a regular feature in statistical and social ded in 2009. The authors wish to thank Alberto Penadés and Valentín Martínez for their fi rst-rate assistance, two anonymous referees and the REIS Editorial Board for their valuable comments and suggestions, and Tony Little for revising the English of the manuscript. Any
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