Advanced Forecasting Information System - PYTHIA: Application in Real Estate

Elli Pagourtzi

ERES from European Real Estate Society (ERES)

Abstract: This paper presents an Advanced Forecasting Information System - PYTHIA - estimating real estate values. PYTHIA was developed with MS Visual Basic.NET and Dundas Chart for .NET. Database was developed with MS SQL Server 2000. System implementation includes the processes of sub-system development according their architecture. Moreover, the real interconnection of these sub-systems and their integration in a general complete and functional system is realised. Sub-systems implementation is specific for each module and their particular functions. The sub-systems are developed independent, according to specific requirements so that their interconnection will become feasible. System innovation focuses on sub-systems implementation and methodology. Sub-systemís that integrated in Pythia are: Data Adjustments, Data analysis, Special Events / Actions (SEA), Forecasting methods, Forecasts, Monitoring and Reporting sub-system. The applicability of the system was tested with real database real estate values. It was used in order to test and evaluate the IT system. Data is used here, which represents the total average dwelling prices of U.K. and is organized in months, from January 1983 up to September 2006. This paper will examine the present state in UK house market and will test the estimation methods on the monthly data. The time series data used for forecasting is again provided from the Halifax House Price Index and covers different categories of buyers (all, first-time buyers and home-movers) and houses (all, new and existing).

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2007_382

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