Advanced machine learning techniques for predictive modeling of property prices

Kanchana Vishwanadee Mathotaarachchi, Raza Hasan, Salman Mahmood

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Abstract

Real estate price prediction is crucial for informed decision making in the dynamic real estate sector. In recent years, machine learning (ML) techniques have emerged as powerful tools for enhancing prediction accuracy and data-driven decision making. However, the existing literature lacks a cohesive synthesis of methodologies, findings, and research gaps in ML-based real estate price prediction. This study addresses this gap through a comprehensive literature review, examining various ML approaches, including neural networks, ensemble methods, and advanced regression techniques. We identify key research gaps, such as the limited exploration of hybrid ML-econometric models and the interpretability of ML predictions. To validate the robustness of regression models, we conduct generalization testing on an independent dataset. Results demonstrate the applicability of regression models in predicting real estate prices across diverse markets. Our findings underscore the importance of addressing research gaps to advance the field and enhance the practical applicability of ML techniques in real estate price prediction. This study contributes to a deeper understanding of ML’s role in real estate forecasting and provides insights for future research and practical implementation in the real estate industry.
Original languageEnglish
Number of pages38
JournalInformation (Switzerland)
Volume15
Issue number6
DOIs
Publication statusPublished - 22 May 2024

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