Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:


An intelligent valuation system

Researchers at the Public University of Navarre are working on a computerised property valuation system which, by means of artificial intelligence techniques, tries to emulate the behaviour of a property valuer and thus offer the market price of a property in any city in the world, although the trials, for the moment, are being carried out in the housing market of Pamplona. The project, due to be finished for next December, is being undertaken with the collaboration of the Trabajos Catastrales company.

There currently exist informatics applications – some of which may be consulted on the Internet – that offer a valuation of a property by means of a multivariate regression statistical process, including the surface area in square metres of the dwelling, if it has a lift, the location, if alterations or refurbishments have taken place, selling prices over the past few years, and so on. These systems are based on statistical values which are annually updated.

The project by the research team at the Public University of Navarre is more ambitious: it aims to get results closer to the market values of the properties than to those values supplied by the statistical method currently used. The objective is that the informatics application take into account, apart from the statistical aspects mentioned, the subjective valuation that a property appraiser might make.

Learning from the appraisers

This is why the experience and of the professionals or expert knowledge need to be introduced into the computer programme. And this is carried out by means of artificial intelligence, using learning techniques based on real cases.

Thus, the computer is taught the meaning of expressions like, “the house is a disaster” which, for some valuers, could mean that “the original construction was very bad, the orientation is awful, the distribution of the rooms impossible or it is a ruin”, while for another appraiser it might mean that, “the dwelling is far from the centre, it is on a troublesome estate, and so on, etc.”. The objective is for the system to learn the meaning of, “extrapolating the average of what each of the valuers means ”.

This process of intelligent learning is based on “neuronal networks”, so called because they try to imitate the functioning of the neurones in the human brain. The networks receive incoming information (the statistical characteristics of the dwellings) on the one hand and, on the other, information on how the minds of valuers work. These data are subject to a number of operations at different levels and, finally, the system comes up with an approximate valuation for the property.

However, brain neurones also react to stimuli but, given that we are at the dawn of history of artificial intelligence, for the moment all the operations have to be carried out from a mathematical viewpoint.

Artificial intelligence can be understood in an overall way, taking in everything: vision, natural language, movement, and so on. This involves trying to imitate the human in everything, including its creativity and emotional intelligence and, in this sense, artificial intelligence is still “very poorly developed”. This said, if artificial intelligence is understood as being that tool that is going to solve a specific problem, such as the dishwasher or washing machine that calculates the amount of detergent needed as a function of dirt, “then it works well”.

Intelligent zoning

In the market currently, the greatest conditioning factor in the value of a property is the area in which it is located. This zoning factor is currently assessed “by hand”. However, the location of streets and estates is not the only factor to be considered but others have to be taken into account. This is why the next step for the research team at the Public University of Navarre is to design a system enabling the intelligent zoning, by house prices, of a city, a province or a region.

Irati Kortabitarte | alfa
Further information:

More articles from Information Technology:

nachricht Green Light for Galaxy Europe
15.03.2018 | Albert-Ludwigs-Universität Freiburg im Breisgau

nachricht Tokyo Tech's six-legged robots get closer to nature
12.03.2018 | Tokyo Institute of Technology

All articles from Information Technology >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Locomotion control with photopigments

Researchers from Göttingen University discover additional function of opsins

Animal photoreceptors capture light with photopigments. Researchers from the University of Göttingen have now discovered that these photopigments fulfill an...

Im Focus: Surveying the Arctic: Tracking down carbon particles

Researchers embark on aerial campaign over Northeast Greenland

On 15 March, the AWI research aeroplane Polar 5 will depart for Greenland. Concentrating on the furthest northeast region of the island, an international team...

Im Focus: Unique Insights into the Antarctic Ice Shelf System

Data collected on ocean-ice interactions in the little-researched regions of the far south

The world’s second-largest ice shelf was the destination for a Polarstern expedition that ended in Punta Arenas, Chile on 14th March 2018. Oceanographers from...

Im Focus: ILA 2018: Laser alternative to hexavalent chromium coating

At the 2018 ILA Berlin Air Show from April 25–29, the Fraunhofer Institute for Laser Technology ILT is showcasing extreme high-speed Laser Material Deposition (EHLA): A video documents how for metal components that are highly loaded, EHLA has already proved itself as an alternative to hard chrome plating, which is now allowed only under special conditions.

When the EU restricted the use of hexavalent chromium compounds to special applications requiring authorization, the move prompted a rethink in the surface...

Im Focus: Radar for navigation support from autonomous flying drones

At the ILA Berlin, hall 4, booth 202, Fraunhofer FHR will present two radar sensors for navigation support of drones. The sensors are valuable components in the implementation of autonomous flying drones: they function as obstacle detectors to prevent collisions. Radar sensors also operate reliably in restricted visibility, e.g. in foggy or dusty conditions. Due to their ability to measure distances with high precision, the radar sensors can also be used as altimeters when other sources of information such as barometers or GPS are not available or cannot operate optimally.

Drones play an increasingly important role in the area of logistics and services. Well-known logistic companies place great hope in these compact, aerial...

All Focus news of the innovation-report >>>



Industry & Economy
Event News

Ultrafast Wireless and Chip Design at the DATE Conference in Dresden

16.03.2018 | Event News

International Tinnitus Conference of the Tinnitus Research Initiative in Regensburg

13.03.2018 | Event News

International Virtual Reality Conference “IEEE VR 2018” comes to Reutlingen, Germany

08.03.2018 | Event News

Latest News

Wandering greenhouse gas

16.03.2018 | Earth Sciences

'Frequency combs' ID chemicals within the mid-infrared spectral region

16.03.2018 | Physics and Astronomy

Biologists unravel another mystery of what makes DNA go 'loopy'

16.03.2018 | Life Sciences

Science & Research
Overview of more VideoLinks >>>