Session

Management, Business and Economics

Description

In the intricate domain of real estate, precise property valuation remains paramount for a spectrum of economic endeavors. The 2008 global economic downturn spotlighted the limitations of conventional valuation methods, prompting the exploration of innovative, objective techniques. This paper investigates the incorporation of machine learning in modeling intricate real estate systems. We discuss the evolution from traditional appraisal methods to Automated Valuation Models (AVM) and the subsequent challenges these models face. Drawing from global research and case studies, we highlight the adaptability, accuracy, and potential of machine learning techniques in real estate valuation. Our findings underscore machine learning's transformative role in enhancing property appraisal, offering a forward-looking perspective on the future of real estate valuation.

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-95-6

Location

UBT Lipjan, Kosovo

Start Date

28-10-2023 8:00 AM

End Date

29-10-2023 6:00 PM

DOI

10.33107/ubt-ic.2023.179

Included in

Business Commons

Share

COinS
 
Oct 28th, 8:00 AM Oct 29th, 6:00 PM

Machine Learning Approaches for Modelling Real Estate Systems

UBT Lipjan, Kosovo

In the intricate domain of real estate, precise property valuation remains paramount for a spectrum of economic endeavors. The 2008 global economic downturn spotlighted the limitations of conventional valuation methods, prompting the exploration of innovative, objective techniques. This paper investigates the incorporation of machine learning in modeling intricate real estate systems. We discuss the evolution from traditional appraisal methods to Automated Valuation Models (AVM) and the subsequent challenges these models face. Drawing from global research and case studies, we highlight the adaptability, accuracy, and potential of machine learning techniques in real estate valuation. Our findings underscore machine learning's transformative role in enhancing property appraisal, offering a forward-looking perspective on the future of real estate valuation.