Implementing a mass valuation application on interoperable land valuation data model designed as an extension of the national GDI

Abstract

The main purpose of this study is to propose an interoperable land valuation data model for residential properties as an extension of the national geographic data infrastructure (GDI) and to make mass valuation process applicable with the use of machine learning approach. As an example, random forest (RF) ensemble algorithm was implemented in Pendik district of Istanbul to evaluate the prediction performance by using thematic datasets compatible with the data model. This study provides a methodology for various urban applications and robustness of the algorithm increases the prediction of the real estate values with the use of qualified datasets.

Topics & Concepts