Innovative Method for Real Estate Valuation Using Data Mining Software
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F68407700%3A21110%2F16%3A00305547" target="_blank" >RIV/68407700:21110/16:00305547 - isvavai.cz</a>
Result on the web
<a href="http://2016.creative-construction-conference.com/" target="_blank" >http://2016.creative-construction-conference.com/</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Innovative Method for Real Estate Valuation Using Data Mining Software
Original language description
This paper presents an innovative method for real estate valuation. Currently, the most common method of real estate valuation relies on comparisons with similar structures, cost and yield analysis. The innovative method proposed in this paper, called “historical market price”, uses mathematics, statistical and database-founded algorithms for valuation. Input data comes from specialized software which systematically gathers, analyses and valuates data connected with real estate market development. Every six months the database expands by more than 650,000 price offers (advertisements) on purchase or rent of flats, houses, commercial buildings and allotments. This method can be used for valuation of real estate which was purchased previously if rough data is known about the original transaction (especially purchase price). The method suggested in this paper is grounded in true and exact information taken from the last purchase and identifies structural and technical differences in the condition of given real estate, as well as changes in price levels for the given location (street, neighborhood, city, region, etc.). Current valuation methods are not capable of taking into account these historical, yet exact and valuable pieces of information concerning real estate. Current valuation methods are based solely on current data and present state of the real estate market. This approach may be vulnerable to manipulation by either parties of the purchase contract.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
JN - Civil engineering
OECD FORD branch
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Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Creative Construction Conference 2016
ISBN
978-615-5270-24-6
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
255-260
Publisher name
Diamond Congress Kft.
Place of publication
Budapest
Event location
Budapest
Event date
Jun 25, 2016
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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