Towards explainable real estate valuation via evolutionary algorithms

Sebastian, Angrick,; Bals, Ben; Niko, Hastrich,; Maximilian, Kleissl,; Schmidt, Jonas; Doskoč, Vanja; Katzmann, Maximilian; Molitor, Louise; Friedrich, Tobias

doi:10.1145/3512290.3528801

Cited by 2 publications

(2 citation statements)

References 22 publications

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“…The studies highlight two main thematic areas: the forecasting and analysis of real estate prices [6,7,11,14,16,17,23,24,28,39,50] and the optimization of the real estate portfolio with all the related valorization interventions for the evaluation/feasibility of possible investments for real estate project management. Although these thematic areas are interconnected, for the first topic, the mass appraisal techniques have been strategically used for the definition of policies on the management and enhancement of public and private real estate assets, in the case of technical re-functionalization investments and economic issues and for the sales of buildings no longer suitable for public needs [13,22,25,31,35].…”

Section: Overview Of Nature-inspired Algorithms Applied To the Real E...mentioning

confidence: 99%

Interpreting Housing Prices with a MultidisciplinaryApproach Based on Nature-Inspired Algorithms and Quantum Computing

De Paola,

Previtera,

Manganelli

et al. 2023

Buildings

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Current technology still does not allow the use of quantum computers for broader and individual uses; however, it is possible to simulate some of its potentialities through quantum computing. Quantum computing can be integrated with nature-inspired algorithms to innovatively analyze the dynamics of the real estate market or any other economic phenomenon. With this main aim, this study implements a multidisciplinary approach based on the integration of quantum computing and genetic algorithms to interpret housing prices. Starting from the principles of quantum programming, the work applies genetic algorithms for the marginal price determination of relevant real estate characteristics for a particular segment of Naples’ real estate market. These marginal prices constitute the quantum program inputs to provide, as results, the purchase probabilities corresponding to each real estate characteristic considered. The other main outcomes of this study consist of a comparison of the optimal quantities for each real estate characteristic as determined by the quantum program and the average amounts of the same characteristics but relative to the real estate data sampled, as well as the weights of the same characteristics obtained with the implementation of genetic algorithms. With respect to the current state of the art, this study is among the first regarding the application of quantum computing to interpretation of selling prices in local real estate markets.

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Section: Overview Of Nature-inspired Algorithms Applied To the Real E...mentioning

confidence: 99%

Interpreting Housing Prices with a MultidisciplinaryApproach Based on Nature-Inspired Algorithms and Quantum Computing

De Paola,

Previtera,

Manganelli

et al. 2023

Buildings

View full text Add to dashboard Cite

show abstract

“…As noted earlier, the use of innovations such as AVMs in property valuation began several decades ago as the application of multiple regression analysis (MRA) in rating valuations to assure appraisal conformity and uniformity became a necessity (Angrick et al, 2021;Demirci, 2021;Fristedt, 2018;IAAO, 2018;Krause et al, 2020). Thus, in the residential property market, the application of computer-assisted mass appraisal (CAMA) technology has been well-recorded (Scheurwater, 2017).…”

Section: Aspects Of the Valuation Process Likely To Change In The Dig...mentioning

confidence: 99%

Are there some skills valuers will ‘no longer need to learn’ in the digital technology environment?

Levy,

Amidu,

Kasim

2023

29th Annual European Real Estate Society Conference

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Digital technologies are changing workplaces physically and functionally so much that working professionals need to develop digital skills to ensure that they do not become 'physically present but functionally absent' in the 21 st Century business environment. Accordingly, the nature of the current business space makes digital skills fundamental requirements for a sustainable career in modern valuation practice despite the fact that the valuation profession traditionally does not demand digital literacy are a requirement for professional practice. This brief review examines the digital skills valuers currently have per their training to assess the skills which are relevant, and suggests which digital skills should be the focus of training programmes meant for building the capacities of present and prospective valuation professionals. From the review, the ability to carry out valuations using digital tools is no longer a brand of competitive advantage but increasingly becoming a valuable requirement in the digital era though many working professionals and job seekers lack basic digital skills. This article forecasts that this skills gap can be bridged through digital training in the universities for future professionals and through continuous professional development (CPD) programmes for working professionals at risk of displacement from the valuation profession. Consequently, creativity, critical thinking, collaboration, communication, information, and problem-solving skills (van Laara, et al., 2019) are general fundamental digital skills that valuation professionals should focus on acquiring rather than learning skills such as writing, reading, measured drawings, data entry and analysis, photography which can be efficiently done by using digital tools.

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Towards explainable real estate valuation via evolutionary algorithms

Cited by 2 publications

References 22 publications

Interpreting Housing Prices with a MultidisciplinaryApproach Based on Nature-Inspired Algorithms and Quantum Computing

Interpreting Housing Prices with a MultidisciplinaryApproach Based on Nature-Inspired Algorithms and Quantum Computing

Are there some skills valuers will ‘no longer need to learn’ in the digital technology environment?

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