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An Expert System for Online Residential Properties Valuation

Author

Listed:
  • Beatriz Larraz

    (University of Castilla-La Mancha, Spain)

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.

Suggested Citation

  • Beatriz Larraz, 2011. "An Expert System for Online Residential Properties Valuation," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 69-82, April.
    • Handle: RePEc:bap:journl:110206
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Expert system; House prices; Hedonic method; Kriging; Banking; Portfolios valuation;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General

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