Developing a Forecasting Model for Real Estate Auction Prices Using Artificial Intelligence

The real estate auction market has become increasingly important in the financial, economic and investment fields, but few artificial intelligence-based studies have attempted to forecast the auction prices of real estate. The purpose of this study is to develop forecasting models of real estate auc...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Sustainability 2020-04, Vol.12 (7), p.2899
Hauptverfasser: Kang, Jun, Lee, Hyun Jun, Jeong, Seung Hwan, Lee, Hee Soo, Oh, Kyong Joo
Format: Artikel
Sprache:eng
Schlagworte:
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:The real estate auction market has become increasingly important in the financial, economic and investment fields, but few artificial intelligence-based studies have attempted to forecast the auction prices of real estate. The purpose of this study is to develop forecasting models of real estate auction prices using artificial intelligence and statistical methodologies. The forecasting models are developed through a regression model, an artificial neural network and a genetic algorithm. For empirical analysis, we use Seoul apartment auction data from 2013 to 2017 to predict the auction prices and compare the forecasting accuracy of the models. The genetic algorithm model has the best performance, and effective regional segmentation based on the auction appraisal price improves the predictive accuracy.
ISSN:2071-1050
2071-1050
DOI:10.3390/su12072899