An adaptive-neuro-fuzzy-inference-system based grading model to estimate the value of the residential real estate considering the quality of property location within the neighborhood

Yılmaz, Serhat; Mert, Zeynep Gamze

doi:10.1007/s10901-023-10022-4

J Hous and the Built Environ

2023

DOI: 10.1007/s10901-023-10022-4

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An adaptive-neuro-fuzzy-inference-system based grading model to estimate the value of the residential real estate considering the quality of property location within the neighborhood

Serhat Yılmaz

Zeynep Gamze Mert

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2024

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Cited by 2 publications

References 37 publications

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A Fuzzy Decision Support System for Real Estate Valuations

Gutiérrez-García,

Alayón-Miranda,

Pérez-Díaz

2024

Electronics

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The field of real estate valuations is multivariate in nature. Each property has different intrinsic attributes that have a bearing on its final value: location, use, purpose, access, the services available to it, etc. The appraiser analyzes all these factors and the current status of other similar properties on the market (comparable assets or units of comparison) subjectively, with no applicable rules or metrics, to obtain the value of the property in question. To model this context of subjectivity, this paper proposes the use of a fuzzy system. The inputs to the fuzzy system designed are the variables considered by the appraiser, and the output is the adjustment coefficient to be applied to the price of each comparable asset to obtain the price of the property to be appraised. To design this model, data have been extracted from actual appraisals conducted by three professional appraisers in the urban center of Santa Cruz de Tenerife (Canary Islands, Spain). The fuzzy system is a decision-helping tool in the real estate sector: appraisers can use it to select the most suitable comparables and to automatically obtain the adjustment coefficients, freeing them from the arduous task of calculating them manually based on the multiple parameters to consider. Finally, an evaluation is presented that demonstrates its applicability.

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A Fuzzy Decision Support System for Real Estate Valuations

Gutiérrez-García,

Alayón-Miranda,

Pérez-Díaz

2024

Electronics

View full text Add to dashboard Cite

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Variation in Property Valuations Conducted by Artificial Intelligence in Japan: A Viewpoint of User’s Perspective

Ota,

Uto

2024

Real Estate

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Property valuation services using artificial intelligence (AI) have been developed, with more than 20 services available in Japan. However, since their algorithms and training data are not publicly available, the extent of variations in the AI property valuations among these services is not clear. This study focuses on five services and uses a sample of 4295 valuations for 859 condominium units in six popular residential areas in Tokyo. (1) Multiple comparison tests of the AI property valuations among the services are conducted to confirm their statistical significance and to examine the extent of the variations. (2) The business models of each service are compared to examine the factors contributing to these variations. The results showed that the average variation in the AI property valuations was 10.6%, which was larger than the variations observed in traditional property valuations. It was also found that the valuation groups, categorized as high or low, varied based on the business models of the service providers. These results indicate that it is necessary to promote the healthy development of AI property valuation by establishing guidelines, such as requiring the AI property valuation services to ensure fair prices or disclosing their algorithms and data.

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An adaptive-neuro-fuzzy-inference-system based grading model to estimate the value of the residential real estate considering the quality of property location within the neighborhood

Cited by 2 publications

References 37 publications

A Fuzzy Decision Support System for Real Estate Valuations

A Fuzzy Decision Support System for Real Estate Valuations

Variation in Property Valuations Conducted by Artificial Intelligence in Japan: A Viewpoint of User’s Perspective

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