Review on the Application of Artificial Neural Networks in Real Estate Valuation
J. Nkolika
Abstract
Real estate appraisal is needed in assessment of the value of properties and contribute the regional economy of any country. Real estate valuation is thus an important subject, which has to be studied carefully as there are many individual subjective criteria, which often results in variations, which makes the traditional valuation methods to be inadequate. This work aimed at coping with the complexity of real estate valuation, by putting forth the advantages of artificial neural network, one of the novel model of real estate appraisal. The review of literature has helped to establish that the neural network model is better than the traditional model previously. This work opens up a new and better understanding to the principle of real estate evaluation.