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Prediction with limited information in automatic Valuation Systems

Author

Listed:
  • Dimitrios Papastamos
  • Dimitris Karlis
  • Angelos Kekempanos
  • Antonios Alexandridis

Abstract

Automatic valuation systems have found several applications in real estate market. It is common to build such systems on historical data aiming at predicting new properties in a comprehensive manner. In recent days it is common that the data are collected not based on valuations but from other sources and, hence, they can be incomplete. The paper aims at examining the effect of such incomplete data in the prediction accuracy. We apply a nearest neighbor imputation technique to see how the proportion of missing information can affect the results but also to reveal for separate variables their impact and importance in the derivations. We make use of a real valuation data set from a Greek financial institution, and we see how much the proportion of missingness impacts the results but also that there are variables that when missing it is very difficult to impute them.

Suggested Citation

  • Dimitrios Papastamos & Dimitris Karlis & Angelos Kekempanos & Antonios Alexandridis, 2022. "Prediction with limited information in automatic Valuation Systems," ERES 2022_211, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_211
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    File URL: https://eres.architexturez.net/doc/eres-id-eres2022-211
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    More about this item

    Keywords

    error; imputation; Prediction;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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