An Expert System for Online Residential Properties Valuation

Beatriz Larraz ()
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Beatriz Larraz: University of Castilla-La Mancha, Spain

Review of Economics & Finance, 2011, vol. 1, 69-82

Abstract: Recent legislation in Spain states the revision of the mortgaged residential property value. This fact has become important since 2008 due to the fall in the average housing prices in Spain. Traditionally, residential properties valuation procedure is based on the comparison to the nearest property prices being necessary to consult human experts. This article presents an expert system, which allows not only punctual but also big portfolios residential properties valuations in the financial market framework using spatial statistical methods (kriging). The final report provides online an immediate updated market price estimation of each residential property sited on Spanish territory.

Keywords: Expert system; House prices; Hedonic method; Kriging; Banking; Portfolios valuation (search for similar items in EconPapers)
JEL-codes: C01 C13 C61 G21 R31 R32 (search for similar items in EconPapers)
Date: 2011
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