A prototype decision support system for residential property valuation
Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45) › 32_Refereed conference paper (with host publication) › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
Original language | English |
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Title of host publication | Proceedings of CRIOCM 2008 International Research Symposium on Advancement of Construction Management and Real Estate |
Editors | Chang-chun FENG, Ming-xuan YU, Zhen-yu ZHAO |
Publisher | The Hong Kong Polytechnic University |
Pages | 173-178 |
ISBN (Print) | 9789623676113 |
Publication status | Published - 31 Oct 2008 |
Publication series
Name | Proceedings of CRIOCM International Research Symposium on Advancement of Construction Management and Real Estate |
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Conference
Title | 2008 International Research Symposium on Advancement of Construction Management and Real Estate (CRIOCM 2008) |
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Place | China |
City | Beijing |
Period | 31 October - 3 November 2008 |
Link(s)
Abstract
Property valuation is crucial to real estate developers, financial institutions and buyers as it could help determine the financial viability, eliminate the risk of borrowing, and establish a fair value of a real estate scheme respectively. Traditional methods for property valuation fall short of accuracy, as it is difficult to identify a set of variables and account for these factors when conducting property valuation. Advanced mathematical algorithms like Artificial Neural Network (ANN) and Support Vector Machine (SVM) may open up new ways to improve the valuation accuracy. This research aims to present an overview of potential suitability of SVM technique for property valuation. It is proceeded by identifying the key variables which could affect the property price with the application of entropy method. Then based on the key variables, the predictive ability of SVM is compared with MRA and ANN outcomes. The results obtained from practical case studies in Hong Kong and mainland China indicate that, with the optimal values of the parameters γ and ϵ, SVM serves better function for the property valuation. Hence a SVM and entropy based decision support system is proposed.
Research Area(s)
- ANN, DSS, Entropy, MRA, Property valuation, SVM
Citation Format(s)
A prototype decision support system for residential property valuation. / Yu, Chenyun; Lam, Kachi; Guo, Lili.
Proceedings of CRIOCM 2008 International Research Symposium on Advancement of Construction Management and Real Estate. ed. / Chang-chun FENG; Ming-xuan YU; Zhen-yu ZHAO. The Hong Kong Polytechnic University, 2008. p. 173-178 (Proceedings of CRIOCM International Research Symposium on Advancement of Construction Management and Real Estate).
Proceedings of CRIOCM 2008 International Research Symposium on Advancement of Construction Management and Real Estate. ed. / Chang-chun FENG; Ming-xuan YU; Zhen-yu ZHAO. The Hong Kong Polytechnic University, 2008. p. 173-178 (Proceedings of CRIOCM International Research Symposium on Advancement of Construction Management and Real Estate).
Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45) › 32_Refereed conference paper (with host publication) › peer-review